(MENAFN- America News Hour) The report predicts the global Power Rental Market to grow at a healthy CAGR over the forecast period from 2023-2033.
“The power rental market is projected to grow at a CAGR of 8.49%, from 2023 to 2033”
The power rental market is projected to reach USD 20.64 billion by 2033, at a CAGR of 8.49%, from 2023 to 2033. Power rental solutions are required by end-users, such as the utilities, oil & gas, manufacturing, and events sectors, that do not have access to permanent or sufficient grid power to managing peak loads and ensure smooth functioning. Moreover, these solutions can be deployed with a lower turnaround time and are less capital-intensive, which is expected to boost the demand for power rental solutions. The lack of power infrastructure and an increase in power demand would further drive the demand for power rental solutions. The power rental market is driven by the increasing power demand, lack of power infrastructure, and lesser turnaround time. However, there are various challenges faced by the market such as stringent emission regulations and a focus on renewable energy.
“The events end-user segment is expected to grow at the highest CAGR, from 2023 to 2033”
The events segment is expected to be the fastest growing power rental market, by end-user, from 2023 to 2033. Events are defined as planned public or social occasions and can be classified as musical, sports, and other entertainment activities. In this study, sporting events have also been considered as part of the market. The sports market recorded an expenditure of USD 145 billion in 2015 and is expected to grow at a CAGR of 4% (approximately) over the next five years. At events, there is a need to fast-track power to maintain a continuous supply of electricity resulting in the high demand for power rental solutions and providing a boost to the power rental market. The events power rental markets in Europe and North America are expected to have larger shares in comparison to the markets in other regions.
“The 1,501 kW–2,000 kW power rating segment is expected to be the largest market”
The 1,501 kW–2,000 kW segment is expected to be the largest power rental market, by power rating. Generators in the 501 kW–2,500 kW power rating category are used in the mining, oil & gas, manufacturing, shipping, and utility sectors. These generators can be used to provide standby power as well as power during peak shaving.
“The European market is expected to grow at the highest CAGR, from 2023 to 2033
The European market is expected to grow at the highest CAGR, from 2023 to 2033. The increasing power consumption and aging power plants in Europe are driving the power rental market in the region. Furthermore, a majority of the nuclear power plants in Europe are over 40 years old, thus, increasing the risks of power outages and further driving the demand for power rental solutions.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
By Company Type: Tier 1- 62%, Tier2- 23%, Tier 3- 15% By Designation: D-Level- 40%, C-Level- 35%, Engineer Level- 25% By Region: Asia-Pacific- 35%, Middle East-20%, North America-15%, Europe-12%, Africa-10%, South America- 8%
The tier of the companies has been defined on the basis of their total revenue, as of 2016: Tier 1 = USD 10 billion, Tier 2 = From USD 1 billion to USD 10 billion, and Tier 3 = < USD 1 billion
Source: Industry Experts and MarketsandMarkets Analysis
The leading players in the power rental market include Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Cummins, Inc. (U.S.), United Rentals, Inc. (U.S.), and APR Energy, PLC (U.S.).
From an insight perspective, this research report has focused on various levels of analysis, namely industry analysis (industry trends), market share analysis of the top players, supply chain analysis, and company profiles, which together comprise and evaluate the basic views on the competitive landscape, emerging and high-growth segments of the power rental market, high-growth regions, and market drivers, restraints, and opportunities.
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The report provides insights on the following pointers:
Market Penetration: Comprehensive information on products and integrated solutions and services offered by the top players in the global power rental market Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the power rental market Market Development: Comprehensive information about lucrative emerging markets-the report analyzes the markets for power rental across regions Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global power rental market Competitive Assessment: In-depth vendor DIVE analysis of all the strategies, products, and manufacturing capabilities of the leading players in the global power rental market
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