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Why is Construction Sector Most Significant Reason behind Power Rental Market Growth?

05-27-2020 06:29 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

Why is Construction Sector Most Significant Reason behind Power

People need electricity for almost everything: lighting and ventilation at homes, powering machines in factories, for electric transport, and what not?! With the increasing population, which is predicted to reach 9.7 billion by 2050, from 7.7 billion in 2019, as per the United Nations Department of Social and Economic Affairs (UNDESA), the electricity demand is continuously rising. This is especially true for India, China, Brazil, South Korea, Thailand, Turkey, and Qatar, which are, additionally, witnessing rapid industrialization and urbanization.

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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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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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