Pune, India, April 20, 2022 (GLOBE NEWSWIRE) -- The global power rental market is projected to surpass around USD 16.70 Billion by 2028, and is expanding growth at a CAGR of 7.9% from 2021 to 2028. The power rental market was worth USD 8.85 billion in 2020. Increasing investments in renewables will create incredible opportunities for rental power providers, predicts Fortune Business Insights™ in its report, titled Global Power Rental Market Report, 2021-2028.
The transition towards renewable energy sources is gathering pace across the world, as countries are aggressively weaning themselves off of fossil fuels, primarily coal, to meet their energy needs. As a result, investments in renewable technologies have steadily grown over the past few years. According to the International Renewable Energy Agency (IRENA), solar PV attracted 46% of the total renewable energy investments, while onshore wind pulled 29% of the global renewable investments between 2013 and 2018.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 7.9% |
| 2028 Value Projection | USD 16.70 billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 8.85 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 250 |
| Segments covered | Power Rating, Fuel Type, Application, End-user and Region |
| Growth Drivers | Shrinking Demand for Power amid the COVID-19 Crisis to Stall Market Growth |
| Rising Need for Electrification and Continuous Power Supply Worldwide to Boost Market Growth |
The IRENA’s latest report also states that the public investment in renewables stood at USD 21 billion in 2018. While renewables can sufficiently meet the world’s demand for clean energy, an inherent drawback in renewables is that they are intermittent. Since energy storage technologies are still in nascent stages of development, complete dependence on renewables is not yet feasible. Therefore, backup power solutions are necessary for uninterrupted power supply to households and industries. Power rental equipment and services can fill this gap as they are easy to access, are cost-effective, and require minimal maintenance.
Shrinking Demand for Power amid the COVID-19 Crisis to Stall Market Growth
The power rental market growth rate declined by 12.9% in 2020, reaching USD 9.78 billion in value in 2021 on account of the tanking demand for energy amid the COVID-19 pandemic. For example, towards the end of March in 2020, power consumption in India fell sharply by 26%, according to the data released by the Power System Operation Corporation, as the Indian government announced a strict countrywide lockdown. The International Energy Agency (IEA) also reported a steep 2.5% drop in the global electricity demand in the first quarter of 2020, driven mainly by tumbling economic activities worldwide. With the second wave of the coronavirus sweeping the globe in 2021, economic activities are likely to remain restricted, further diminishing the demand for electricity and contract the adoption of power rental solutions.
Market Segmentation:
Power Rental Market is segmented by Power Rating, Fuel Type, Application, End User, And Region
- On the basis of power rating, this market’s segments include below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA.
- Based on fuel type, the market has been trifurcated into diesel, gas, and others. Here, the diesel segment commanded the market with a share of 81.1% in 2020.
- In terms of application, the market is segregated into continuous load, standby load, and peak load.
- By end-user, this market has been classified into mining, construction, utility, events, manufacturing, oil & gas, and others.
- Geographically, the market has been analyzed across North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America.
Regional Insights:
Asia Pacific to Hold Dominant Market Share; the MEA to Create Lucrative Opportunities
At USD 2.20 billion, Asia Pacific dominated the power rental market share in 2020 and is expected to hold on to its unassailable lead during the forecast period. The premiere reason for the region’s enviable lead in the global market is China’s robust mining and manufacturing sectors, making the country a significant stakeholder in the global mining industry and a frontrunner in the international manufacturing arena. In addition, the soaring demand for electricity in India will be another key factor propelling the regional market till 2028.
The presence of a strong oil & gas industry is anticipated to generate enormously profitable growth opportunities for power rental companies across the Middle East & Africa (MEA). Moreover, the absence of stable grid infrastructure is also foreseen to fuel the need for standby power systems in the region.
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What Does the Report Offer?
The report offers an in-depth impact analysis of the COVID-19 outbreak on this market and incorporates a comprehensive understanding of the market drivers and opportunities. Furthermore, a detailed study of all the market segments is also contained in the report, along with a careful examination of the regional prospects and competitive landscape shaping market growth.
Competitive Landscape:
Investments in Renewable Power Rental Solutions by Key Players to Intensify Competition
With the pressure to switch to renewable sources mounting, leading power companies are rapidly developing and launching rental power equipment designed for renewables. The development of such solutions will enable players to future-proof their products and tighten their hold on the market.
Industry Development
October 2020: Aggreko announced the availability of its 1 MW solar power rental solution, optimized to serve weak or off-grid applications. Requiring no long-term financial commitments, Aggreko Solar Power can be availed on a short-term rental basis, sans any CAPEX.
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List of Key Companies Profiled in the Market Report:
- APR Energy
- FG Wilson
- Newburn Power Rental Ltd
- Sudhir Power Ltd.
- Pump Power Rental
- NIDS GROUP
- Kohler-SDMO
- Aggreko
- Caterpillar Inc.
- ProPower Rental
- Modern Hiring Service
- Global Power Supply
- United Rentals
- Jassim Transport & Stevedoring Co. K.S.C.C.
- Shenton Group
- Atlas Copco
- Cummins Inc.
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Power Rental Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
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