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Power Rental Market- Competitive Analysis, Opportunity & Forecast, 2027
Global Power Rental Market, By Fuel [Gas, Diesel, Dual Fuel], By Power Rating [11-50 kW, 51-200 kW, 201-500 kW, 501-1000 kW, 1501-2000 kW, Above 2000 kW], By Equipment [Generator, Transformer, Load Banks, Others], By Application [Standby Power, Peak Shaving, Base Load/Continuous Power], By End-user [Oil & Gas, Utilities, Mining, Data Center, Manufacturing, Events, Construction, Shipping, Others], By Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Forecast & Opportunities, 2014-2027
Market Overview
Global Power Rental Market is expected to grow around US$19 Billion by 2027. Growing demand for power, increasing infrastructural activities and rising demand from various industries are major factors driving the growth of the Global Power Rental Market.
Power Rental refers to the hiring of power generators instead of purchasing it. Power rentals provide flexibility in power rating, installation, and maintenance. It is readily available at short notice and it has a lower initial cost. Power rentals are mostly adopted in areas where there is a lack of grid infrastructure and the requirement of power is for a temporary period. Manufacturers prefer power rentals over purchasing generators due to cost-effectiveness.
However stringent emission standards are hindering the growth of the Global Power Rental Market.
Market Segmentation
Global Power Rental Market can be segmented into Fuel, Power Rating, Equipment, Application, End User and Region.
By Fuel, Global Power Rental Market can be segmented into Gas, Diesel, Dual Fuel.
By Power Rating, Global Power Rental Market can be segmented into 11-50 kW, 51-200 kW,
201-500 kW, 501-1000 kW, 1501-2000 kW, Above 2000 kW. The 501-1000 kW segment is growing significantly due to its high demand in the mining industry.
By Equipment, Global Power Rental Market can be segmented into Generator, Transformer, Load Banks, Others. Generators segment hold the largest market share due to its high demand in Mining, construction industries. Rental generators are mostly adopted in areas with poor or lack of grid connectivity.
By Application, Global Power Rental Market can be segmented into Standby Power, Peak Shaving, Base Load/Continuous Power. The standby segment is expected to grow significantly during the forecasted period of 2020-27 due to its transfer switch sensors that accordingly starts or shuts the generator.
By End-user, Global Power Rental Market can be segmented into Oil & Gas, Utilities, Mining, Data Center, Manufacturing, Events, Construction, Shipping, Others. The Utility segment is expected to grow significantly during the forecasted period of 2020-27 due to a lack of reliable power supply in local grids and poor transmission networks in regions such as Asia, Africa. Construction and Mining industry is expected to grow fastest as there is an increase in development activities and demand for power will arise due to these activities.
By Region, Global Power Rental Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Regional Analysis
Regionally, North America Power Rental Market accounts for the largest market share and it is expected to remain in dominance during the forecasted period of 2020-27. Growing power demand and aging power infrastructures are the major factors contributing to the growth of Power rentals in North America.
Asia Pacific Power Rental Market is expected to grow significantly during the forecasted period of 2020-27 due to increasing industrial growth in countries such as China and India. Mining and manufacturing industries are growing exponentially in China and it is expected to induce the growth of the Power rental market in this region.
Competitive Analysis
The key players in Power Rental Market are Aggreko PLC., Caterpillar Inc., Modern Hiring Service, Ashtead Group PLC., Cummins Inc., Sudhir Power Ltd, NIDS Group, Atlas Copco CB, Newburn Power Rental Ltd, Pump Power rental, Global Power supply, Speedy Hire PLC, FG Wilson, Kohler Co., Hertz Corporation, Soenergy International Inc., Shenton group, United Power and resources, Wartsila and Rental Solutions & Services LLC.
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