SAN ANTONIO, May 19, 2022 (GLOBE NEWSWIRE) -- A new analysis by Verify Markets shows the European Power Rental Market was valued over $1.6 billion USD in 2021 and is expected to grow at a compound annual growth rate (CAGR) of over 4.0 percent from 2021 to 2028, reaching revenues over $2.0 billion USD by 2028. The European Power Rental Market is highly fragmented with the presence of several local and global market participants. The highly competitive and volatile nature of the power rental market has resulted in numerous acquisitions over the years. The COVID–19 pandemic and energy transition have further escalated the market volatility and competition.
The United Kingdom (U.K.) emerged as the leading power rental market in Europe in 2021 and will continue to lead the market until 2028. The demand for power rental generators in the U.K is driven by the rising incidences of power outages, compelling industries to depend on generator backup. The power rental market in Benelux is expected to become the second largest power rental market in Western Europe by 2028, closely followed by Germany and France.
The COVID-19 outbreak has had a negative impact on revenues for power rental companies in 2020 and 2021. COVID–19 lockdowns in 2020 and 2021 have resulted in a Europe-wide economic slump and supply chain disruptions across various sectors, including construction, oil and gas, events, and other industries. The 15 European countries that are covered by the European Rental Association (“ERA”) have seen their market size shrink by over 10.0 percent in 2020. Additionally, travel restrictions have resulted in labor shortages in many European countries. Most companies have been affected by lower demand and supply chain constraints. However, some companies have offset their losses by catering to the demand from data centres, healthcare facilities, and weather-related emergencies. Major sports games and events drive long-term demand for power rental to help meet the temporary power demand. Rental power for data centres have shown significant growth momentum in recent years and is likely to have most promising growth prospects during the forecast period.
The European power rental market is evolving towards telematics, remote monitoring, and decarbonization. Power rental customers in Europe are demanding cleaner electricity. Consequently, market players are devising and offering renewable solutions involving solar and wind to fulfill temporary power requirements. Companies differentiate as one-stop-shop for customers. In order to gain market share, companies must provide a balance of efficient, eco-friendly, and cost effective generators.
Factors such as surging fuel prices, increasing power rental equipment prices, price competitiveness from localized and regional players, shrinking profit margin, global supply constraints, shortage of skilled labor, and increasing use of alternative technologies (such as batteries) are likely to negatively impact the power rental growth. Diesel generators have been steadily losing ground to renewable technologies and hybrid solutions. However, diesel generators will remain the foundation of the power rental market.
The fluctuating trends in oil prices are likely to affect the production, investment, and financial decisions of petrochemical and downstream companies, which constitute important end users of power rental market.
The European Power Rental Market report has been segmented by fuel, application, power output, and end user. Some of the key companies covered in the report include Aggreko plc., the Caterpillar dealership network, Loxam Group, Boels Rentals, Atlas Copco, Generator Power Ltd, and Speedy Hire Plc. This report provides an in-depth analysis of the overall European Power Rental Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecast, market trends, and competitive landscape.
A copy of the European Power Rental Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets. This report is part of Verify Markets’ Rental Equipment & Power Solutions Subscription market research and consulting practice. Other market reports include:
- North American Generator Set Market
- North American Temporary Heating Equipment Market
- North American Temporary Fencing Market
- North American Electrical Distribution Equipment Rental Market
- North American Power Rental Market
- North American Air Compressor Rental Market
- US Utility-Scale Energy Storage Market
- North American Temporary Cooling Market
- North American Ground Protection Rental Market
- North American Pump Rental Market
- North American Aerial Equipment Rental Market
- Latin American Generator Set Market
- UPS Rental Market: North America
- North American Steam Boiler Rental Market
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- Global Power Rental Market
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