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Home Editor's Pick Market Research

Power Rental Market to Reach $17.8 Bn, Globally, by 2030

Urja Daily by Urja Daily
October 12, 2021
in Market Research
Reading Time: 3 mins read
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Power Rental
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PORTLAND – Allied Market Research published a report, titled, “Power Rental Market by Fuel Type (Diesel, Natural Gas, and Others), Power Rating (Up to 50 KW, 51 to 500 KW, 501 to 2,500 KW, and Above 2,500 KW), Application (Peak Shaving, Standby Power, and Continuous Power), and End-Use Industry (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Telecom & Data Centers, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global power rental industry generated $9.5 billion in 2020, and is expected to reach $17.8 billion by 2030, witnessing a CAGR of 6.6% from 2021 to 2030.

Drivers, restraints, and opportunities

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Increase in demand for continuous power supply from mining and oil & gas industries and need for electrification and continuous power supply in developing countries drive the growth of the global power rental market. However, strict regulations regarding emission reduction in fossil fuel-powered equipment hinder the market growth. On the other hand, advent of digital technology solutions for operations enhancement presents new opportunities in the coming years

  • Owing to lockdown measures implemented in various countries, commercial and industrial activities were halted. This led to reduced demand for power rental systems, impacting the overall market revenue. The demand reduced from various end-use industries such as oil & gas, mining, construction, and manufacturing.
  • In addition, lack of a sufficient workforce due to economic uncertainty and migration to hometowns, the daily operations in end-use industries were affected. According to the statistics by UNIDO, nearly 30.0–70.0% of the pre-COVID-19 workforce has been migrated. This factor impacted the demand for power rental systems.
  • Disrupted supply chain and partial operations in end-use industries affected the demand for power rental systems. However, the demand would recover during the post-lockdown as daily operations begin with full capacity in end-use industries.

The diesel segment to maintain its lead position during the forecast period

Based on fuel type, the diesel segment contributed to the largest share in 2020, holding more than four-fifths of the global power rental market, and is expected to maintain its lead position during the forecast period. This is attributed to increase in demand for diesel-fueled generators with its ability to provide weather-independent, scalable, and flexible operations. However, the natural gas segment is expected to portray the highest CAGR of 7.3% from 2021 to 2030. This is due to the focus on electricity generation with the availability of cleaner sources and the rise in environmental concerns.

The utility segment to continue its leadership status in terms of revenue during the forecast period

Based on end-use industry, the utilities segment accounted for the highest share in 2020, contributing to more than one-fifth of the global power rental market, and is projected to continue its leadership status in terms of revenue during the forecast period. This is due to increase in demand for power rental solutions from power generation utility to stabilize the grid that has been destabilized from fluctuations in the power levels within a short duration. However, the oil & gas segment is expected to continue the fastest CAGR of 7.7% from 2021 to 2030, owing to rise in demand for power rental solutions from oil & gas companies with the requirement for a constant supply of electricity as they are installed far-off from the power grid areas.

Asia-Pacific, followed by North America, to maintain its dominant share by 2030

Based on region, Asia-Pacific, followed by North America, held the largest market share in 2020, accounting for more than one-third of the global power rental market, and is projected to maintain its dominant share by 2030. This is due to rapid expansion of commercial spaces comprising malls, hotels, and retail stores that led to increased demand for stable power supply. However, LAMEA is estimated to register the largest CAGR of 7.7% during the forecast period, owing to frequent power outages and lack of availability of adequate grid infrastructure.

Leading Market Players

  • Atlas Copco AB
  • Caterpillar
  • United Rentals
  • Cummins, Inc.
  • Aggreko
  • Generac Power Systems, Inc.
  • Kohler Co.
  • Ashtead Group plc.
  • HERC Rentals Inc.
  • Wacker Neuson SE

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world’s largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Tags: Allied Market ResearchDieselNatural GaspowerPower Rental
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