Pune,India, April 20, 2022 (GLOBE NEWSWIRE) -- Power Rental Systems Market is anticipated to grow at a steady growth rate over the forecast period, owing to the huge consumption of electricity for industrial and commercial applications. Supply-demand gap in the power market has led to the demand for power rental systems. Power rental systems are the back-up systems that provides a number of industrial and commercial applications with a power supply during the times of power suspension to keep processes running. These systems provides lucrative properties including adaptability, high speed, dependability, and cost-efficiency to businesses.
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Key Insights & Findings:
- The government & utilities segment led the power rental systems market and valued at USD 2.57 Billion in 2020. The usage of power rental systems is are rapidly being adopted in government and utilities sector as it helps these industries to distribute power loads between non-peak and peak hours; hence, reducing the electrical power cost significantly.
- The continuous power segment accounted for the largest market share and valued at USD 3.90 Billion in 2020. Growth of this segment is mainly driven by rapidly growing adoption of power rental systems in construction, oil & gas, and mining sectors. The aforementioned sectors usually needs a continuous electricity supply as they are distant from the power grid areas.
- The regions analyzed for the market include North America, Europe, South America, Asia Pacific, and Middle East and Africa. The Asia-Pacific region emerged as the largest market for the power rental systems market and valued at USD 3.63 Billion in 2020. Growing electricity consumption in emerging countries such as China and India along with the emerging industrial applications of the power rental systems boosts Asia-Pacific market. Middle East and Africa region is anticipated to grow at prominent CAGR over the forecast period. Growth of this region is mainly driven by collective demand for power rental units in the construction, oil & gas, and industrial sectors among the countries, including Qatar, Iraq, Saudi Arabia, and UAE.
Key players operating in the global power rental systems market Atlas Copco AB, Aggreko, Caterpillar, United Rentals, Cummins, Inc., Generac Power Systems, Inc., Kohler Co., Wacker Neuson SE., Ashtead Group plc., and HERC Rentals Inc. among others. To enhance their market share in the global power rental systems market, the key vendors are now focusing on adopting the prominent strategies such as recent developments, product innovation, mergers & acquisitions, joint venture, collaborations, and partnership.
- For instance, in August 2020, Cumulus announced a partnership agreement with United Rentals, Inc., one of the leading equipment rental companies, with locations throughout the U.S. and Canada. Through this agreement, Cumulus is designated as United Rentals’ strategic supplier for flange management software.
- In March 2018, Caterpillar, one of the leading market players launched a National Accounts VIP Rental Program to meet the momentary power needs of larger businesses that are operating in different regions by providing customized services and resources quickly and conveniently.
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Global Power Rental Systems Market by End-user:
- Government & utilities
- Oil & gas
- Construction
- Industrial
- Event Management
- Others
Global Power Rental Systems Market by Application:
- Peak Shaving
- Continuous Power
- Standby Power
Global Power Rental Systems Market by Region:
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia
- Asia-Pacific
- Japan
- China
- India
- Korea
- Southeast Asia
- South America
- Brazil
- Peru
- Middle East and Africa
- UAE
- South Africa
- Saudi Arabia
About the report:
This research report gives detailed data about the major factors influencing the growth of the power rental systems market at the national and local level forecast of the market size, in terms of value, market share by region, and segment; regional market positions; segment and country opportunities for growth; Key company profiles, SWOT, product portfolio and growth strategies. It studies the market essential sides such as top participants, expansion strategies, business models, and other market features to improve market insight.
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