Rise in electricity consumption for commercial and industrial applications has increased the supply–demand gap in the power market. This slit is even more obvious during the peak hours for power consumption. This has propelled the expansion of power rental systems, which are proficient in providing provisional electricity at times of low supply of power. Furthermore, surge in demand for momentary electricity supply sources at times of festivals, events, and fairs is expected to boost the growth of the market in the upcoming years. In addition, these power systems deliver a peak shaving, which permits various industries to allot their power load consistently during non-peak and peak hours. Global power rental industry generated $9.5 billion in 2020, and is expected to reach $17.8 billion by 2030, witnessing a CAGR of 6.6% from 2021 to 2030.
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Moreover, these systems act as a stand-in power supply in periods of unintended power losses. Incentives and schemes by government authorities, including feed-in-tariff, in Asia-Pacific and North America are expected to fuel the demand for power rental solutions. Schemes introduced by the government are targeting to endorse the installation of such rental systems across industrial, commercial, and residential applications. These systems can further be worked off-grid as well as on-grid reliant on their locations as well as applications. Several benefits of distributed energy generation over conventional sources of power generation are expected to drive the market.
Based on fuel type, the diesel segment contributed to the largest share in 2020, holding more than four-fifths of the global power rental market, and is expected to maintain its lead position during the forecast period. This is attributed to increase in demand for diesel-fueled generators with its ability to provide weather-independent, scalable, and flexible operations. However, the natural gas segment is expected to portray the highest CAGR of 7.3% from 2021 to 2030. This is due to the focus on electricity generation with the availability of cleaner sources and the rise in environmental concerns.
By power rating, the global power rental market is studied across up to 50 KW, 51 to 500 KW, 501 to 2,500 KW, and above 2,500 KW. The 501 to 2,500 KW segment accounted for the largest market share in 2020, as it provides standby power as well as continuous power supply power during outages peak shaving. The 501 to 2,500 KW segment dominated the global market with more than half of the total power rental market share in 2020.
Based on end-use industry, the utilities segment accounted for the highest share in 2020, contributing to more than one-fifth of the global power rental market, and is projected to continue its leadership status in terms of revenue during the forecast period. This is due to increase in demand for power rental solutions from power generation utility to stabilize the grid that has been destabilized from fluctuations in the power levels within a short duration. However, the oil & gas segment is expected to continue the fastest CAGR of 7.7% from 2021 to 2030, owing to rise in demand for power rental solutions from oil & gas companies with the requirement for a constant supply of electricity as they are installed far-off from the power grid areas.
Based on region, Asia-Pacific, followed by North America, held the largest market share in 2020, accounting for more than one-third of the global power rental market, and is projected to maintain its dominant share by 2030. This is due to rapid expansion of commercial spaces comprising malls, hotels, and retail stores that led to increased demand for stable power supply. However, LAMEA is estimated to register the largest CAGR of 7.7% during the forecast period, owing to frequent power outages and lack of availability of adequate grid infrastructure.
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Region wise, the global power rental market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific dominated the global market in 2020, garnering one-third of the total share. This is attributed to rapid expansion of commercial spaces comprising malls, hotels, and retail stores in Asia-Pacific, which has significantly driven the demand for stable power supply, thereby augmenting the utilization of power rentals.
The major players profiled in the global power rental market are Atlas Copco AB, Caterpillar, United Rentals, Cummins, Inc., Aggreko, Generac Power Systems, Inc., Kohler Co., Ashtead Group Plc., HERC Rentals Inc., and Wacker Neuson SE.
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