Power Rental Market is expected to grow at CAGR 7.13% during 2019-2025
Published | March 2019
According to BlueWeave Consulting, the global power rental market is anticipated to worth USD 22,816 million by 2025, with a CAGR of 7.13% during 2019-2025. Demand from power plants and Utility companies to ensure continued power supply to use rental generators mainly during peak hours to fulfill the demand will boost Power Rental market in the upcoming year. Moreover, the major factor driving the market growth is the upsurge in power consumption, improvement in power infrastructure, an increase in demand for uninterrupted power supply in the construction industry.
Furthermore, a huge demand for power rental has also been observed in major sectors such as healthcare and telecommunication, which require emergency power back-up is accelerating the growth of the Power Rental market. Additionally, the application of Power Rental in the production of crude oil for deep refinery and ultra-deep in the oil and mining industry will contribute to Power Rental market growth during the forecast period. Besides, the limited accessibility of power in rural areas & power loss due to regular basis grid failure will propel the growth of the Power Rental market.
Diesel Generators-type of Power Rental market is projected to be the leading segment of the overall market during the forecast period.
Based on Fuel Type, the Power Rental market segmented into Diesel Generators and Gas Generators. Diesel Generators dominates the global Power Rental owing to the easy availability of fuel, long-running life, and cost-effective. Gas Generators will be the fastest-growing segment due to its properties, which offer seamless, noise-free, and clean power energy.
The above 1000 kW type is dominating the Power Rating segment of the overall Power Rental market during the forecast period.
Based on the Power rating type, the Power Rental market segmented into less than 50 kW, 50 kW–500 kW, 501 kW-1000 kW, and above 1000 kW. The above 1000 kW segment will dominate the global Power Rental due to its growing demand in large power plants like the oil & refinery industry, construction industry, and mining industry. Less than 50 kW segment market will grow by its demand in households, shops, and smaller industries.
Utilities are projected to lead the industry for utilizing the applications of the Power Rental during the forecast period.
Based on End-user type, the Power Rental market segmented into Commercial, Manufacturing, Events, Construction, Utilities, Mining, Oil & Gas, and Others. The utility segment will lead the market owing to the growing demand for continuous power supply during peak hours to run regularly. The commercial sector will influence its need for uninterrupted power supply without fluctuations. The construction sector market will drive by the growth of infrastructural development.
Standby Power is projected to lead the industries utilizing applications of the Power Rental during the forecast period.
Based on the application, the Global Power Rental market segmented into Prime Power, Standby Power, and Continuous Power. By application type, Standby Power will lead the market due to due to its properties to saving energy by electronic and electrical appliances while they are switched off or in standby mode. Prime Power will drive by its features to provide emergency power needs up to 2000 kW.
The Asia Pacific accounts for the lion's share of the Global Power Rental market during the anticipated period.
Based on region, the Power Rental market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. The Asia Pacific dominates the world Power Rental market over the forecast period owing to the increasing number of construction projects, growing utility sector, extreme weather conditions, post-disaster emergencies, and unavailability of the power grid in remote locations. North America region market will drive by the need for emergency power utilities during the natural calamities affecting the power generation and T&D activities in the country.
Global Power Rental Market Competitive Landscape
Companies such as Caterpillar Inc., Aggreko PLC, Cummins Inc., United Rentals Inc., APR Energy, Atlas Copco AB, Ashtead Group PLC, Speedy Hire PLC, Kohler Co., Hertz Corporation, Soenergy International Inc., Generac Power Systems, Herc Holdings Inc., Al Faris Group, and Quippo Infrastructure Equipment Limited are the key players in manufacturing of power rental.
Browse Detailed Analysis with TOC, “Global Power Rental Market Size, By Fuel Type (Diesel Generators, And Gas Generators), By Power Rating (Less Than 50 KW, 50 KW–500 KW, 501 KW-1000 KW, Above 1000 KW), By End-User (Commercial, Manufacturing, Events, Construction, Utilities, Mining, Oil & Gas And Others), By Application (Prime Power, Standby Power, Continuous Power), Growth Potential, Trends Analysis, Competitive Market Size And Forecast, 2019-2025”