Power Rental Market to reach USD 34.5 billion by 2027 - Report by Market Research Future (MRFR)
New York, June 22, 2021 (GLOBE NEWSWIRE) -- Power Rental Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Power Rental Market Research Report, Fuel Type, End-User and Region - Forecast till 2027”, The global market is projected to reach USD 34.5 billion by 2027 from an estimated USD 22.3 billion in 2019, at a CAGR of 6.5%
The power rental market is witnessing rapid revenue growth years by years. The market growth attributes to the rising energy demand, expanding population, and rapid urbanization across the globe. Besides, frequent power outages and rising activities of grid infrastructure upgrade impact market growth positively. In addition, growing government initiatives to increase energy generation and offer sustainable power supply boost the power rental market size.
Additionally, rising advances in technologies providing clean & highly efficient power supply substantiate the power supply market share. With growing complexities in grid networks, the market is estimated to garner significant gains in the years to come.
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List of the key companies profiled in the power rental market research report are –
- Caterpillar Inc. (US)
- Cummins Inc. (US)
- Aggreko Plc. (UK)
- Speedy Hire Plc. (UK)
- Ashtead Group Plc. (UK)
- Herc Rentals Inc. (US)
- APR Energy (US)
- Bredenoord Exploitatiemij B.V. (The Netherlands)
- United Rentals Inc. (US)
- LM Generating Power Co. Ltd. Ltd (Canada)
COVID-19 Impact on the Market
The onset of COVID-19 had a significant impact on the power rental industry. Several manufacturing facilities worldwide faced huge revenue losses and, in some cases, shut down, which lowered the market demand. The pandemic disturbed the production of several key components and supply chains.
Power rental companies faced problems ranging from obtaining components and delivering end products to attracting workers from quarantines. Besides, strict lockdown mandates restricted cross-border trades, another determinable factor for the power rental market growth. This, as a result, spiked the overall prices of rental power equipments.
However, the power rental industry is rapidly getting back to normal, witnessing significant demand for energy in industrial sectors worldwide. Furthermore, the demand for rental power equipments across the end-user sector is expected to pick up following the uplift of lockdown in many countries.
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Industry Trends
Emerging markets provide untapped opportunities for the power rental market. Significantly rapid industrialization and urbanization in developing regions offer lucrative opportunities for global players. In addition, growing government mandates & policy updates and growing complexities in the grid networks foster the market size.
The energy demand is expected to significantly grow in the years to come due to the ever-increasing population, rapid urbanization & industrialization, growing infrastructure activities, and enhanced access to electricity.
Segmentation
The power rental market is segmented into fuel types, applications, end-users, and regions. The fuel type segment is sub-segmented into diesel, gas, and others. The application segment is sub-segmented into baseload, stand-by power, and peak shaving.
The end-user segment is sub-segmented into oil & gas, utilities, shipping, manufacturing, mining, construction, and others. The region segment is sub-segmented into Americas, Europe, Asia Pacific, and rest-of-the-world.
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Regional Analysis
North America accounts for the largest global power rental market share. Strong presence of major players providing easy rental plans, alongside increasingly aging grid infrastructures and natural calamities, drives the power rental market growth. Besides, frequent power outages, increasing demand from the rapidly growing industrial sectors, technological advancements, and increased adoption of rental power equipment across end-use industries are major power rental market trends.
The Asia Pacific region stands second in terms of the power rental market revenues. The region has several old transmission and distribution infrastructures, creating the need for quality rental power equipment. Additionally, the market is driven by the rising adoption of rental power equipment across the industrial sector. Augmented demand and the availability of high-quality power equipment increase the power rental market size.
South Korea, China, India, and Japan account for considerable power rental market shares in the region. Among these, India is a rapidly growing market for power rental equipment, where the electricity demand is substantially larger than the supply. Besides, the Indian government has created many corporations such as State Electricity Boards (SEB), NTPC Limited, and NHPC limited, which boost the development of power supply infrastructure. All these factors cumulatively define the growing landscape of the regional market.
Europe is also a notable space witnessing the rapid expansion of the power rental market. Factors such as the increasing adoption of rental power equipments across the industrial sector and the spurring growth in the utility sectors foster the regional market growth. Furthermore, the rising demand from various burgeoning industries, including utilities, oil & gas, shipping, mining, manufacturing, and construction, boosts the regional market's growth.
Competitive Analysis
The power rental market is experiencing rising strategic deals, such as mergers & acquisitions, expansion, collaboration, and product launches. Key industry players also make strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 17, 2021, Siemens Gamesa and Siemens Energy announced a collaboration with Odfjell Oceanwind to develop Mobile Offshore Wind Units (MOWUs). Odfjell Oceanwind develops and operates a fleet of floating MOWUs supplying electricity to off-grid/ micro-grid consumers. The company operates as a ship-owner, and the MOWUs are provided on a rental basis to oil and gas installations that require power for a limited period.
In another instance, on May 18, 2021, Power Plus Productions announced the acquisition of the production & rental divisions from Performance Audio. The move to purchase Performance Audio's production & rental departments comes in conjunction with the company's new offices in Salt Lake City. This expansion enables Power Plus to more effectively deliver the best customer experience to its growing base.
Segmentation of Market covered in the research:
Information By Fuel Type (Diesel, Gas and Others), By Application (Base Load, Stand by Power and Peak Shaving), By End-User (Oil & Gas, Utilities, Shipping, Manufacturing, Mining, Construction and Others) and by Region (North America, Europe, Asia-Pacific, the Middle East & Africa and South America)
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