Power Rental Market size to exceed $16bn by 2027
Published Date: June 18, 2021 Authors: Ankit Gupta, Asmita Semwal
Power Rental Market size is anticipated to surpass USD 16 billion by 2027, as reported in the latest study by Global Market Insights Inc.
Global power rental industry will witness significant growth on account of rising weather unpredictability and increasing frequency of natural disasters thereby accounting to rising power cuts. Increasing stringency of energy efficiency, environmental compliances, and cost reduction, along with shifting focus on utilization of cleaner fuels are the key trends shaping the industry demand. Therefore, prominent manufacturers are offering hybrid fuel units that are flexible and have improved aesthetics.
Surging demand for continuous and reliable power supply will complement the installation of < 75 kVA rated power rental units
< 75 kVA rated power rental units will witness augmented adoption owing to frequent power failure and aging grid infrastructure driven by recurrent natural catastrophes. Moreover, shifting end user inclination toward compact and less powerful units on account of their economic viability & operational suitability is set to stimulate the business landscape. Additionally, growing consumer propensity towards reliable and affordable power solutions will offer considerable stimulus to the power rental market outlook.
Stringent environment protection laws in line with rising emphasis on deployment of sustainable units is set to boost the adoption of gas fueled units
Gas based power rental market share will witness a substantial momentum owing to introduction of stringent regulatory regime, volatile oil prices and growing concern for environment safety. Paradigm shift towards implementation of emission effective backup power solutions along with decreasing gas prices will act as a catalyst for increased installations of these systems. Furthermore, availability of fiscal incentives provided by various governments to promote adoption of environment-friendly emergency power solutions is projected to drive the business scenario. For instance, Government of Sri Lanka signed an agreement under the Climate Vulnerable Forum agreement to shift entirely to renewable electricity generation by the year 2050.
Ongoing Industrial Revolution 4.0 and prevailing digitalization will result in large-scale deployment of power rental units, predominantly across data centers
Data centers segment of power rental market share is anticipated to register over 12% CAGR through 2027. Prevailing digitization and ongoing Industrial Revolution 4.0, predominantly across developing nations in line with development of third-party data centers is set to drive the product installation. Growing demand from data centers owing to implementation of lockdowns and curfews to counter spread of COVID-19 along with adoption of work from home is projected to drive the market statistics.
Increasing power demand on account of surging population count and unreliable grid infrastructure is anticipated to drive the deployment of power rental units across peak shaving application
Peak shaving application segment of power rental market is anticipated to grow on account of extended load shedding periods realized by power utilities to counterbalance the surging power demand. Limitation on the amount of electricity which can be drawn from the power grid and high ownership costs of gensets has forced customers to opt for power rental units. Moreover, the ability to function as the major power source for a considerably longer duration is set to boost the large-scale commercialization of these systems.
Browse key industry insights spread across 440 pages with 531 market data tables & 50 figures & charts from the report, “Power Rental Market Forecasts By Power Rating (< 75 kVA, 75 - 375 kVA, 375 - 750 kVA, > 750 kVA), Fuel (Diesel, Gas), End-Use (Telecom, Data Center, Healthcare, Oil & Gas, Electric Utilities, Offshore, Manufacturing, Construction, Mining, Marine), Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Thriving medical tourism across the U.S. owing to availability of vaccine and advance medical equipment is projected to propel the market trends
Flourishing construction industry following the rapid development of make-shift healthcare establishments and quarantine centers to cater to the rising count of COVID-19 patients will drive the U.S. power rental market demand. In addition, rising customer awareness toward emergency power backup solutions along with growing project funding by various governments and regional authorities towards infrastructural expansion is set to expand the business landscape.
The key industry players are aiming for integration of advanced technologies into their product portfolio in order to gain larger market share. Prime manufacturers operating across global power rental market comprises of United Rentals, Atlas Copco, Cummins, Generac, Caterpillar, Aggreko, Kohler, Herc Rentals, Ashtead Group, Bredenoord, ProPower Rental, NIDS, Perfect Hiring, APR Energy, Wärtsilä, Sudhir Power, HIMOINSA, Perennial Technologies, Quippo Infrastructure, GMMCO Limited, Byrne Equipment Rental, Shoreline Energy International and Energyst amongst others.