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1081083

Power Rental Market: Current Analysis and Forecast (2021-2027)

Published: | UnivDatos Market Insights Pvt Ltd | 197 Pages | Delivery time: 1-2 business days

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Power Rental Market: Current Analysis and Forecast (2021-2027)
Published: May 1, 2022
UnivDatos Market Insights Pvt Ltd
Content info: 197 Pages
Delivery time: 1-2 business days
  • Description
  • Table of Contents

Rapid industrialization and urbanization resulting in rising electricity demand and continuous power supply are some major factors driving the market for power rental equipment. Moreover, with the rising population, investment in different sectors are expected to increase to meet the consumer needs like commercial and residential space, and manufacturing units, which require a constant power supply. For instance, the global population is estimated to reach nearly 8.5 billion by 2030, which is expected to increase global construction spending to USD 17.5 billion. Growth in construction implies a high possibility of an increase in the power rental market, globally.

The global power rental market is expected to witness a CAGR of around 7% during the forecast period (2021-2027). Rising investments in power transmission and distribution networks coupled with the growing augmentation and modernization of transmission and distribution networks across the globe are expected to drive the market. Power rental refers to the facility of temporarily renting power equipment for supplying energy across industries. It delivers functioning power equipment along with various scalable components, which are installed in power stations. It also offers reliability, flexibility, speed, and cost-effectiveness to businesses for coping with brief shortages of power. The power rental services are aimed to stabilize utility power grids and provide additional energy to industries and support communities. Owing to this, it finds extensive application across the construction, mining, and oil & gas industries.

Caterpillar Inc., Cummins Inc., Aggreko plc, Ashtead Group plc, United Rentals Inc., Atlas Copco AB, Herc Rentals Inc., Generac Holdings Inc., Wacker Neuson SE, and Kohler Co. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

"Amongst Application, peak load category to witness fastest-growth during the forecast period"

Based on application, the market is classified into continuous load, standby load, and peak load. Amongst them, in 2020, the continuous load category dominated the market. This is mainly due to the rising need for continuous power supply in remote locations such as mining, construction, oil & gas operations, ships, etc. where the access to grid supply is not present. Here, the equipment installed act as primary power equipment such as the use of generators as the primary power source.

However, the peak load category is expected to witness the fastest growth during the forecast period. Since the demand for power is increasing throughout the world, the generation has to grow as well in order to compensate for it. For instance, this demand especially rises during the daytime in summer. Peak load power equipment help organizations with huge electricity consumption to efficiently manage power supply and energy usage during peak hours. Furthermore, By using power rental solutions, utilities can ensure grid stability by feeding instantaneous additional power to the grid as and when required.

"Amongst Equipment, generators category is accounted for a significant market share in 2020"

Based on equipment, the market is classified into generators, transformers, load banks, and others. Amongst them, the generators category is accounted for a significant market share in 2020. The generator category is further bifurcated into diesel, natural gas, and other fuel types. In 2020, diesel generators accounted for the larger adoption in the market owing to its higher energy density coupled with its ability to generate more power energy from the same amount of fuel as compared to its counterparts. However, the drawback of diesel sets is the amount of pollution they cause. According to a study, a standard diesel generator of 250 kVA capacity when running at an average of 3 hours per day emits 0.183 kg/day of PM 10, 3.08 kg/day of NOx and 1.50 kg/day of CO. Due to this several companies are shifting towards renewable generators which are also expected to witness significant CAGR during the forecast period. The amendment in several energy policies to support the clean energy movement to reduce carbon emissions is further expected to boost the growth of the industry. A report published by the Intergovernmental Panel on Climate Change in 2018 estimates that global warming is likely to reach 1.5°C between 2030 to 2052.

"Amongst Power Rating, 501-2,000 KW category is expected to witness significant growth in the global power rental market"

Based on power rating, the market is categorized into Up to 50 kW, 51 kW - 500 kW, 501 kW - 2500 kW, and Above 2500 kW. During the forecast period, the 501-2,000 KW category is expected to witness significant growth in the global power rental market owing to its greater applicability driven by increasing demand for backup power in commercial spaces such as hotels, educational institutions, and telecom towers, especially in developing countries like China, Brazil, Mexico, and India. For instance, as per the Cellular Operators Association of India (COAI), the Indian mobile market has developed innovative network sharing solutions and has invested in setting up over 4.5 lakh towers spread across the country. In addition, the vast gap between power demand and supply in India is also a major growth factor. With a population touching 1.4 billion, India is not always able to meet the demand for electricity. In the country, the highest number of power equipment are used in commercial spaces, because offices, hotels, hospitals, shopping malls, metro and railway stations, and other such places need a constant power supply. Therefore, the market is expected to witness significant growth in the forecast period.

