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According to a published report by Fortune Business Insights, titled, “Power Rental Market: Global Market Analysis, Insights, and Forecast, 2018-2026,” the global market was worth US$ 10.6 Bn in 2018. The market is projected to reach US$ 20 Bn by the end of 2026, thereby exhibiting a CAGR of 8.24% during the forecast period. Power rental is one of the best solutions for those who face temporary power shortage. Several regions house power rental plants that are designed to provide extra energy to the local residents and stabilize the utility power grids. They also aid in supporting industries that often face the issue of insufficient power supply.
Increasing Use of Rental Generator Sets by Mining Industry to Fuel Growth of Market
The most used device for temporary power supply is the rental generator set. It is used at places where grid connectivity is very weak. The mining industry is the biggest consumer of generator sets. This is because most of the mining activities take place in those areas that are situated on the outskirts of towns or cities. In such locations, grids to supply power are not available. Moreover, mining is not a long-lasting procedure, but it is temporary. Hence, the key market players operating in the mining industry prefer rental power supply over permanent construction to meet their daily energy needs as mining requires high power rating generator sets.
Extensive Usage in Manufacturing and Commercial Facilities to Fuel Demand for Diesel Generators
In terms of fuel type, the report classifies the global market based on natural gas and LPG, diesel, and others. Out of these, the diesel generator segment had acquired a significant proportion of the global market in the year 2018. This growth is attributed to the long-lasting nature of generators. They also offer quick response and their fuels are very easily available. Furthermore, diesel-powered generators aid in regulating power fluctuations by providing a persistent stream of voltage power without peaks and dips of other similar devices. Therefore, diesel generators are extensively used in many commercial as well as manufacturing facilities. Numerous key market players have begun developing portable diesel generators. All these factors are projected to increase demand for diesel generators throughout the forecast period, which will further propel the global power rental market growth.
Lucrative Growth Opportunities in China Crucial for Growth of Market in Asia Pacific
The global market is geographically divided into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Amongst these regions, Asia Pacific will exhibit notable growth during the forecast period. This is because China is considered to be one of the key countries to engage in extensive mining activities. The country has been holding a large global power rental market share since the past few years. In 2018, it had held more than 20% global mining industry share. The country’s manufacturing sector is persistently growing at a rapid rate. This growth is attributed to the reduction in labor cost and availability of raw materials. All these factors are likely to contribute to the rising demand for power rental in this region.
Fortune Business Insights has profiled some of the prominent market players operating in the global market. They are Aggreko, Caterpillar Inc., Cummins Inc., Atlas Copco, Kohler Co., Shenton Group, NIDS Group, Pump Power Rental, United Power and Resources, Sudhir Power Ltd., Modern Hiring Service, Newburn Power Rental Ltd, Global Power Supply, FG Wilson, ProPower Rental, United Rentals, Ashtead Group Plc, APR Energy, Bredenoord, Generac Power Systems, Wacker Neuson Group, Wartsila, Speedy Hire PLC, Multiquip Inc., and other key market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/power-rental-market-100225
The global power rental market can be segmented into:
By Fuel Type