NOIDA, India , Sept. 12, 2022 /PRNewswire/ -- According to a new report published by UnivDatos Markets Insights the Power Rental Market is expected to grow at a CAGR of over 6% from 2021-2027. The analysis has been segmented into Application (Continuous Load, Standby Load, and Peak Load); Equipment (Generators, Transformers, Load Banks, and Others); Power Rating (Up to 50 kW, 51 kW – 500 kW, 501 kW – 2500 kW, and Above 2500 kW); Region/Country.
The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Power Rental Market in the Global context. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the Global Power Rental Market at the regional & country levels.
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The global power rental market is expected to witness a CAGR of around 7% during the forecast period (2021–2027).
Rising investments in power transmission and distribution networks coupled with the growing augmentation and modernization of transmission and distribution networks across the globe are expected to drive the market. Power rental refers to the facility of temporarily renting power equipment for supplying energy across industries. It delivers functioning power equipment along with various scalable components, which are installed in power stations. It also offers reliability, flexibility, speed, and cost-effectiveness to businesses for coping with brief shortages of power. The power rental services are aimed to stabilize utility power grids and provide additional energy to industries and support communities. Owing to this, it finds extensive application across the construction, mining, and oil & gas industries.
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Industry growth witnessed some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves across industries, including mining. Encouragingly, major miners have shown resilience during the pandemic through appropriate risk management to reduce infection risks that could have potentially jeopardized operations. Now, more than ever, mining companies are required to play a crucial role in protecting the health of employees and partners, support local economies, as well as become purpose-driven, adaptable, and resilient organizations.
The global Power Rental Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on application, the market is classified into continuous load, standby load, and peak load. Amongst them, in 2020, the continuous load category dominated the market. This is mainly due to the rising need for continuous power supply in remote locations such as mining, construction, oil & gas operations, ships, etc. where the access to grid supply is not present. Here, the equipment installed act as primary power equipment such as the use of generators as the primary power source. In addition, the rise in population and urbanization rate coupled with the increasing demand for electricity has resulted in the expansion of prime power generation capacity.
Based on equipment, the market is classified into generators, transformers, load banks, and others. Amongst them, the generators category is accounted for a significant market share in 2020. Robust infrastructure expansion, as well as the growing importance of power backup solutions and emergency preparedness among end-users, is expected to drive the category's growth. The generator category is further bifurcated into diesel, natural gas, and other fuel types. Diesel-fueled units are set to witness a steady deployment rate driven by their ability to provide weather-independent, scalable, and flexible operations. These systems offer round-the-clock power availability and low up-front costs which is further expected to support the generator category's growth. However, stringent emission control norms may hamper the sales of these systems during the forecast period.
Based on power rating, the market is categorized into Up to 50 kW, 51 kW – 500 kW, 501 kW – 2500 kW, and Above 2500 kW. During the forecast period, the 501–2,000 KW category is expected to witness significant growth in the global power rental market owing to its greater applicability driven by increasing demand for backup power in commercial spaces such as hotels, telecom towers, and educational institutions Furthermore, the rising population and rapid urbanization have increased the demand for a consistent supply of electricity. Demand for power rental systems will be driven by the lack of additional infrastructure requirements and lower setup costs, as well as the growing urgency to maintain continuous business operations.
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Power Rental Market Geographical Segmentation Includes:
North America (United States , Canada , and Rest of North America )
Europe (Germany , United Kingdom , Italy , France , Spain , and the Rest of Europe )
Asia-Pacific (China , India , Australia , Japan , and the Rest of Asia-Pacific )
For a better understanding of the market adoption of the power rental industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada , Rest of North America ); Europe (Germany , U.K., France , Italy , Spain , and the Rest of Europe ); Asia-Pacific (China , Japan , India , Australia , Rest of Asia-Pacific ); and the Rest of World. Asia Pacific holds the extensive market share predominantly because the region is witnessing some of the largest T&D expansions due to rapidly increasing demand in countries such as India and China . Furthermore, the demand for power rental systems is increasing in the region due to their cost-effectiveness as they require low installation costs and negligible maintenance, as well as provide an uninterrupted and reliable power supply.
The major players targeting the market include
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating in the global context. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Power Rental Market. The major players have been analyzed using different research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
What are the latest trends, new patterns, and advancements in the Power Rental Market?
Which factors are influencing the Power Rental Market over the forecast period?
What are the challenges, threats, and risks in the Power Rental Market?
Which factors are propelling and restraining the Power Rental Market?
What are the demanding regions of the Power Rental Market globally?
What will be the market size in the upcoming years?
What are the crucial market acquisition strategies and policies applied by the companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature. Please let us know If you have any custom needs.
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About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
Contact UnivDatos Market Insights Ankita Gupta Director Operations Ph: +91-7838604911 Email: Ankita.gupta@univdatos.com Website: https://univdatos.com/
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