Jersey City, NJ, Oct. 11, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Power Rental Market- (By Fuel Type (Diesel, Natural Gas, Others), By Application (Standby Power, Peak Shaving, Base Load/Continuous Power), By Equipment, By Rental Type (Retail Rantal, Project Rental), By Power Rating (Up to 50 kW, 51 kW – 500 kW, 501 kW – 2500 kW, Above 2500 kW), By End-User (Utilities, Metal & Mining, Oil & Gas, Construction, Manufacturing, IT And Data Centres, Corporate & Retail, Events, Others), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Power Rental Market is valued at US$ 10.48 Bn in 2022, and it is expected to reach US$ 17.92 Bn by 2031, with a CAGR of 6.2% during a forecast period of 2023-2031.
Power leasing, often known as power on demand, has several advantages over purchasing power equipment. Rental generators outperform purchased generators regarding power rating flexibility, insignificant maintenance and installation costs, availability on short notice, and reduced startup costs, among other benefits. Manufacturers often prefer to hire generators to maintain current power supply systems, lack of grid infrastructure availability, and temporary power requirements.
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The increasing expansion of the industrial sector and rising demand for uninterrupted and dependable power supply will likely increase demand for the worldwide power rental industry. Furthermore, favourable government initiatives to extend metro and airport networks and a rise in hotel and retail mall buildings drives demand for power renting in developed and emerging markets. The increased adoption of natural gas-powered power generators and the deployment of renewables as an alternative power source to minimize carbon emissions are expected to drive market expansion globally.
Recent Developments:
- In Jan 2022, The Kohler Company Acquired Heila Technologies in Order to Expand Its Offerings Regarding Clean Energy Management. Within the Kohler Power Group, Heila Technologies will function as an independent entity in its own right.
- In November 2021, Caterpillar Inc. launched a three-year partnership with Microsoft and Ballard Power Systems to showcase a power system with large-format hydrogen fuel cells to supply reliable and sustainable backup power for Microsoft data centres.
Power Rental Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 10.48 Bn |
| Revenue Forecast In 2031 | USD 17.92 Bn |
| Growth Rate CAGR | CAGR of 6.2% from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Fuel Type, By Application, By Equipment, By Rental Type, By Power Rating, By End-User |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
List of Prominent Players in the Power Rental Market:
- Aggreko (UK)
- Caterpillar (US)
- Herc Rental (US)
- Ashtead Group (UK)
- Atlas Copco (Sweden)
- Cummins (US)
- Bredenoord (UK)
- Kohler (US)
- Multiquip (US)
- SoEnergy (US)
- Allmand Brothers (US)
- Generac Power (US)
- Wacker Neuson (Germany)
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Market Dynamics:
Drivers-
Non-OECD countries such as China and India will likely contribute significantly to growth. Global electricity production capacity increased quicker, while T&D network construction did not keep pace, resulting in reliability challenges such as power outages and surges. Developing countries have more blackouts and power outages, while developed countries experience more brownouts and voltage swings.
Challenges:
Due to their quick startup time, low initial investment, little space required, and ease of installation and operation, diesel generator sets have become one of the most preferred backup power solutions for various end users, such as manufacturing and oil & gas. However, diesel generator sets have high operating expenses, primarily due to the high fuel cost. Fuel expenditures account for over 80% of a diesel generator's overall life cycle cost. Diesel is now a less cost-effective backup option, especially given the decline in solar power rates.
Regional Trends:
North American Power Rental Market is likely to register a significant share in market revenue and is expected to grow at a high CAGR shortly. US and Canada are one of the most important and fastest-growing countries. The manufacturing industry is expanding rapidly, owing to plentiful raw material availability and low labour costs. Because of these characteristics, demand for rental electricity is predicted to stay high, and the North American market is expected to dominate the worldwide industry. The Middle East and Africa are two of the most rapidly increasing regions for rental power solutions. Construction and the oil & gas industries are expanding at a steady pace throughout the region.
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Segmentation of Power Rental Market-
By Fuel Type-
- Diesel
- Natural Gas
- Others
By Application-
- Standby Power
- Peak Shaving
- Base Load/Continuous Power
By Equipment-
- Generators
- Transformers
- Load Banks
- Others
By Rental Type-
- Retail Rental
- Project Rental
By Power Rating-
- Up to 50 kW
- 51 kW – 500 kW
- 501 kW – 2500 kW
- Above 2500 kW
By End-Users-
- Utilities
- Oil & gas
- Construction
- Manufacturing
- Metal & Mining
- IT and Data Centers
- Corporate & Retail
- Events
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
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About Us:
InsighAce Analytic is a specializing in market research and consulting services that helps in building business strategies. Our mission is to provide high quality insights with using data analytics techniques and visualization tools that drives the disruption and innovation in market research industry. Our expertise is in providing syndicated and custom market intelligence reports with in-depth analysis and key market insights in a timely and cost-effective manner.
Follow Us @ https://www.linkedin.com/company/insightace-analytic-pvt-ltd/
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