Power Rental Market - Global Industry Analysis

Power Rental Market- By Power Rating (Below 75kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA), By Fuel Type (Diesel, Gas, and Others), By End-User (Mining, Utility, Construction, Manufacturing, and Oil & Gas), And By Application (Continuous Load, Peak Load, and Standby Load): Global Industry Perspective, Comprehensive Analysis, Size, Share, Growth, Segment, Trends And Forecast, 2022 – 2028

Published Date: 14-Apr-2022 Category: Energy & Mining Report Format : PDF Pages: 166 Report Code: ZMR-44 Status : Published

The global Power Rental Market accrued earnings worth approximately 9.79 (USD Billion) in 2021 and is predicted to gain revenue of about 16.71 (USD Billion) by 2028, is set to record a CAGR of nearly 7.8% over the period from 2022 to 2028.

Description

The global Power Rental Market accrued earnings worth approximately 9.79 (USD Billion) in 2021 and is predicted to gain revenue of about 16.71 (USD Billion) by 2028, is set to record a CAGR of nearly 7.8% over the period from 2022 to 2028. The study provides assessment and analysis of the Power Rental Market on a global & regional level. It offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2018 to 2021 along with a forecast from 2022 to 2028 based on revenue (USD Billion).

Power Rental Market: Outlook

Power rental, which is also referred to as providing power on hire, has massive benefits in comparison to power equipment purchase. Power generators on lease prove beneficial over purchased ones as former provide susceptibility in requirement of power ratings along with carrying low maintenance & deployment charges. Apart from this, power rental can be easily availed within a short notice and have low initial costs. Energy producing firms prefer getting power generators on lease due to lack of access to strong grid infrastructure, temporary power needs, and high cost on maintaining current power supply equipment.

Reportedly, power on rent is preferred by firms established in regions either having poor power grid infrastructure facility or whose grid infrastructure is in phase of development. For instance, Asian and Latin American countries prefer power rental. Additionally, mining sector is largest consumer of power rental. Power rental is preferred due to constant outage as a result of load shedding and need of extra power due to heavy power load.

Power Rental Market: Growth Drivers

Humungous requirement for electrification and incessant supply of electricity will boost global market trends. Apart from this, unexpected power failures and load shedding has resulted in massive need of power, thereby widening scope of power rental business. In addition to this, mining sector requires high power rating generator for carrying out digging operations and hence miners prefer power rental for fulfilling their daily but temporary electricity demand. Furthermore, power grid issues, natural disasters, and sudden failure of power producing device will pave a way for rise in use of power rentals. These abovementioned factors will contribute remarkably towards earnings of power rental industry.

Moreover, massive need for reliable power backup in industrial and commercial sectors will enhance use of power rental systems, thereby catalyzing market growth. Nonetheless, strict environmental legislations pertaining to GHG emissions & noise control can restrict expansion of power rental market.

Report Scope:

Report Attribute Details
Base Year 2020
Historic Years 2016 - 2020
Forecast Years 2021 - 2028
Segments Covered By Product Type, By Application, and By End Use
Forecast Units Value (USD Billion), and Volume (Units)
Quantitative Units Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
Countries Covered U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Number of Companies Covered 10 companies with scope for including additional 15 companies upon request
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
Customization Scope Avail customized purchase options to meet your exact research needs.

 Power Rental Market: Regional Growth Dynamics

The Middle East and African Market To Register Fastest Growth Over Forecasting Timeline

Growth of power rental market in the Middle East and Africa over forecasting years can be attributed to a massive surge in ongoing construction ventures in countries such as UAE and Saudi Arabia. Furthermore, thriving oil & gas sector in region is projected to create new growth avenues for power rental industry in the Middle East and Africa. Low access to power grid and rise in mining activities in African regions has resulted in huge demand for power rental in sub-continent. Huge need of power for oil & gas explorations from reservoirs has culminated into massive use of power rental in Africa, thereby driving regional market trends.

Power Rental Market: Competitive Insights

Some of the giant players have established their supremacy in power rental business and are predicted to try to retain their market domination by implementing innovative business strategies. These players include Atlas Copco, United Rentals, Inc., Shenton Group, Cummins Inc., ProPower Rental, APR Energy Limited, Kohler-SDMO, Caterpillar Inc., Power Electrics, NIDS GROUP, and Speedy Hire plc.

The global Power Rental Market is segmented as follows:

By Power Rating

  • Below 75kVA
  • 75-375 kVA
  • 375-750 kVA
  • Above 750 kVA

By Fuel Type

  • Diesel
  • Gas
  • Others

By End-User

  • Mining
  • Utility
  • Construction
  • Manufacturing
  • Oil & Gas

By Application

  • Continuous Load
  • Peak Load
  • Standby Load

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France 
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

Table Of Content

Methodology

This report is based on in-depth qualitative and quantitative analyses of the global Power Rental market. Zion Research has collected and analyzed key data belong to the global Power Rental market using a variety of methods. Quantitative analysis has been done following various projection and sampling techniques.

The qualitative analysis involved primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes were validated through experts' opinions. The market dynamics have been determined after conducting a detailed study of the micro and macroeconomic indicators of the market.

Various parameters have been taken into account while estimating market size. The revenue generated by the leading industry participants in from the sales of Power Rental across the world has been calculated through primary and secondary research.

