The power rental market is garnering huge traction globally. Rental power equipment provides highly specialized electricity generation machineries on rental basis. Besides, frequent power outages cause severe damages to industrial equipment & devices and disturb the production processes. Resultantly, industries increasingly adopt rental power equipment to obtain sustainable energy supply and hence immediately start the production and profitability again.
Convenience is the major growth driver, increasing the preference of power rental services worldwide, allowing the market to substantiate further. According to Market Research Future (MRFR), the global power rental market valuation is expected to reach USD 21,765.1 MN by 2023, registering 9.06% CAGR during the review period (2017 – 2023). The spurring rise in end-user industries, including oil & gas, utilities, shipping, manufacturing, mining, construction, and others, increases the market size.
Recent discoveries of O&G reservoirs fuel the P&E activities worldwide presage heydays the market is about to witness in the next five years. Additionally, the rising population and the increasing urbanization and industrialization provide impetus to market growth. On the other hand, emission regulations for diesel engines are projected to impede market growth. Nevertheless, heavy investments made by many countries to develop their infrastructure would support the market growth throughout the assessment period.
Global Power Rental Market – Segments
The report is segmented into four dynamics;
By Fuel Type: Diesel, Gas, and others.
By Application: Base Load, Standby Power, Peak Shaving, and others.
By End-User : Oil & Gas, Utilities, Shipping, Manufacturing, Mining, Construction, and others.
By Regions : Americas, Europe, APAC, and Rest of the World.
Major Players:
Players leading the global power rental market are Caterpillar Inc. (US), Aggreko Plc. (UK), Cummins, Inc. (US), Speedy Hire Plc. (UK), Herc Rentals Inc. (US), Ashtead Group Plc. (UK), APR Energy (US), United Rentals, Inc. (US), Bredenoord Exploitatiemij B.V. (The Netherlands), and LM Generating Power Co. Ltd. Ltd (Canada), among others.
Global Power Rental Market – Regional Analysis
North America dominates the global power rental market. The largest market share attributes to the presence of several leading players and easy rental plans provided by them. Besides, aging grid infrastructure and natural calamities drive the regional market growth, causing frequent power outages and increasing demand from the industrial sector. Moreover, technological advancements and increased adoption of rental power equipment across end-use industries create substantial market demand. The North American power rental market is poised to retain its dominance throughout the review period.
The Asia Pacific region stands second in the global power rental market. The region has many old transmission and distribution infrastructures, which creates the need for quality rental power equipment. The market is driven by the proliferating adoption of rental power equipment across the industrial sector. Additionally, the augmented demand and the availability of high-quality rental power equipment increase the power rental market size.
India, South Korea, China, and Japan are the leading markets in the region. India is a rapidly growing market for power rentals, where the electricity demand has always been more than the supply, which leads to the growth of this market. India's government has created many corporations such as NTPC Limited, State Electricity Boards (SEB), and NHPC limited, which boost the development of power supply infrastructure.
The Europe power rental market witnesses rapid expansion. Factors such as the increasing adoption of rental power equipment across the industrial sector and the spurting growth in the utility sectors foster the growth of the market. Besides, the rising demand from various burgeoning industries, including oil & gas, utilities, shipping, manufacturing, mining, and construction, boosts the regional market growth. The European power rental market is expected to grow at an impressive CAGR during the review period.
Global Power Rental Market –Competitive Landscape
Highly competitive, the power rental market appears to be fragmented due to the presence of several well-established players. These players incorporate strategic initiatives like acquisition, partnership, collaboration, expansion, and technology launch to gain a competitive advantage in the market. Such initiatives support the players' growth and expansion plans, helping them maintain their market position.
Manufacturers are committed to delivering reliable, leading-edge loaders and comprehensive after-sales support. Well established players invest heavily in the R&D to develop products with adept technologies on a different level than their competition.
Industry/Innovation/Related News:
October 12, 2020 ---- Aggreko Plc. (The UK), a leading supplier of rental power generation equipment and temperature control equipment launched a new solar power rental offer. The new plan would allow companies to borrow 1MW PV solutions without a long-term commitment. The systems are available for a minimum of five years' term, keeping financial as well as technical commitment low, since
Aggreko Solar Power equipment combines PV string inverters with containerized controls to improve resilience through reduced installation time. The system integrates with Aggreko's battery storage products and thermal generators, with intelligent software able to control the hybrid system.
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