Power Rental Market To Reach USD 22.47 billion by 2029 with a CAGR of 7.16 %| Valuates Reports
BANGALORE, India, March 29, 2023 /PRNewswire/ -- Power Rental Market is segmented by type (Diesel Generators, Gas Generators, Others), by application (Government & Utilities, Oil & Gas, Events, Construction, Industrial, Others) : Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Energy & Utilities Category.
Due to the COVID-19 pandemic, the global Power Rental Market size is estimated to be worth US$ 13.89 billion in 2022 and is forecast to a readjusted size of US$ 22.47 billion by 2029 with a CAGR of 7.16 % during the forecast period 2023-2029.
Major factors driving the growth of the Power Rental Market
Rapid industrialization worldwide and an increase in demand for reliable power supply are the main drivers propelling the Power Rental market expansion.
Also, the demand for rental generators has increased throughout the utility and manufacturing sectors due to a rise in instances of unpredictable power supply produced by small-scale power grids and restricted access to the primary transmission network. This factor is expected to drive the growth of the Power Rental market.
Also, increased consumer knowledge of the advantages of outsourcing power renting systems is helping the Power Rental market. expand. This is explained by the fact that power rental systems make it possible for customers to affordably acquire equipment that meets their needs.
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TRENDS INFLUENCING THE GROWTH OF THE POWER RENTAL MARKET
Power supply shortages are predicted to lead to an increase in the use of power rental equipment, which is anticipated to propel global market expansion. When there is a power outage, many companies can rely on power rental systems since they offer backup power to keep things operating. Developing economies and increasing population rates require greater power supply each day. This factor is expected to drive the growth of the power Rental market.
The oil and gas business depends heavily on power generators. They are a vital component of the structure that supports them. All significant oil and gas firms rely heavily on generators. It is crucial that they select robust, dependable generators that can supply their facilities and machinery with the electricity they require to function properly and without any interruptions. For anyone who needs additional defense against power loss in situations, power generators are crucial equipment. Power generators are a crucial requirement for the oil and gas sector. The primary facilities and operations of these businesses are supported by diesel power generators. Generators can provide backup power in the event of an emergency or disaster that shuts down the main power supply, enabling operations to go on as usual. This can help the industry significantly reduce lost time and costs. This factor is expected to drive the growth of the power Rental market.
Every job site needs some temporary power delivery at some point. One explanation could be that construction site does not yet have permanent utility electricity. While trailers and skid-mounted trailers are excellent for many off-the-grid projects, running a generator continuously for 24 hours isn't always practical or cost-effective from a maintenance perspective. In these cases, contractors turn to temporary power services provided by utilities and third-party installers. This factor is expected to drive the growth of the power Rental market.
The availability of power is frequently impacted by rising transmission and distribution line faults, equipment failure in the power sector, sudden grid issues, natural disasters, and a number of other variables. Numerous governmental and private bodies are quickly adopting strategies to shorten power outages so that customers can continue running their businesses. Unexpected power outages have considerably raised customer demand for dependable backup power sources in the commercial and industrial sectors, which has accelerated the development of power rental equipment. This factor is expected to drive the growth of the power Rental market.
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POWER RENTAL MARKET SHARE ANALYSIS:
Due to several impending infrastructure development projects, the construction sector is expanding throughout developing nations including China, India, Saudi Arabia, and Kuwait, among others. For upstream, middle, and downstream operations, the oil and gas industry has a strong demand for power renting solutions. In order to enhance production capabilities, the major market participants in the oil and natural gas sector are concentrating on the exploration of new oil wells.
China currently commands a substantial market share in Asia Pacific when measured in terms of value. One of the important nations for mining is China.
Key Companies:
- Aggreko
- Caterpillar
- Power Electrics
- Generator Power
- Atlas Copco
- Speedy Hire
- HSS
- Ashtead Group
- Cummins
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