Diesel Generators Segment is the largest segment driving the growth of Power Rental Market
The global Power Rental Market is estimated to be valued at US$6.19 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power rental involves renting fully operated and maintained power generating equipment for short-term power needs. Power rental equipment includes generators, transformers, and switchgear allowing organizations to maximize productivity while minimizing downtime during power disruptions or outages.
Market key trends:
With increasing focus on minimizing carbon footprint, rental generators with hybrid technology are gaining popularity. Hybrid generators use multiple fuel sources like diesel, natural gas, and batteries to optimize fuel efficiency and reduce mission levels. Thehybrid equipment can run on battery during low loads and switch to fuel-based generator when higher powers are required. This provides cleaner, more sustainable, and cost-effective power Rental solutions.
Market key trends:
One of the key trends in the power rental market is the growing adoption of hybrid power solution. Hybrid power systems are gaining traction as they offer additional benefits like reduced fuel consumption and lower operating costs. These systems combine diesel or gas generators with renewable energy sources and energy storage systems. They help lower carbon footprint and provide continuous power reliability to end-users even during grid outages or fuel shortage. The adoption of hybrid power rental systems is expected to grow significantly over the coming years.
SWOT Analysis:
Strength: Growing demand from construction and oil & gas industries.
Weakness: High operational and transportation costs associated with power rental equipment.
Opportunity: Increasing investments in renewable energy based power rental solutions.
Threats: Significant upfront capital costs and availability of used power rental equipment.
Key Takeaways:
Global Power Rental Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing investments in construction and infrastructure development projects globally.
Regionally, Asia Pacific is expected to dominate the global market and witness fastest growth during the forecast period. Presence of developing economies like India and China with high infrastructure development projects are driving the power rental demand in the region.
Key players operating in the power rental market are Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC. These players are focusing on expanding rental fleet capacities and offering hybrid power rental solutions to gain competitive advantage.
Read More- https://cmi-latestreportorientedblogs.blogspot.com/2023/11/infrastructure-development-mega.html
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