Power Rental Market Worth $12.8 Billion by 2027 – Exclusive Report by MarketsandMarkets™
CHICAGO, April 1, 2022 /PRNewswire/ — According to the new market research report “Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power Rating (Up to 50 kW, 51–500 kW, 501-2500 kW, Above 2500 kW), Application, End User and Region – Global Forecast to 2027″, published by MarketsandMarkets™, the global Power Rental Market is projected to reach USD 12.8 billion by 2027 from an estimated USD 9.8 billion in 2022, at a CAGR of 5.6% during the forecast period. The rapid expansion of the industrial sector along with the Surging demand for uninterrupted & reliable power supply is expected to drive the demand for the global Power Rental Market.
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By fuel type, the diesel segment is the largest contributor to the Power Rental Market in 2021.
The diesel segment is estimated to be the fastest-growing segment of the Power Rental Market, by fuel type, from 2022 to 2027. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70–80% as they are typically designed to offer the best operational efficiency. Moreover, they facilitate the constant generation of voltage and power without peaks and help to regulate fluctuations in the delivered power. Diesel generators find applications mainly in commercial establishments and manufacturing facilities.
By the end-user, the utilities segment is expected to grow at the fastest rate during the forecast period.
Utilities are connected through a grid to develop a distribution network for the supply of power. Generation utilities are the companies that are engaged in the generation of power, which is then sold by distribution utilities with transmission utilities acting as a bridge to deliver power from generation to distribution site. In developing regions, such as Africa and Asia Pacific, local grids cannot provide reliable supply, mainly due to the poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibits the delivery of electricity to industrial, commercial, and residential users. A weak network also means that there would be a lot of fluctuations in the power levels inside the grid, threatening its stability and integrity. In such cases, there is a high demand for power rental solutions for applications such as peak shaving wherein power rental solutions come in handy for stabilizing the grid within a short duration of time at economical prices.
Browse in-depth TOC on “Power Rental Market”
177 – Tables
63 – Figures
273 – Pages
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By Power Rating, the 501-2500 kW segment is the largest contributor to the Power Rental Market in 2021.
The Power Rental Market, by power rating, has been broadly classified into up to 50 kW, 51–500 kW, 501–2,500 kW, and above 2,500 kW. The 501-2,500 kW segment is expected to have the largest market share during the forecast period. 501-2,500 kW capacity generators are mostly used in manufacturing, mining, and oil & gas projects for base load or continuous power solutions. The mining and manufacturing sector is highly responsible for propelling the overall demand for generators with this power rating. The increasing need for reliable power in manufacturing activities and continuous investments by governments worldwide in infrastructure projects are expected to promote the growth of the 501–2,500 kW Power Rental Market during the forecast period.
North America: Key market for power rental during the forecast period.
In this report, the power rental has been analyzed with respect to six regions, namely, Asia Pacific, Europe, North America, South America, and Africa. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the Power Rental Market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in Power Rental Market such as Aggreko (UK), United Rentals (US), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), and Atlas Copco (Sweden). Other players in the market include Speedy Hire (UK), Cummins (US), Bredenoord (UK), Kohler (US), Multiquip (US), SoEnergy (US), Allmand Brothers (US), Generac Power (US), Wacker Neuson (Germany), and more.
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