Power Rental Market Worth $16 Billion by 2027, Says Global Market Insights Inc.
Power Rental Industry is set to register around 5% CAGR between 2021 and 2027 owing to extreme weather conditions in line with growing voltage fluctuations.
SELBYVILLE, Del., June 21, 2021 (Newswire.com) - The power rental market value is projected to cross USD 16 billion by 2027, as reported in the latest study by Global Market Insights Inc. Rising uptake of mega projects in different locations by numerous end users comprising electric utilities, mining, marine, and manufacturing industries amongst others is set to stimulate the product deployment. Quick service allocation and beneficial renting schemes by manufacturers along with growing challenges in transportation of entire equipment setup from one place will ensure deployment of power rental units.
Frequent blackouts and brownouts driven by aging distribution and transmission lines and recurring natural disasters will positively influence the power rental industry outlook. Moreover, the rapid expansion of commercial spaces including supermarkets, hotels, malls, and other public places owing to robust urbanization is projected to encourage the adoption of 75-375 kVA rated units.
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Oil & Gas power rental market share is set to grow owing to increasing power demand across downstream, midstream, and upstream industry for uninterrupted operations. Partial grid connectivity across the sites, as a consequence of these operations taking place at offshore and remote onshore locations, will stimulate the need for power rental units. Moreover, suitable infrastructural investments coupled with growing adoption of large-scale O&G exploration projects is projected to augment the business outlook.
Some key findings of the global power rental market report include:
- Resurgent demand for power rental units owing to fuel flexibility, easy accessibility and minimized O&M costs is projected to drive the industry statistics.
- Favourable government policies toward expansion of airport and metro networks predominantly across the emerging countries will strengthen the industry landscape.
- The independency from asset maintenance and scrapping it off in the forthcoming years owing to stringent statutory rules and technical advancements is set to provide substantial impetus to market demand.
- Key industry participants functioning across the market include Atlas Copco, Caterpillar, United Rentals, Cummins, Aggreko.
- Large-scale adoption of O&G exploration projects along with elevating data centers downtimes costs is set to positively influence the industry scenario.
Browse key industry insights spread across 440 pages with 531 market data tables & 50 figures & charts from the report, "Power Rental Market Forecasts By Power Rating (< 75 kVA, 75 - 375 kVA, 375 - 750 kVA, > 750 kVA), Fuel (Diesel, Gas), End-Use (Telecom, Data Center, Healthcare, Oil & Gas, Electric Utilities, Offshore, Manufacturing, Construction, Mining, Marine), Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/power-rental-market
Prime power rental unit segment will witness a significant CAGR over the forecast timeframe owing to their wide range of applications across remote and off-grid locations which have zero or limited access to electricity. For instance, in 2019, as per the Energy Access Outlook by IEA, globally 771 million lacked basic access, out of which 75% of the people resides in Sub-Saharan region of Africa. Subsequently, increasing electricity demand from these underdeveloped regions that face extended power outage even during peak working hours is anticipated to boost the global power rental market outlook.
For Europe, Germany power rental market attributed to over 14% of the region's revenue share in 2020. The nation is estimated to gain a significant momentum because of shifting government focus on cost reduction, environmental compliances, and energy efficiency. The failure of the electricity grid to bear an augmented demand load along with recent occurrences of severe storms, notably Storm Ciara in 2020, will positively influence the market statistics.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/power-rental-market
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https://www.gminsights.com/industry-analysis/us-oil-filled-distribution-transformer-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights Inc.
