At 7.8% CAGR of Power Rental Market Size 2028 by | Fuel Type, Power Rating, Application, End User and Geography | Growth with USD 16.71 Bn: Industry Trends & Forecast Report by Zion Market Research
NEW YORK, April 20, 2022 /PRNewswire/ -- As per Zion Market Research study, Power Rental market accrued ROI of approximately around US$ 9.79 billion in 2021 and is expected to gain income of almost US$ 16.71 billion in 2028. Apparently, Power Rental industry is set to register humungous gains of nearly 7.8% in time interval of 2022 to 2028. Moreover, growth of power rental market over forecasting timespan is subject to rise in demand for power in mining activities. In addition to this, rise in faults in power transmission lines along with high rate of failure of power producing devices has resulted in humungous need for hiring services of firms in power rental business. Furthermore, unexpected power outages and blackouts have resulted in requirement of reliable power backup in commercial buildings and industrial complexes in emerging economies. This has triggered growth of power rental industry in recent years. Escalating demand for incessant supply of electricity in industrial sector will embellish expansion of power rental industry over ensuing years.
Key Industry Insights & Finding of the Power Rental Market Reports:
- As per the analysis shared by our research analyst, the Power Rental Market is expected to grow annually at a CAGR of around 7.8% (2022-2028).
- Through the primary research, it was established that the Power Rental Market was valued approximately USD 9.79 Billion in 2021 and is projected to reach to roughly USD 16.71 Billion by 2028.
- Middle East and Africa over forecasting years can be attributed to a massive surge in ongoing construction ventures in countries such as UAE and Saudi Arabia.
- Huge need of power for oil & gas explorations from reservoirs has culminated into massive use of power rental in Africa.
Zion Market Research published the latest report titled as "Power Rental Market- By Power Rating (Below 75kVA, 75-375 KVA, 375-750 KVA, And Above 750 KVA), By Fuel Type (Diesel, Gas, And Others), By End-User (Mining, Utility, Construction, Manufacturing, And Oil & Gas), And By Application (Continuous Load, Peak Load, And Standby Load): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2022 – 2028." into their research database.
Power Rental Market: Overview
Power rental, which is also referred to as providing power on hire, has massive benefits in comparison to power equipment purchase. Power generators on lease prove beneficial over purchased ones as former provide susceptibility in requirement of power ratings along with carrying low maintenance & deployment charges. Apart from this, power rental can be easily availed within a short notice and have low initial costs. Energy producing firms prefer getting power generators on lease due to lack of access to strong grid infrastructure, temporary power needs, and high cost on maintaining current power supply equipment.
Reportedly, power on rent is preferred by firms established in regions either having poor power grid infrastructure facility or whose grid infrastructure is in phase of development. For instance, Asian and Latin American countries prefer power rental. Additionally, mining sector is largest consumer of power rental. Power rental is preferred due to constant outage as a result of load shedding and need of extra power due to heavy power load.
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Industry Dynamics:
Power Rental Market: Growth Dynamics
Humungous requirement for electrification and incessant supply of electricity will boost global market trends. Apart from this, unexpected power failures and load shedding has resulted in massive need of power, thereby widening scope of power rental business. In addition to this, mining sector requires high power rating generator for carrying out digging operations and hence miners prefer power rental for fulfilling their daily but temporary electricity demand. Furthermore, power grid issues, natural disasters, and sudden failure of power producing device will pave a way for rise in use of power rentals. These abovementioned factors will contribute remarkably towards earnings of power rental industry.
Moreover, massive need for reliable power backup in industrial and commercial sectors will enhance use of power rental systems, thereby catalyzing market growth. Nonetheless, strict environmental legislations pertaining to GHG emissions & noise control can restrict expansion of power rental market.
Power Rental Market: Segmentation
- Continuous Load Segment To Lead Application Landscape In 2022-2028
The segmental dominance in coming years can be attributed to rise in utilization of power rental systems in oil & gas, mining, and construction sectors. Furthermore, consistent power supply has accounted majorly towards growth of power rental market.
- Utilities Segment To Account Majorly Towards Power Rental Market Share By 2028
Segmental growth over upcoming years can be attributed to massive use of utilities connected through a grid for developing a distribution network for power supply.
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List of Key Players of Power Rental Market:
- Atlas Copco
- United Rentals Inc.
- Shenton Group
- Cummins Inc.
- ProPower Rental
- APR Energy Limited
- Kohler-SDMO
- Caterpillar Inc.
- Power Electrics
- NIDS GROUP
- Speedy Hire plc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Power Rental Market?
- What are the key driving factors propelling the Power Rental Market forward?
- What are the most important companies in the Power Rental Market Industry?
- What segments does the Power Rental Market cover?
- How can I receive a free copy of the Power Rental Market sample report and company profiles?
Report Scope:
Free Brochure: https://www.zionmarketresearch.com/requestbrochure/power-rental-market
Regional Dominance:
The Middle East and African Market To Register Fastest Growth Over Forecasting Timeline
Growth of power rental market in the Middle East and Africa over forecasting years can be attributed to a massive surge in ongoing construction ventures in countries such as UAE and Saudi Arabia. Furthermore, thriving oil & gas sector in region is projected to create new growth avenues for power rental industry in the Middle East and Africa. Low access to power grid and rise in mining activities in African regions has resulted in huge demand for power rental in sub-continent. Huge need of power for oil & gas explorations from reservoirs has culminated into massive use of power rental in Africa, thereby driving regional market trends.
Global Power Rental Market is segmented as follows:
Power Rental Market: By Power Rating Outlook (2022-2028)
- Below 75kVA
- 75-375 kVA
- 375-750 kVA
- Above 750 kVA
Power Rental Market: By Fuel Type Outlook (2022-2028)
- Diesel
- Gas
- Others
Power Rental Market: By End-User Outlook (2022-2028)
- Mining
- Utility
- Construction
- Manufacturing
- Oil & Gas
Power Rental Market: By Application Outlook (2022-2028)
- Continuous Load
- Peak Load
- Standby Load
Power Rental Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Power Rental Market: https://www.zionmarketresearch.com/news/power-rental-market
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