Power Rental Global Market Report 2022
Major players in the power rental market are Atlas Copco, Caterpillar, United Rentals, Cummins, Aggreko, Generac, Kohler, Ashtead Group, Herc Rentals, Shenton, Bredenoord, Sudhir Power, Wagner Equipment, GMMCO Limited and Energyst.
New York, Sept. 12, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Rental Global Market Report 2022" - https://www.reportlinker.com/p06319272/?utm_source=GNW
The global power rental market is expected to grow from $9.25 billion in 2021 to $9.88 billion in 2022 at a compound annual growth rate (CAGR) of 6.83%. The power rental market is expected to grow to $14.02 billion in 2026 at a compound annual growth rate (CAGR) of 9.15%.
The power rental market consists of sales of power rental services by entities (organizations, sole traders, and partnerships) that refer to a service that allows leasing equipment that temporarily provides prime or standby power as and when needed. Generator sets, load banks, and an electrical distribution system are commonly rented for power.
The main equipment of the power rental are generators, transformers, load banks, and others.Generators are gadgets that provide electrical power in the event of a power loss, allowing daily activities and business operations to continue uninterrupted.
The major applications of these equipment are standby power, peak shaving, and base load/continuous power. Diesel, natural gas, and others fuel types are used to run the power rental equipment and are used in various end-user segments which also include utilities, oil & gas, construction, manufacturing, metal & mining, IT and data centers, corporate & retail, events, and others.
Asia Pacific was the largest region in the power rentals market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in power rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The power rental market research report is one of a series of new reports that provides power rental market statistics, including power rental industry global market size, regional shares, competitors with a power rental market share, detailed power rental market segments, market trends and opportunities, and any further data you may need to thrive in the power rental industry. This power rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Rapid industrialization is driving the growth of the power rental market.It has led to a rapid increase in economic development.
There has been development in various sectors which include, information technology, manufacturing, and construction.Each of these sectors requires continuous supply of power to carry on their operations smoothly.
For instance, in October 2021, India’s Prime Minister Narendra Modi unveiled a $1.3 trillion master plan for multimodal connectivity to construct infrastructure to reduce logistic costs and boost the Indian economy. The $1.3 trillion plan also includes a $130.57 billion allocation to the infrastructure sector. Therefore, demand for power rental will rise as the prevalence of rapid industrialization and increased spent on infrastructure development in major developing nations.
Partnerships and collaborations are gaining trend in the power rental market.Companies are entering into partnerships to expand their market by leveraging each other’s resources.
For instance, in November 2021, DT Hughes Group, a UK-based building material supplier, entered into a partnership with Sunbelt Rentals, a US-based company that rents general construction equipment, and power generators and accessories.The cooperation allows DT Hughes to get cost-effective and environmentally friendly power rental systems, plant gear and equipment for the excavation, restoration, jointing, and cable installation projects.
An important component of DT Hughes winning offer was utilizing electrical technology to decrease pollution.
In January 2022, Herc Rentals, a US-based rental company specializing in equipment & tool rentals for construction and industrial applications, acquired Temp-Power Inc. for an undisclosed amount. With this acquisition, Herc Rentals will leverage the rentals solutions of Temp-Power. Temp-power is a Virginia-based company specializing in portable and towable generators, light towers and balloons, power distribution, on-site diesel fuel delivery, temperature control (AC, heat, dehumidifiers), utility vehicles/golf carts, and on-site technicians.
The countries covered in the power rentals market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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