Why is Construction Sector Most Significant Reason behind Power Rental Market Growth?
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Therefore, with the escalating demand for energy, the power rental market is on track to growing at a CAGR of 10.3% during 2018-2023, from $9,167.6 million in 2017 to $16,855.5 million by 2023.
Rented power simply refers to the electricity created from portable generators, hired on a temporary basis or purchased permanently, to supplement the grid power or act as the primary energy source in places with no grid connectivity.
Another reason for the high demand for portable generators is the unpredictability of the grid supply, especially in emerging economies.
Moreover, many coal- and crude oil-fired power plants, even in developed countries, have aged. With the surging concerns regarding environmental degradation, for which the electricity generation sector is the biggest culprit, contributing around 25% of the global greenhouse gas (GHG) emissions, as per the Environmental Protection Agency (EPA) of the U.S., efforts are being stepped up to either shut them down or convert them to gas-based ones.
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During the renovation period, electricity is required for machines, which is why utility companies are increasing using rented power.
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