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Power Rental Market to Register 7.9% CAGR till 2028; Growing Intensity of Mining Operations in Emerging Economies to Boost the Market

June 14, 2021 | Energy & Power

The global power rental market size is projected to reach USD 16.70 billion by 2028 owing to the increasing adoption of gas generators worldwide, shares Fortune Business Insights™ in its report, titled “Power Rental Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA and Above 750 kVA), By Fuel Type (Diesel, Gas, and Others), By Application (Continuous Load, Standby Load, and Peak Load), By End-user (Mining, Construction, Utility, Events, Manufacturing, Oil & Gas, and Others) and Regional Forecast, 2021-2028”. According to the report, the estimated value of the global market was USD 8.85 billion in 2020 and the market is expected to grow at a CAGR of 7.9% from 2021 to 2028.


The COVID-19 pandemic outbreak has impeded the power rental market growth as the unprecedented downturn in the global economy has stymied industrial operations and businesses. With the imposition of strict lockdowns, social distancing measures, and travel bans to contain the coronavirus, the demand for power has tanked globally. As a result, this market’s growth dipped by -12.9% in 2020 and it reached a value of USD 9.78 billion in 2021.


Caterpillar Releases Diesel Generator for Stationary Standby Purposes


In September 2020, Caterpillar unveiled a 1,100 kVA diesel generator system to support stationary standby power operations. Manufactured in India, the Cat® DE1100 GC serves 50 Hz stationary applications and complies with load acceptance requirements and the ISO 8528-5 G3 transient response. The gen-set is also equipped with a dynamic control panel that facilitates efficient operation while delivering comprehensive information about engine output and power. Developed for the Middle East, Asia Pacific, and Africa markets, the DE1100 comes with Caterpillar’s much-renowned 2-year warranty for backup power solutions.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/power-rental-market-100225


Heightening Power Consumption Worldwide to Stoke Market Growth


Growing populations and speedy economic development, particularly in Asia and Africa, are the two main factors underpinning the soaring demand for power and electricity worldwide. According to the US Energy Information Administration (EIA), between 2018 and 2050, total world energy consumption will grow by 50%, led by non-OECD (the Organization for Economic Cooperation and Development) countries. Furthermore, the International Energy Agency (IEA) revealed that gross electricity generation globally was 3.9% higher in 2018 than in 2017. Power rental solutions will play an instrumental role in meeting the surging demand for electricity worldwide as power on hire is a much cheaper and efficient alternative to purchasing power equipment. Furthermore, as the world gets increasingly digitized, the demand for power and energy will spiral at an even more accelerated pace over the next decade, creating a widespread need for robust standby power solutions.


Diversification of Operations across Geographies to Feed Key Players’ Competitive Fervor


Key power rental companies are expanding their market footprint by diversifying their operations across geographies. Their aim is to establish a strong presence in new and emerging power markets and cater to the peak shaving of these bustling economies. Besides this, leading players are also engaged in the development of next-generation power management technologies, engineered for renewables and other clean energy sources.


Industry Development



  • May 2020: APR Energy announced that it has entered into an agreement to supply eight turbines and 265MW power across three sites in Baja California, Mexico. With this contract, APR intends to entrench its position as a leading power solutions provider in the burgeoning power sector in Mexico.


List of Key Players Profiled in this Market Report



  • ProPower Rental (United States)

  • Modern Hiring Service (India)

  • Global Power Supply (United States)

  • United Rentals (United States)

  • Jassim Transport & Stevedoring Co. K.S.C.C. (Kuwait)

  • Shenton Group (United Kingdom)

  • Atlas Copco (Sweden)

  • Cummins Inc. (United States)

  • APR Energy (United States)

  • FG Wilson (United Kingdom)

  • Newburn Power Rental Ltd (United Kingdom)

  • Sudhir Power Ltd. (India)

  • Pump Power Rental (United Kingdom)

  • NIDS GROUP (India)

  • Kohler-SDMO (France)

  • Aggreko (United Kingdom)

  • Caterpillar Inc. (United States)


Further Report Findings



  • The diesel fuel type segment dominated the global market with a share of 81.1% in 2020 as diesel generators are extensively adopted across the planet. Moreover, these gen-sets are pocket-friendly and widely available, making them the most attractive backup power systems.

  • Asia Pacific is slated to lead the market share during the forecast period due to the well-established manufacturing sector in China. In 2020, the region’s market size was USD 2.20 billion.

  • The underdevelopment of grid infrastructure in several countries across Latin America will support the continued reliance on power rental solutions in the region.   


Table of Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



Value (USD Billion)



Segmentation



  By Power Rating; By Fuel Type; By   Application; By End-user; and By Region



 


By Power Rating




  • Below 75 kVA

  • 75-375 kVA

  • 375-750 kVA

  • Above 750 Kva



By Fuel Type




  • Diesel

  • Gas

  • Others



By Application




  • Continuous Load

  • Standby Load

  • Peak Load



By End-user




  • Mining

  • Construction

  • Manufacturing

  • Utility

  • Events

  • Oil & Gas

  • Others



By Region



By Region



  • North America

    • By Power Rating

    • By Fuel Type

    • By Application

    • By End-user

    • By Country

      • The U.S.

      • Canada





  • Europe

    • By Power Rating

    • By Fuel Type

    • By Application

    • By End-user

    • By Country

      • The UK

      • Germany

      • France

      • Italy

      • Spain

      • Russia

      • Rest of Europe





  • Asia Pacific

    • By Power Rating

    • By Fuel Type

    • By Application

    • By End-user

    • By Country

      • China

      • India

      • Japan

      • Australia

      • Indonesia

      • Thailand

      • Malaysia

      • Rest of Asia Pacific





  • The Middle East & Africa

    • By Power Rating

    • By Fuel Type

    • By Application

    • By End-user

    • By Country

      • South Africa

      • UAE

      • Saudi Arabia

      • Qatar

      • Kuwait

      • Rest of the Middle East & Africa





  • Latin America

    • By Power Rating

    • By Fuel Type

    • By Application

    • By End-user

    • By Country

      • Brazil

      • Mexico

      • Argentina

      • Chile

      • Peru

      • Colombia

      • Rest of Latin America






Power Rental Market
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