The Power Rental Market incomes were assessed at US$ 9.1 Bn in 2021 and is expected to develop at a CAGR of 6% from 2022-2032, as per an as of late distributed Future Market Insights report. Toward the finish of 2032, the market is supposed to arrive at a valuation of US$ 9.7 Bn.
Because of the need for constant energy utilization and pinnacle and persistent power prerequisites, generators have turned into a fundamental component of modern and homegrown hardware. Developing urbanization and rising foundation costs are probably going to drive up the size of the generator deals industry.
Solid monetary turn of events, alongside crueler winters and hotter summers, raised worldwide power utilization by over 6% in 2021, the most elevated increment since the recuperation from the monetary emergency in 2010.
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Regular calamities, transmission line disappointment, dissemination line disappointment, and hardware worry at power delivering offices or substations all through the world have expanded the quantity of days with power blackouts as of late. This is supposed to help the worldwide generator rental business. Renting generators is an ordinary strategy to gain power from transmission and circulation lines.
Attributable to the power blackouts that happen frequently in rustic parts across the world, fabricating endeavors in these areas depend generally on rental power administrations, like rental generators. This lifts the generator rental industry. Power changes may genuinely harm electrical hardware. The people who utilize the hardware or gadget may likewise be hurt.
Key Takeaways from the Market Study
- Global Power Rental Market is expected to reach a market size of US$ 9.7 Bn by 2022.
- The Diesel segment, is expected to have the highest CAGR rate of 5.8% during the forecast period.
- United States to remain the most dominant market with absolute dollar growth opportunity of US$ 2.3 Bn during 2022 – 2032.
- The market United States is set to experience the highest CAGR of 5.3% during the 2022-2032 forecast period.
“During the projected period, the new product launches in the Power Sector and rise in the industrial activities will benefit the Power Rental industry trends in the coming years.” comments a Future Market Insights analyst.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Power Rental Market are focused on R&D to produce innovative technological solutions.
- In October 2021, the SD 20 commercial diesel generator set has been introduced by Cummins Inc. Disaster relief, mobile medical, mobile command centers, ambulances, food trucks, utility boom trucks, and many more applications are possible with the SD 20 trailer and vehicle. The new SD 20 is serviceable and long-lasting, with right-hand servicing access and a 400-hour minimum replacement interval.
- In June 2021, Aggreko is increasing its expenditures on hydrogen technologies. This move is part of the company’s Net Zero strategy and will increase its ability to provide emission-free temporary electricity everywhere. Throughout H2 / 2021, Aggreko will have ten 50 kVA hydrogen combustion gensets available for commercial installation in Europe. Additionally, a fuel cell will be combined with battery storage to make a 45 kVA hybrid system.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Power Rental Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Power Rental Market across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Market Segments Covered in Power Rental Market Analysis
By Equipment :
- Generators
- Load Banks
- Transformers
- Others
By Rental Type:
- Retail Rental
- Project Rental
By Fuel Type:
- Diesel
- Natural Gas
- Others (Dual Fuel, Hybrid, and HFO)
By Application:
- Peak Shaving
- Standby Power
- Base Load/ Continuous Load
By Power rating:
- Up to 50 kw
- 51 –500 KW
- 501–2500 KW
- Above 2500 KW
By End-User:
- Utilities
- Oil & gas
- Events
- Construction
- Mining
- Manufacturing
- Telecom & Datacentre
- Others (Shipping, Hospitals, and Military)
By Region:
- North America Power Rental Market
- Europe Power Rental Market
- Asia Pacific Power Rental Market
- Middle East and Africa Power Rental Market
- Latin America Power Rental Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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