Power Rental Market worth USD 18.11 billion by 2028, registering a CAGR of 8.2% – Report by Market Research Future (MRFR)
New York, Sept. 20, 2021 (GLOBE NEWSWIRE) — Power Rental Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Power Rental Market Research Report, Fuel Type, Application, End-User and Region – Forecast till 2028” the market is projected to be worth USD 18.11 billion by 2028, registering a CAGR of 8.2% during the forecast period (2021 – 2028)., The market was valued at USD 10.20 billion in 2021.
Key Players
List of the key players in the worldwide power rental market profiled are –
- Aggreko Plc. (U.K.)
- Caterpillar Inc. (U.S.)
- Ashtead Group Plc. (U.K.)
- Cummins Inc. (U.S.)
- United Rentals Inc. (U.S.)
- Herc Rentals Inc. (U.S.)
- L.M. Generating Power Co. Ltd. Ltd (Canada)
- Bredenoord Exploitatiemij B.V. (The Netherlands)
- Speedy Hire Plc. (U.K.)
- APR Energy (U.S.)
- others.
Industry News
In August 2020, Aggreko signed a deal to offer three temporary power generators for pro-women golf in Scotland.
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Demand for Steady Power Supply from Mining and Oil & Gas Industries
Mining and oil and gas exploration are often carried out in remote locations. Due to the extremely combustible nature of the extracted compounds, human life at such locations is in jeopardy; consequently, sufficient illumination and power are required for such operations. Mining and oil and gas industries in the United States, Australia, and several African countries are expected to grow significantly as a result of increased investment. In the coming years, new mining projects are projected to be established in China, Australia, and India. These components must be present in order to create demand for power rental solutions. According to the Australian Bureau of Statistics, Australia spent more than USD 2.3 billion on mining exploration in 2019, an almost 19% increase over the previous year.
Furthermore, since the introduction of hydraulic fracturing, the United States has remained one of the world’s top oil-producing countries. Exxon Mobil intends to invest USD 50 billion in expanding its integrated activities in the United States through 2025. This involves developing new oil and gas wells in the Permian Basin and constructing pipelines to transport output to the Gulf Coast, where the firm is increasing its downstream footprint. These factors are expected to fuel demand for power rental solutions in the future.
Browse In-depth Market Research Report (185 pages) on Power Rental
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COVID-19 Impact on the Worldwide Market
The global COVID-19 outbreak in the first half of 2020 led several countries to go into lockdown. All non-essential operations have been halted since governments and local authorities set severe instructions. The stoppage of end-user operations had a negative impact on the power rental sector. Furthermore, while end-user sectors continue to operate at less than full capacity, production, and supply chain delays are expected to provide a short-term challenge to the power rental industry. Several enterprises, however, have turned this crisis into an opportunity to provide societal services. Cummins, for example, has transformed its air filter manufacturing facility into a respirator (filtration material for face masks) manufacturing unit.
Market Segmentation
The worldwide power rental industry has been segmented into fuel type, application, and end-user.
By fuel type, the worldwide power rental market has been segmented into diesel, gas, others.
By application, the worldwide power rental market has been segmented into baseload, stand-by power, and peak shaving.
By end-user, the worldwide power rental market has been segmented into oil & gas, utilities, shipping, manufacturing, mining, construction, and others.
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Regional Analysis
North America to Rule the Global Market
The North American area dominates the global power rental market. With a market value of USD 3.773.9 million, North America had the biggest market share of 31.60% in 2016. The region’s market is growing as a result of aging grid infrastructure and natural disasters, which generate frequent power outages and increased demand from the industrial sector. Furthermore, rising investment in mining and related exploration operations in the region supports the need for power rental equipment during the projection period.
Competitive Landscape
Customer-specific product offers are a strong industry trend, with many industry players attempting to gain and keep market share through strategic alliances and long-term collaborations. To obtain a competitive advantage in the market, leading industry players are focusing on expanding their product line and offering an appealing selection of power rental systems. Backward integration and economies of scale are important to market players in order to maintain product quality standards. To increase their presence in different nations, these market players have used a number of inorganic and organic growth strategies.
Segmentation of Market covered in the research:
Power Rental Market Information By Fuel Type (Diesel, Gas and Others), By Application (Base Load, Stand by Power and Peak Shaving), By End-User (Oil & Gas, Utilities, Shipping, Manufacturing, Mining, Construction and Others) – Forecast to 2028
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