Press release
Power Rental Market Demand, In-depth Analysis and Estimated Revenue Forecast by 2030
The global power rental market was valued at $9.5 billion in 2020, and is projected to reach $17.8 billion by 2030, growing at a CAGR of 6.6% from 2021 to 2030. Rise in electricity consumption for commercial and industrial applications has increased the supply-demand gap in the power market. This slit is even more obvious during the peak hours for power consumption. This has propelled the expansion of power rental systems, which are proficient in providing provisional electricity at times of low supply of power. Furthermore, surge in demand for momentary electricity supply sources at times of festivals, events, and fairs is expected to boost the growth of the market in the upcoming years. In addition, these power systems deliver a peak shaving, which permits various industries to allot their power load consistently during non-peak and peak hours.Power rental refers to the facility of temporarily renting power plants or generators for supplying energy to industrial units. It delivers functioning power equipment along with various scalable components, which are installed in power stations. In addition, it offers reliability, flexibility, speed, and cost-effectiveness to businesses for coping with brief shortages of power. Power rental services are aimed to stabilize utility power grids and provide additional energy to industries and support communities. Thus, power rental systems find extensive application across the construction, mining, and oil & gas industries.
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Moreover, these systems act as a stand-in power supply in periods of unintended power losses. Incentives and schemes by government authorities, including feed-in-tariff, in Asia-Pacific and North America are expected to fuel the demand for power rental solutions. Schemes introduced by the government are targeting to endorse the installation of such rental systems across industrial, commercial, and residential applications. These systems can further be worked off-grid as well as on-grid reliant on their locations as well as applications. Several benefits of distributed energy generation over conventional sources of power generation are expected to drive the market.
However, enforcement of stringent regulations pertaining to emission reduction in fossil fuel-powered equipment is expected to hamper the growth of the power rental market during the forecast period. On the contrary, advent of digital technology solutions for operation enhancement are expected to provide remunerative growth opportunities for the expansion of the power rental market during the forecast period.
By fuel type, the global power rental market size is studied across diesel, natural gas, and others. The diesel fuel segment accounted for the largest market share in 2020, owing to its ability to provide weather-independent, scalable, and flexible operations. In addition, round the clock power availability and low up-front costs is anticipate to drive the demand of diesel fuels power rentals equipment's. The diesel fuel segment dominated the global power rental market with more than four-fifths of the total market share in 2020.
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By application, the global power rental market is studied across peak shaving, standby power, and continuous power. The continuous power segment emerged as the leader in 2020, owing to growing demand for constant supply of electricity from oil and gas, construction, and mining sectors as they are far-off from the power grid areas. The continuous power segment dominated the global market with more than two-fifths of the total market share in 2020.
By end-use industry, the global power rental market is studied across utilities, oil & gas, events, construction, mining, manufacturing, telecom and data centers, and others. The utilities segment emerged as the leader in 2020, owing to growing demand for stabilizing the grid within a short duration of time at economical prices. The continuous power segment dominated the global market with more than one-fifth of the total market share in 2020.
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Covid-19 Scenario
• Owing to lockdown measures implemented in various countries, commercial and industrial activities were halted. This led to reduced demand for power rental systems, impacting the overall market revenue. The demand reduced from various end-use industries such as oil & gas, mining, construction, and manufacturing.
• In addition, lack of a sufficient workforce due to economic uncertainty and migration to hometowns, the daily operations in end-use industries were affected. According to the statistics by UNIDO, nearly 30.0-70.0% of the pre-COVID-19 workforce has been migrated. This factor impacted the demand for power rental systems.
• Disrupted supply chain and partial operations in end-use industries affected the demand for power rental systems. However, the demand would recover during the post-lockdown as daily operations begin with full capacity in end-use industries.
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