Power Rental Market size to exceed $14.77bn by 2026
Published Date: June 11, 2020 Authors: Ankit Gupta, Asmita Semwal
Power Rental Market size is expected to surpass USD $14.77 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Power rental industry is set to grow on account of increasing electricity demand coupled with grid failure and frequent power outages. Rising need to adopt reliable and cost-efficient energy sources across the construction projects’ will positively influence the market landscape. Introduction of smart cities along with development of Tier II & III cities will complement the demand for power renting systems.
Construction segment is projected to grow on account of increasing urbanization coupled with growing industrialization. Rising nighttime construction activities requires deployment of lights across the sites to ensure safety of workers, which in turn, will drive demand for power rental units including gensets. Increasing focus toward installing temporary power equipment to avoid spending extra reserves on buying a system is set to encourage the power rental market growth.
Outbreak of COVID- 19 pandemic, popularly known as coronavirus has adversely affected the global economy. It has delayed a wide array of projects including infrastructural development, modular & stick-built homes, and restructuring & renovation projects, further impacting the market outlook. The requirement for massive investments to combat the pandemic may further challenge the demand for power rental equipment. However, the firms are adopting creative & resourceful methods to recruit workforce with an aim to meet their production needs.
Increasing intensity of weather instigated outages along with growing customer inclination backup energy solution will augment the demand for standby power rental units. These units are perfect for application areas that have a reliable & continuous power source including a utility supply, thereby strengthening the market growth. Moreover, developing economies experience power disruptions for prolonged hours that will continue to encompass a large-scale deployment of these power renting units.
The stringency in government norms towards adoption of clean technologies will drive gas-based power rental units
Gas-based power rental market will grow on account of introduction of strict government norms for adopting clean technologies. High durability, extended lifespan and easy maintenance are some of the prime factors influencing the market landscape. Extreme weather conditions along with robust growth across infrastructural sector and industry applications is set to augment the business potential. Abundant natural gas at economical price and technological advancements including high efficiency and reliability will further enhance the market outlook.
Browse key industry insights spread across 385 pages with 528 market data tables & 54 figures & charts from the report, “Power Rental Market Analysis By Power Rating (< 75 KVA, 75-375 KVA, 375-750 KVA, >750 KVA), By Fuel (Diesel, Gas, Others), By End-Use (Telecom, Data Center, Healthcare, Oil & Gas, Electric Utilities, Offshore, Manufacturing, Construction, Mining, Marine, Others), By Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
< 75 KVA power rental range will gain traction on account of increasing power failures, aging grid infrastructure & intensifying natural disasters
< 75 KVA power rental market is projected to grow on account of ongoing consumer shift toward smaller and less powerful units owing to their operational suitability & economic viability. Elevating expenses of data center outages & downtimes is one of the key factors stimulating the market growth. In addition, flexible transportation, better life efficiency and safe & easy deployment are key parameters positively influencing the power rental unit installation.
Green energy initiatives will propel the demand for power rental systems in Asia Pacific
For Asia Pacific, India accounted for over USD 350 million in 2019. Favorable green energy initiatives to adopt sustainable components along with increasing real estate sector will accelerate the market trends. High reliability, low maintenance and easy availability of fuel are some of the key factors complementing the product portfolio. Moreover, dynamic expansion of telecom infrastructure, rapid industrial growth, and frequent power failures will strengthen the power rental market scenario.
Notable players operating across power rental market includes Caterpillar, Atlas Copco, United Rentals, Aggreko, Cummins, Generac, Wacker Neuson, Kohler, Ashtead, Shenton Group, Herc Holdings, Ingersoll Rand, GMMCO, Energyst, Perennial Technologies, Quippo, Wagner, Sudhir Power, Himoinsa, Wärtsilä, APR Energy, Modern Hiring, Perfect Hiring, ProPower, Al Faris Group, NIDS Group, Hertz, and Bredenoord amongst others. The players are focusing toward overseas expansion including merger and acquisitions to enhance their market presence.