Zion Research employs the combination of secondary research followed by extensive primary research. Under secondary research, we refer to prominent paid as well as open access data sources including product literature, company annual reports, government publications, press releases, industry association’s magazines and other relevant sources for data collection. Other prominent secondary sources include STATISTA, trade journals, trade associations, statistical data from government websites, etc. 

For this study, Zion Research has conducted all-encompassing primary research with key industry participants to collect first had data. Moreover, in-depth interviews with key opinion leaders also assisted in validation of findings from secondary research and to understand key trends in the Power Rental industry. Primary research makes up the major source of data collection and validation.   

Primary Research

We conduct primary interviews with industry participants and commentators on an ongoing basis to validate data and analysis. A typical research interview fulfills the following functions:

  • Provides firsthand information on market size, market trends, growth trends, competitive landscape, outlook, etc.
  • Helps in validating and strengthening the secondary research findings
  • Further, develops the analysis team’s expertise and market understanding
  • Primary research involves e-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

Participants who typically participate in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts and research analysts specializing in specific markets

Key opinion leaders specializing in different areas corresponding to different industry verticals

Secondary Research

Secondary research sources that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • IDC and other relevant magazines
  • Internal and external proprietary databases, and relevant patent and regulatory databases
  • National government documents, statistical databases and market reports

News articles, press releases and webcasts specific to companies operating in the market

Following a comprehensive secondary and primary research and insights thus gathered, analysts at Zion Research have provided an in-depth analysis of various aspects of the Power Rental market.

Models

Where no hard data is available, we use models and estimates to produce comprehensive data sets. A rigorous methodology is adopted, wherein the available hard data is cross-referenced with the following data types to produce estimates:

  • Demographic data: Population split by segments
  • Macroeconomic indicators: GDP, PPP, Per Capita Income, etc.
  • Industry indicators: Expenditure, technology stage and infrastructure, sector growth and facilities
  • Data is then cross-checked by an expert panel.

Free Analysis

Power rental is referred as plant hire, which provides machinery, power equipment, and tools of all kinds and sizes for a short and long period of time to final users. Power on rent can deliver complete operating power packages as well as provide scalable components within large power station installations to various industrial applications. An extensive fleet of industrial rental power covers a broad range of applications in coal-fired, natural gas-fired, nuclear and cogeneration plants. Power rental services offer a quick and cost-effective response to planned and emergency outages for a limited period of time.

The power rental market is mainly driven by increasing power consumption, development of power infrastructure, and increasing construction & development across the globe. Furthermore, increasing demand for power from oil & gas industry is also a major driving force of the power rental market. However, the presence of stringent regulations coupled with rising environmental awareness may curb the market growth in the near future. Nonetheless, increasing demand for power in emerging economies is expected to open up new growth avenues for the power rental market in the years to come.

Power Rental Market Revenue

The power rental market is segmented on the basis of different end-user such as oil & gas, industrial, construction, and others. The industrial segment accounted for a large chunk of the market share in 2014. Construction is another key outlet of power rental market and it held over 20% share of the overall market in 2014.  This growth is mainly attributed to growing infrastructural development in the emerging economies.

Some of the key applications of the power rental market include peak shaving, base load/continuous power and standby power. Base load/continuous was largest application segment with 45.56% of the global revenue and is expected to show a significant rise in light of the increasing demand from various sectors such as oil & gas, mining and construction and others. These sectors require a continuous supply of power by renting power equipment as the operational activities of these sectors usually take place far off from the power grid which in turn is expected to drive the demand for the power rental market. Peak shaving is another leading application segment owing to rising awareness among energy-intensive industries in order to control the charged over high energy demand during peak hours. Standby power was accounted for over 20% share of the total market and is anticipated to show moderate growth in the years to come owing to various regulations implemented by EPA and Greenpeace which are expected to minimize standby power consumption.

The power rental market was dominated by the Middle East & Africa with the largest share of the total market in 2014. This growth is mainly due to the growing construction and developmental activities in this region. Furthermore, North America was another leading regional market 21.32% share of total revenue generated in 2014. With increased government support coupled with increasing infrastructure, Asia-Pacific is expected to witness significant growth during 2014 to 2020. However, Latin America is also expected to exhibit significant growth over the forecast period.

Some of the key players include in power rental market such as Atlas Copco, United Rental, Cummins Inc, APR Energy Inc, Caterpillar Inc and Power Electrics.

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FrequentlyAsked Questions

Humungous requirement for electrification and incessant supply of electricity will boost global market trends.       

According to Zion market research report, The global Power Rental Market accrued earnings worth approximately 9.79 (USD Billion) in 2021 and is predicted to gain revenue of about 16.71 (USD Billion) by 2028, is set to record a CAGR of nearly 7.8% over the period from 2022 to 2028.

The Middle East and African region will contribute sizably towards the global market revenue over the projected timeline. A massive increase in Power Rental Market size in sub-continent over 2022-2028 can be due to massive surge in ongoing construction ventures in countries such as UAE and Saudi Arabia resulting in hiring of power rental services by firms in construction business.     

The key industry participants leveraging business space include Atlas Copco, United Rentals, Inc., Shenton Group, Cummins Inc., ProPower Rental, APR Energy Limited, Kohler-SDMO, Caterpillar Inc., Power Electrics, NIDS GROUP, and Speedy Hire plc.

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