August 24, 2022 08:12 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Power Rental Market.
From 2019 to 2028, the global market for power rentals is anticipated to expand at a 7.1% CAGR. From USD 7.66 billion in 2019, it is anticipated to exceed USD 14.2 billion by 2028.
When a need arises, power rental is the service of renting out machinery or systems that provide prime or backup power supply temporarily. The main products in question include, among others, electrical distribution systems, load banks, and generator sets. Strong infrastructure expansion as well as increasing consumer importance of power backup solutions and disaster preparedness are expected to drive market growth. The primary drivers propelling the market expansion are the increased need for uninterruptible power supply and the fast industrialisation occurring on a global scale. The need for rental generators has been sparked in the utility and industry sectors by the rise in unstable power supply caused by small-scale power grids and restricted access to the main transmission network.
It provides installed power equipment in power plants as well as a variety of scalable components. Additionally, it gives organisations the dependability, adaptability, speed, and cost-effectiveness they need to deal with momentary power outages. The purpose of the power rental services is to maintain the utility power networks while supplying additional energy to businesses and local communities. As a result, it has a wide range of applications in the building, mining, and oil & gas industries.
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Power Rental Market Regional Scope
By the end of 2032, the United States is anticipated to hold the largest market share, totaling US$ 5.7 Bn. Due to growing demand for power supply across key end-user industries like oil and gas, mining, manufacturing, construction, and related industries, as well as restricted access to the power supply in rural and remote areas of the nation and increasing power outages as a result of ageing infrastructure, the power rental market in the United States is booming.
According to estimates, Asia Pacific will own the greatest market share worth USD 2.20 billion in 2020. China currently commands a substantial market share in Asia Pacific when measured in terms of value. One of the important nations for mining is China. Additionally, it was stated that China accounted for more than 20% of the global mining market in 2018. The abundance of raw materials and low labour costs are the key drivers of China's manufacturing sector's noticeable growth. These factors are predicted to keep the demand for rental electricity high, and the Chinese market is forecast to dominate the global industry.
One of the areas where rental power solutions are emerging most quickly is the Middle East and Africa. The region's oil and natural gas industry is expanding steadily, as are construction activity. The region held a sizeable portion of the global market in 2018, primarily due to demand from the mining, construction, and oil & gas industries. The absence of an adequate grid infrastructure, the expansion of mining in Africa, and the high demand for rental power from off-grid oil and gas wells are some of the main factors propelling the market's expansion in the area.
Many businesses have developed integrated renewable and hybrid power rental solutions to help countries reduce their carbon footprint, which will enable them to meet their emission targets. For instance, Aggreko has introduced a product called Y-Cube that has a 1 MW maximum equivalent electrical power storage capacity. Atlas Copco similarly provides hybrid energy generation systems that may produce electricity using solar and diesel power and store the produced energy for the best possible resource use. Similar power rental solutions are offered by Bredenoord, a company based in Europe. These technologies utilise solar energy and store it in batteries for later use.
Whether they run on gas or diesel, generators are rented out for power. It offers a range of parts for use in power plants in addition to completely working power equipment. Additionally, it gives businesses the flexibility, quickness, and affordability they need to deal with power disruptions. Rental power services are designed to help stabilise utility power networks while also supplying more energy to businesses and local communities. It has numerous uses in the mining, building and construction, as well as the oil and gas industries.
The use of power leasing equipment is anticipated to increase in the case of a power outage, driving the growth of the worldwide power rental industry. Power leasing systems suit the needs of a wide range of sectors by supplying backup power to keep operations going during times of power outage. the mining, gas, and oil industries' need for a constant supply of power, as well as the expanding demand for electrification and rural power delivery. The ageing electrical infrastructure necessitates grid stabilisation.
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Power Rental Market Key Segments
Important countries in all regions are covered.
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