Market Research Report
Power Rental Market Size By Power Rating, By Fuel, By End-Use, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1014802|
|Published||Content info||440 Pages
Delivery time: 2-3 business days
|Power Rental Market Size By Power Rating, By Fuel, By End-Use, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 16, 2021||Content info: 440 Pages||
The power rental market is expected to witness substantial growth by 2027 due to increasing energy demand across the globe and prevalent use of electrical appliances. In addition, accelerating adoption of solar power for varied applications is also expected to create numerous growth opportunities for industry participants in the coming years.
During the COVID-19 pandemic, overall power demand in commercial buildings and manufacturing plants dropped massively. However, energy consumption for housing applications rose by around 30% over the 2020 lockdown period.
The increase in household power demand was driven by higher occupancy patterns during the day due to extended stay-at-home regulations. As a result, there was a surge in the use of energy intensive systems, such as lighting, air conditioning, heating, and appliances.
To accommodate the escalating power demand during the pandemic, industry players introduced novel solutions to cater to energy requirements of consumers globally. For instance, in October 2020, Aggreko, a leading provider of modular power, temperature control, mobile, and energy services, launched its solar power rental offer.
The company optimized its 1 MW PV solution for weak or off-grid deployment and was designed to deliver clean energy innovation. The solution did entail long-term technical or financial commitments as no upfront CAPEX payment was required.
Moreover, the company announced that these systems could be availed for a minimum five-year period. The solution offered a deployment time of about three or four months and had low O&M requirements, which made it suitable for utilization in remote and harsh environments.
The solution was equipped with the company's solar PV panels that have a single-axis tracking system, which could boost power delivery by 10-20%. Aggreko Solar Power integrated PV string inverters and containerized controls to enhance resilience through decreased installation time.
As governments across the globe have begun to ease lockdown restrictions, the commercial and manufacturing sectors are resuming operations. This has positively influenced market demand across key end-use verticals.
The global power rental market has been segmented on the basis of power rating, fuel, end-use, application, and region. In terms of end-use, the market has further been divided into healthcare, telecom, electric utilities, data center, oil & gas, construction, offshore, marine, manufacturing, mining, and others.
The offshore sub-segment accounts for a considerable share in the power rental market and is projected to grow at a CAGR of over 4% through the forecast period. In 2020, marine end-use accounted for over 2% share in Argentina's power rental market.
In the regional landscape, the Middle East power rental market is expected to grow at a notable CAGR through the assessment period. Manufacturing held over 9% share in the regional market revenue in 2020 and is speculated to garner a sizable revenue over the study timeframe.
The Latin America power rental market is expected to expand at a steady pace over 2021-2027. Increased deployment across the healthcare sector, coupled with rising demand from commercial facilities like hotels, airports, and public establishments, is expected to enhance industry outlook through the projected timeline.