Acumen Research and Consulting recently published report titled “Power Rental Market Size, Share, Analysis Report and Region Forecast, 2022 - 2030”
TOKYO, Aug. 14, 2022 (GLOBE NEWSWIRE) -- The Global Power Rental Market Size is valued at USD 9,142 million in 2021 and is estimated to achieve a market size of USD 16,366 million by 2030; growing at a CAGR of 7.1%.
The increasing number of continuous and uninterrupted power supply and the growing number of power outages in emerging countries are the leading factors boosting the global power rental market revenue. Peak power demand, or the highest demand in a given period, has constantly grown faster than base power demand, or total power requirement, over the last decade. Peak demand is increasing the need for utilities to generate power quickly. According to the International Energy Agency (IEA), global electricity demand surged in 2021, creating strains in major markets driven by the rapid economic rebound and more extreme weather conditions than in 2020. For instance, as per the IEA’s Electricity Market Report 2022, last year’s increase of over 1500 terawatts-hours was the largest ever. As a result, the increasing need for power requires power rental services to satisfy the global need.
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Report Coverage:
| Market | Power Rental Market | |
| Power Rental Market Size 2021 | USD 9,142 Million | |
| Power Rental Market Forecast 2030 | USD 16,366 Million | |
| Power Rental Market CAGR During 2022 - 2030 | 7.1% | |
| Power Rental Market Analysis Period | 2018 - 2030 | |
| Power Rental Market Base Year | 2021 | |
| Power Rental Market Forecast Data | 2022 - 2030 | |
| Segments Covered | By Fuel, By Power Rating, By End-User Industries, And By Region |
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| Power Rental Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | APR Energy, Aggreko Plc., Ashtead Group Plc., Caterpillar Inc., Bredenoord Exploitatiemij B.V., Herc Rentals Inc., Cummins, Inc., L.M. Generating Power Co. Ltd., United Rentals, Inc., and Speedy Hire Plc. | |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
COVID-19 Impact on the Global Power Rental Market Value
COVID-19 pandemic has halted many commercial and industrial activities due to the rapid spread of infection. Global lockdowns, travel restrictions, work-from-home policies, and the postponement of global events have all had a negative impact on power rental market sales in 2020 and 2021. In addition, according to the International Energy Agency (IEA), global energy demand dropped 5% in 2020; energy-related CO2 emissions declined by 7%, and energy investment fell by 18%. However, with the resumption of lockdowns and steadily increasing manufacturing and other power-consuming industries, the market is expected to do well in the coming years.
Global Power Rental Market Dynamics
Surging demand for reliable power supply is expected to boost the power rental market growth. According to the International Energy Agency, global electricity demand is expected to rise by 1.4 percent per year on average by 2040. Furthermore, the growing number of power outages is driving up demand in the power rental market. Floods, hurricanes, ice storms, wildfires, and other extreme weather events have increased as a result of climate change. Power outages are being caused by weather-related events in countries such as China, Japan, India, Australia, and the United States. As a result, the growing number of power outages is increasing the demand for power backup solutions.
However, strict government guidelines concerning generators are a major factor limiting the market growth. According to one of the guidelines proposed by the Central Pollution Control Board (CPCB) in collaboration with the Ministry of Environment and Forests, the emission of oxides of hydrocarbons and nitrogen from a 19KW diesel generator should not exceed 7.5g/KW-hr. These regulations apply to all generators manufactured or imported into India. Aside from that, the growing emphasis on renewable energy sources is another factor that will prevent the market from expanding in the near future.
In contrast, the incorporation of power rental equipment with renewable energy is expected to generate numerous market growth opportunities from 2022 to 2030. Because of growing environmental concerns and government regulations, many businesses have shifted their focus to renewable energy rental equipment. Atlas Copco, Aggreko, and Bredenoord, among others, have developed new product lines of renewable energy power rental equipment.
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Power Rental Market Segmentation
The global market is divided into four segments: fuel, power rating, end-user industries, and region.
Based on fuel, the market is divided into diesel, gas, and dual fuel. The diesel power rental equipment will perform well in the industry owing to its ability to provide flexible, scalable, and weather-independent operations. In addition to that, diesel power rental generators offer higher operational efficiency and enhance engine performance which also drives the segment demand.
By power rating, the distribution includes up to 50 KW, 51 to 500 KW, 501 to 2,500 KW, and above 2,500 KW. Based on our power rental industry analysis, the 501 to 2,500 KW power rating generated the largest market shares in 2021 and is likely to do so in the coming years.
The end-user industries segment is split into utilities, oil & gas, events, construction, mining, shipping, and others. In 2021, the utilities sub-segment achieved the utmost shares in the market and is expected to continue its trend in the coming period. However, mining and oil & gas are the industries that are extensively fueling the demand for power rental equipment during the projected timeframe from 2022 to 2030.
Power Rental Market Regional Outlook
The global power rental market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa. Currently, the Asia-Pacific region will occupy a significant market share owing to the rapidly growing need for power in emerging countries. The widespread mining sector, ongoing construction activities, investments in the oil & gas sectors, and the presence of a high population are all the prime factors that are supporting the Asia-Pacific power rental market growth.
North America and Europe are the prominent regions that use power rental equipment. However, the Middle East & Africa is one of the fastest growing regions in the power rental market. The flourishing oil & gas industry and increased construction activities are driving the Middle East & African market. Furthermore, Latin America is observing notable growth due to the rising mining activities in Argentina, Brazil, and Chile.
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Power Rental Market Players
Some prominent power rental companies covered in the industry are Atlas Copco AB, AB Volvo, Caterpillar Inc., Doosan Heavy Industries & Construction Co., Ltd, CNH Industrial N.V., J C Bamford Excavators Ltd., Hitachi Construction Machinery Co., Ltd, Komatsu Ltd., John Deere, and Liebherr Group.
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