"APAC to witness significant growth during the forecast period"

Asia-Pacific is expected to show the highest CAGR growth in the power rental market. The major contributors to the growth of this market are China, India, and Australia. The increase in infrastructure development in emerging economies, as well as the expansion of the commercial and industrial sector, and mining operations, coupled with the rise in installation and integration of telecom towers and data centers, has contributed to the growth of the APAC market. Furthermore, data centers require a highly reliable power supply to ensure proper functioning. The loss of power for even a short period can cause disruptions in the functioning of businesses and result in financial loss. Therefore, the rising need for highly reliable mediums of power supply is boosting the demand for backup power equipment. The manufacturing sector is one of the major end-users of power equipment such as generators, and transformers, among others. Its unprecedented growth in developing nations of the region is one of the major drivers of the power rental market.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

The report presents a quick review of overall industry performance at one glance.

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

Global power rental market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Product Code: UMEP21830

TABLE OF CONTENTS

1 MARKET INTRODUCTION

  • 1.1. Market Definitions
  • 1.2. Limitation
  • 1.3. Stakeholders
  • 1.4. Currency used in Report

2 RESEARCH METHODOLOGY OR ASSUMPTION

  • 2.1. Research Process of the Power Rental Market
  • 2.2. Research Methodology of the Power Rental Market
  • 2.3. Forecasting Method
  • 2.4. Respondent Profile
  • 2.5. Main Objective of the Power Rental Market Study

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL POWER RENTAL MARKET COVID-19 IMPACT

6 GLOBAL POWER RENTAL MARKET REVENUE (USD BN), 2019-2027F

7 MARKET INSIGHTS BY APPLICATION

  • 7.1. Continuous Load
  • 7.2. Standby Load
  • 7.3. Peak Load

8 MARKET INSIGHTS BY EQUIPMENT

  • 8.1. Generators
    • 8.1.1. Diesel
    • 8.1.2. Natural Gas
    • 8.1.3. Others
  • 8.2. Transformers
  • 8.3. Load Banks
  • 8.4. Others

9 MARKET INSIGHTS BY POWER RATING

  • 9.1. Up to 50 kW
  • 9.2. 51 kW - 500 kW
  • 9.3. 501 kW - 2500 kW
  • 9.4. Above 2500 kW

10 MARKET INSIGHTS BY REGION

  • 10.1. North America
    • 10.1.1. U.S.
    • 10.1.2. Canada
    • 10.1.3. Rest of North America
  • 10.2. Europe
    • 10.2.1. Germany
    • 10.2.2. United Kingdom
    • 10.2.3. France
    • 10.2.4. Spain
    • 10.2.5. Italy
    • 10.2.6. Rest of Europe
  • 10.3. Asia-Pacific
    • 10.3.1. China
    • 10.3.2. Japan
    • 10.3.3. India
    • 10.3.4. Australia
    • 10.3.5. Rest of Asia-Pacific
  • 10.4. Rest of World

11 POWER RENTAL MARKET DYNAMICS

  • 11.1. Market Drivers
  • 11.2. Market Challenges
  • 11.3. Impact Analysis

12 POWER RENTAL MARKET OPPORTUNITIES

13 POWER RENTAL MARKET TRENDS

14 DEMAND AND SUPPLY-SIDE ANALYSIS

  • 14.1. Demand Side Analysis
  • 14.2. Supply Side Analysis

15 VALUE CHAIN ANALYSIS

16 COMPETITIVE SCENARIO

  • 16.1. Competitive Landscape
    • 16.1.1. Porter's Five Forces Analysis

17 COMPANY PROFILED

  • 17.1. Caterpillar Inc.
  • 17.2. Cummins Inc.
  • 17.3. Aggreko plc
  • 17.4. Ashtead Group plc
  • 17.5. United Rentals Inc.
  • 17.6. Atlas Copco AB
  • 17.7. Herc Rentals Inc.
  • 17.8. Generac Holdings Inc.
  • 17.9. Wacker Neuson SE
  • 17.10. Kohler Co.

18 DISCLAIMER