London, Jan. 18, 2022 (GLOBE NEWSWIRE) -- The global power rental market size was valued at US$ 9.29 billion in 2021. The term ‘power rental’ refers to the facility of leasing equipment or systems that provide prime or standby power supply on a temporary basis as needed. The generator sets, electrical distribution systems, and load banks among the essential products involved.
The industry’s growth will be fueled by strong infrastructure construction, as well as the growing importance of power backup solutions and disaster management among end users. The growing population and fast urbanization have resulted in a higher demand for steady supply of electricity. The market for power rental will be driven by the need for less infrastructure and lower setup costs, as well as a growing desire to maintain ongoing corporate operations.
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Regional Snapshot
North America is the largest segment for power rental market in terms of region. The U.S. is one of the most renowned countries that use natural gas power generators to keep the environment cleaner. The reason for this is that natural gas generators have a lower failure rate during operation.
Asia-Pacific region is the fastest growing region in the power rental market. This is attributed to the growing investments in mining related exploratory activities in the Asia-Pacific region are further driving the need for power rental in the market.
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Report Scope of the Power Rental Market
| Report Highlights | Details | |
| Market Size in 2021 | USD 9.29 Billion | |
| Growth Rate From 2021 to 2030 | 12.1 | % |
| Largest Revenue Holder | North America | |
| Fastest Growing Region | Asia Pacific | |
| Base Year | 2021 | |
| Forecast Period | 2021 to 2030 | |
| Companies Covered | Pump Power Rental, Global Power Supply, FG Wilson, Jassim Transport & Stevedoring Co. K.S.C.C., Newburn Power Rental Ltd., Shenton Group, ProPower Rental, Modern Hiring Service, United Rentals, APR Energy | |
Report Highlights
- Based on the fuel, the diesel segment dominated the global power rental market in 2020 with highest market share. The capacity to deliver weather-independent, scalable, and flexible operations is expected to drive a consistent deployment rate for diesel-fueled units.
- Based on the application, the continuous load segment is estimated to be the most opportunistic segment during the forecast period. The rental power systems are increasingly being used in various industries. As they are located distant from the power grid, these industries require a continual supply of electricity. This has driven the growth of continuous load segment.
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Drivers
Surge in demand for power rental in diverse sectors
The mining and oil and gas exploration are typically carried out in remote areas. Because of the highly flammable nature of the extracted products, human life is constantly at risk in such locations; thus, proper illumination and power are critical requirements for such operations. Mining and oil and gas industries in the developed countries are expected to expand significantly as a result of increased investment. In the coming years, new mining projects are expected to begin in developing economies. The above-mentioned factors are critical in driving demand for power rental solutions.
Restraints
Stringent government regulations
To limit carbon emissions from power generation operations, developed economies have enacted a number of stringent regulations. Such regulations also specify the permissible noise levels for diesel generators in order to reduce noise pollution caused by diesel genset operations. Each country has its own set of rules and regulations. Several power rental companies offer a variety of pollution control measures, such as silencers, solid foundations, and rubber in shear mounts, canopies, and flexible elbows, to reduce noise levels, which raises the overall cost of generator sets. As a result, the stringent government regulations is hampering the growth of power rental market during the forecast period.
Opportunities
Technological advancements
As power rental requirements become more complex, sophisticated control systems that integrate a variety of equipment are required to ensure stable, efficient, and reliable operations. The digitalization also changes the way people consume energy and gives them more control over how much they use. Furthermore, digitalization allows for real-time feedback, which aids in predictive maintenance. It can aid in improving the efficiency of temporary power systems in order to meet customer expectations and demands. The market players are looking to invest more in digital technologies in order to reduce costs and provide more customized services to customers, creating an opportunity for power rental service providers.
Challenges
Shifting trends towards renewable power generation
The development of distributed energy supply technology based on renewable energy power generation has become a priority in the energy sector. The fluctuations and intermittent nature of wind energy, solar energy, and other renewable energy sources, on the other hand, accentuates the conflict between new energy and the grid. Meanwhile, major grid outages highlight the critical need for a reliable and large-scale energy storage system. Using energy storage technology to store and reliably transmit wind and solar energy power can provide rapid active power support, improve grid frequency modulation capacity, and allow large-scale wind and solar power to be conveniently and reliably integrated into regular grids. As a result, energy storage technology has emerged as a critical component in the large-scale deployment of new energy power generation. Thus, shifting trends towards renewable power generation is major challenge for the market growth.
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Segments Covered in the Report
By Fuel
- Diesel
- Natural Gas
By Application
- Continuous Load
- Standby Load
- Peak Load
By End User
- Mining
- Construction
- Utility
- Events
- Manufacturing
- Oil & Gas
- Others
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- MEA
- Rest of the World
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