Global Power Rental Market – Industry Trends and Forecast to 2030

Power Rental Market Analysis and Size

The wide adoption of power rental services is because of its utility power networks even though supplying additional energy to businesses and local communities. As a result, it has an wide range of applications in the oil & gas, building, and mining industries. During power outage, power rental systems meet the requirement of an extensive range of industries by delivering backup power to keep operations running. Shortage of power will propel the growth of the market.

Data Bridge Market Research analyses that the power rental market was valued at USD 10.46 billion in 2022 and is expected to reach the value of USD 27.03 billion by 2030, at a CAGR of 12.60% during the forecast period. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Power Rental Market Scope and Segmentation

Market Definition

The option of temporarily renting power plants to supply energy to industrial units is called power rental. It offers existing power equipment in power plants and a variety of scalable components. Moreover, it gives companies the adaptability, speed, dependability and cost-effectiveness required to handle momentary power outages.

Global Power Rental Market Dynamics

Drivers

• High usage of rental power in mining industry

The mining industry is the major end user of rental power. The mining sites are not attached to the grid, they rely on generator sets that have been engaged temporarily. The rental generators are in modest demand in industrial businesses when there is a requirement for extra power during peak load demand, when the existing power supply system, such as purchased generator sets, has to be sustained, or when there is a brief outage. As a result, the mining industry with poor grid power supplies are severely reliant on the power rental market’s growth.

• Increasing demand for backup power solutions

The evolution towards renewable energy sources is assembling pace all over the globe, because nations are aggressively preventing themselves off of fossil fuels, mainly from coal, to meet their energy needs. As a result, investments in renewable technologies have progressively developed in the last few years. Renewables can sufficiently meet the demand for clean energy globally but an inherent disadvantage in renewables is that they are intermittent. Since energy storage technologies are still in promising stages of development. Thus, backup power solutions are essential for uninterrupted power supply to industries and households. Power rental services and equipment can fill this gap because they are easy to access, require minimal maintenance and are cost-effective.

Opportunities

• Increasing usage of industrial and commercial electricity

Increasing industrial and commercial electricity use has created a power market imbalance. During the high-power use hours, this slit becomes more noticeable. This has directed to the formation of power leasing schemes, which may offer temporary electricity during power outages. Market growth will be compelled in the upcoming period by augmented demand for temporary electrical power sources during events, festivals, and fairs. These power systems deliver peak shaving, enabling several businesses to precisely allocate their power use between peak hoursand non-peaks. Thus, the increasing usage of industrial and commercial electricity will create immense opportunities for the market growth rate.

Restraints

• Challenges associated with the power rental market

The impact of changing oil costs on industries that depend on oil price and government agencies' strict emission restrictions are expected to impede the growth of the power rental business worldwide. In the upcoming period, it is also projected that the growing importance of renewable energy will hinder the market's growth.

This power rental market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the power rental market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Covid-19 Impact on Power Renal Market

During the pandemic it has witnessed that, power consumption in India declined sharply by 26%. According to the information of Power System Operation Corporation, the Indian government declared a strict countrywide lockdown. The International Energy Agency (IEA) also stated a steep 2.5 percent decline in the global electricity demand in the initial phase, driven predominantly by tumbling economic activities globally. With the second wave of the coronavirus sweeping the globe in 2021, economic activities are expected to remain limited, further decreasing the demand for electricity and reducing the adoption of power rental solutions.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In October 2020, Aggreko announced the presence of 1 MW solar power rental solution, elevated to serve weak or off-grid applications. Demanding no long-term economic commitments, Aggreko Solar Power can be available on a short-term rental basis sans any CAPEX.

 Global Power Rental Market Scope

The power rental market is segmented based on fuel type, rental type, end user, application, power rating and equipment. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Fuel Type

• Diesel
• Natural Gas
•  Others

Rental Type

• Retail Rental
• Project Rental

End User

• Utilities
• Oil & Gas
• Mining
• Manufacturing
• Construction
• Events
• Shipping
• Data Center
• Others

Application

• Peak Shaving
• Standby Power
• Base Load/Continuous Power

Power Rating

• Less than 10 kW
• 11 kW - 20 kW
• 21 kW - 50 kW
• 51 kW - 100 kW
• 101 kW - 250 kW
• 251 kW - 500 kW
• 501 kW - 1,000 kW
• 1,001 kW -1,500 kW
• 1,501 kW - 2,000 kW
• 2,001 kW - 2,500 kW
• Above 2,500 kW

Equipment

• Generator
• Load Banks
• Transformer
• Others

Power Rental Market Regional Analysis/Insights

The power rental market is analyzed and market size insights and trends are provided by country, fuel type, rental type, end user, application, power rating and equipment as referenced above.

The countries covered in the power rental market report are report  U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (M.E.A.) as a part of Middle East and Africa (M.E.A.), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the power rental market in revenue growth due to increasing energy requirements and deteriorating foundations. These are some of the main determinants accountable for the growth of the targeted market.

Asia-Pacific is projected to be the fastest developing region during the forecast period of 2023-2030 due to the growing digitalization along with the prevalent industrial revolution 4.0 across the region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of Global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Power Rental Market Share Analysis

The power rental market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to power rental market.

Some of the major players operating in the power rental market are:

• Global Power Supply, LLC. (U.S.)
• Jassim Transport & Stevedoring Co. K.S.C.C.P (Kuwait)
• ProPower Rental (U.S.)
• United Rentals, Inc. (U.S.)
• Cummins Inc. (U.S.)
• Ashtead Group plc (U.K.)
• APR Energy (U.S.)
• Herc Rentals Inc, (U.S.)
• Caterpillar (US.)
• Modern Hiring Service (India)
• FG Wilson  (U.K.)
• Generac Power Systems, Inc. (U.S.)
• Aggreko (U.K.)
• Wacker Neuson SE (Germany)
• Kohler Co. (U.S.)
• SoEnergy (U.S.)
• Bredenoord (Netherlands)
• Allmand Bros., Inc. (U.S.)
• Multiquip, Inc (U.S.)

Research Methodology: Global Power Rental Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

Customization Available

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