New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider, Global Power Rental Market Size will be valued at USD 16.41 billion by 2030, and it was valued at USD 10.37 billion in 2022, and grow at a CAGR of 5.9% over the forecast period 2023-2030. The many scalable components that are installed in power plants are provided by the power rental market together with operational power equipment. Additionally, it gives organisations the dependability, adaptability, speed, and cost-effectiveness they need to handle momentary power outages. The aim of the power rental services is to balance the utility power networks while also supplying extra energy to businesses and local communities.
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Globally Growing Need for Electrification and Constant Power Supply to Accelerate Market Expansion
Global power supply is constantly impacted by an increasing number of transmission and distribution line faults, equipment failure in the power producing industry, sudden grid issues, natural disasters, and a number of other reasons. To allow consumers to continue operating, numerous public and private entities are eagerly adopting steps to shorten power outages.
| Report Metrix | Details |
| Market Size by 2030 | $16.41 Million |
| Market Size in 2022 | $10.37 Million |
| CAGR 2023-2030 | 5.9 % |
| Market Segmentation | By Fuel Type, By Equipment, By Application, By End-User |
| KEY DRIVERS |
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| RESTRAINTS |
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| Key Players | Herc Rentals Inc., Caterpillar, Cummins Inc., Aggreko, APR Energy, United Rentals, Inc, and other players. |
Increasing Mining Sector Need for Constant Power Supply to Boost Market Growth
Most often, rental generator sets are utilized to provide electricity in places with very poor grid access. The majority of mining operations take place in remote locations outside of cities or towns where there is no grid access, making mining one of the major consumers of electricity from generators. The participants in the mining industry prefer rental electricity to cover their daily energy needs because mining activities are short-lived and transient.
COVID-19 puts a brake to the market growth
Several commercial and industrial endeavours have been suspended as a result of the COVID-19 pandemic's quick spread of illness. Due to global lockdowns, travel restrictions, work-from-home policies, and the postponement of significant events, sales in the power rental market decreased between 2020 and 2021.
Nonetheless, because to the restoration of lockdowns, steadily expanding manufacturing, and other power-consuming industries, the industry is predicted to perform well in the following years.
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Leading power providers are quickly developing and releasing rental power equipment made for renewables as pressure to convert to renewable sources mounts. Players will be able to future-proof their products and increase their market share as a result of the development of such solutions. Some of the major power rental companies are APR Energy, Newburn Power Rental Ltd, FG Wilson, NIDS GROUP, Pump Power Rental, Sudhir Power Ltd., and other palyers.
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