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The global power rental market size is projected to reach USD 16.70 billion by 2028 owing to the increasing adoption of gas generators worldwide, shares Fortune Business Insights™ in its report, titled “Power Rental Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA and Above 750 kVA), By Fuel Type (Diesel, Gas, and Others), By Application (Continuous Load, Standby Load, and Peak Load), By End-user (Mining, Construction, Utility, Events, Manufacturing, Oil & Gas, and Others) and Regional Forecast, 2021-2028”. According to the report, the estimated value of the global market was USD 8.85 billion in 2020 and the market is expected to grow at a CAGR of 7.9% from 2021 to 2028.
The COVID-19 pandemic outbreak has impeded the power rental market growth as the unprecedented downturn in the global economy has stymied industrial operations and businesses. With the imposition of strict lockdowns, social distancing measures, and travel bans to contain the coronavirus, the demand for power has tanked globally. As a result, this market’s growth dipped by -12.9% in 2020 and it reached a value of USD 9.78 billion in 2021.
Caterpillar Releases Diesel Generator for Stationary Standby Purposes
In September 2020, Caterpillar unveiled a 1,100 kVA diesel generator system to support stationary standby power operations. Manufactured in India, the Cat® DE1100 GC serves 50 Hz stationary applications and complies with load acceptance requirements and the ISO 8528-5 G3 transient response. The gen-set is also equipped with a dynamic control panel that facilitates efficient operation while delivering comprehensive information about engine output and power. Developed for the Middle East, Asia Pacific, and Africa markets, the DE1100 comes with Caterpillar’s much-renowned 2-year warranty for backup power solutions.
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Heightening Power Consumption Worldwide to Stoke Market Growth
Growing populations and speedy economic development, particularly in Asia and Africa, are the two main factors underpinning the soaring demand for power and electricity worldwide. According to the US Energy Information Administration (EIA), between 2018 and 2050, total world energy consumption will grow by 50%, led by non-OECD (the Organization for Economic Cooperation and Development) countries. Furthermore, the International Energy Agency (IEA) revealed that gross electricity generation globally was 3.9% higher in 2018 than in 2017. Power rental solutions will play an instrumental role in meeting the surging demand for electricity worldwide as power on hire is a much cheaper and efficient alternative to purchasing power equipment. Furthermore, as the world gets increasingly digitized, the demand for power and energy will spiral at an even more accelerated pace over the next decade, creating a widespread need for robust standby power solutions.
Diversification of Operations across Geographies to Feed Key Players’ Competitive Fervor
Key power rental companies are expanding their market footprint by diversifying their operations across geographies. Their aim is to establish a strong presence in new and emerging power markets and cater to the peak shaving of these bustling economies. Besides this, leading players are also engaged in the development of next-generation power management technologies, engineered for renewables and other clean energy sources.
Industry Development
List of Key Players Profiled in this Market Report
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2017-2028 |
Base Year | 2020 |
Forecast Period | 2021-2028 |
Historical Period | 2017-2019 |
Unit | Value (USD Billion) |
Segmentation | By Power Rating; By Fuel Type; By Application; By End-user; and By Region |
By Power Rating |
|
By Fuel Type |
|
By Application |
|
By End-user |
|
By Region | By Region
|