Westford, USA, Dec. 01, 2022 (GLOBE NEWSWIRE) -- In recent years, the demand for power rental market has been growing steadily. This is due to a number of factors, including the increasing cost of electricity, the need for backup power during outages, and the growing popularity of renewable energy. Power rental provides a flexible and cost-effective solution for businesses and individuals who need additional power. There are a number of companies that offer power rental services, and the prices vary depending on the size of the unit and the length of time it is rented for.
SkyQuest's analysis of the power rental market shows that the market is growing at a steady pace of 4.6%. The main drivers of this growth are the increasing demand for electricity in emerging markets and the need for backup power during periods of high demand. However, the global market is highly fragmented, with a large number of small players. The top 10 companies account for less than 35% of the total market share. The most prominent companies in the market are Aggreko, United Rentals, and Herc Rentals.
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The majority of power rentals are used for temporary applications, such as construction projects, special events, mining, and disaster relief. However, there is a growing trend in the global power rental market towards the use of rental power for more permanent applications, such as base load power generation and ancillary services. Our analysis shows that the Middle East and Africa are the fastest-growing regions for power rentals, with a CAGR of 7.8%. This is due to the increasing demand for electricity in these regions, as well as the need for backup power during periods of high demand.
Glance at Global Power Rental Market
The report provides an in-depth analysis of by end-user, application, and region. Based on end-user, the construction sector is expected to be the largest contributor to the market growth due to the increasing demand for electricity during construction activities. In terms of application, the commercial sector is projected to be the fastest-growing segment as businesses are increasingly opting for portable generators to ensure uninterrupted power supply.
In terms of geography, North America is anticipated to be the largest contributor to the global power rental market due to the presence of well-developed temporary power infrastructure and significant demand from end-users such as construction, oil & gas, and events & entertainment. Asia Pacific is expected to grow at a CAGR of over 6% during the forecast period owing to the increasing investments in infrastructural development and growing demand from end-users such as healthcare and IT & telecom.
As the global power sector undergoes a transformation, the power rental market is also evolving. This is driven by a growing demand for cleaner and more efficient energy solutions, as well as stricter environmental regulations. In addition, the rise of digital technologies is changing the way power is generated, distributed, and consumed. This is creating new opportunities for power rental providers to develop innovative solutions that can help their customers meet their energy needs in a more efficient and sustainable way. The report includes an overview of the power rental market landscape, including a detailed analysis of the competitive landscape. It also identifies the key customer segments and explores the key trends shaping the market.
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Power Rental Market is in State of Flux
The power rental industry is in a state of flux. There are a number of factors that are affecting the growth, including the rise in renewable energy, the retirement of coal-fired power plants, and the changing economics of natural gas. For instance, in the last few years, the US has shut down over 376 coal power plants. On the other hand, renewable power now accounts for around 30% of the global demand. In fact, in the last two years, the global capacity of solar power generation has doubled and it has surpassed 1 TW in early 2022.
SkyQuest's analysis shows that the power rental market is being forced to adapt to these changes. The traditional business model of renting out generators to utilities is no longer as profitable as it once was. Instead, we believe that the future of the market lies in providing services to customers who are interested in generating their own electricity. Our research shows that there is a growing market for power rental services that can help customers lower their energy costs. In particular, there is a demand for services that can help customers manage their demand charges. Demand charges are a type of fee that utilities charge customers based on their peak electricity usage. The research shows that demand charges can account for a significant portion of a customer's electricity bill, and that many customers are not aware of how these charges work.
As such, SkyQuest believes that there is a significant opportunity for companies in the power rental market to provide services that can help customers reduce their demand charges. In doing so, the power rental can remain relevant and profitable in the face of change. As a result, power rental companies often offer short-term contracts, which can be beneficial for businesses that are seeking to test out new energy-saving technologies or are working on projects with uncertain energy requirements. Power rental companies can also provide support during power outages or when demand for power spikes.
Shift to Gas and Petrol Based Power Generators is Visible in Power Rental Market
According to SkyQuest study, the focus of the power rental industry is shifting from diesel to gas and petrol. This is evident in the increased demand for gas-powered generators and the declining demand for diesel-powered generators. The study found that the number of gas-powered generators rented in North America increased by 9% in 2021, while the number of diesel-powered generators rented declined by 4%. This trend is expected to continue, with gas-powered generator rentals growing at a compound annual growth rate (CAGR) of 6% through 2021, and diesel-powered generator rentals declining at a CAGR of 2%.
There are several reasons for this shift. First, natural gas is becoming increasingly abundant and relatively cheap, thanks to the shale gas boom. Second, gas-fired power plants are less expensive to build than coal-fired or nuclear power plants. And third, gas-fired power plants emit less carbon dioxide than coal-fired plants, making them more attractive from a environmental perspective. This shift away from diesel and toward gas is having a major impact on the power rental market. Gas generator manufacturers are seeing increased demand for their products, while diesel generator manufacturers are seeing a struggle in the demand. This is likely to lead to consolidation in the industry, with some companies exiting the market altogether in the next decade.
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Major Players in Global Power Rental Market
- Aggreko Plc (UK)
- Ashtead group Plc (UK)
- United rentals Inc (US)
- Atlas copco (Sweden)
- Caterpillar Inc (US)
- Cumminc Inc (US)
- HERC Rentals (US)
- Generac holding Inc (US)
- Wartsila (Finland)
- Kohler Co (US)
- Bredenoord (Netherlands)
- Multiquip Inc (US)
- J&J Equipment rental & sales (US)
- One source rental (US)
- DIR Rentals (US)
- APR Energy (US)
- Alfaris group (Dubai)
- Shenton group (UK)
- Propower rental (US)
- Yanmar (Osaka)
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