NOIDA, India, September 12, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Electricity rental market is expected to grow at a CAGR of over 6% from 2021 to 2027. The analysis was segmented into application (continuous load, emergency load and peak load); Equipment (generators, transformers, load banks and others); Rated power (up to 50 kW, 51 kW to 500 kW, 501 kW to 2500 kW and above 2500 kW); Region/Country.
The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report uses multiple analyzes to get a more accurate view of the power rental market in the global context. This report offers a detailed analysis of the latest industry developments and trending factors influencing market growth. Additionally, this statistical market research repository examines and estimates the global power rental market at regional and country level.
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The global power rental market is expected to witness a CAGR of around 7% during the forecast period (2021-2027).
Rising investments in power transmission and distribution networks coupled with the increasing increase and modernization of transmission and distribution networks across the globe is expected to boost the market. Electricity rental refers to the possibility of temporarily renting electrical equipment to supply energy to all industries. It provides functional electrical equipment as well as various scalable components, which are installed in power plants. It also offers businesses reliability, flexibility, speed and cost-effectiveness to deal with brief power shortages. Power rental services aim to stabilize utility power grids and provide supplemental power to industries and support communities. For this reason, it finds wide application in the construction, mining, oil and gas industries.
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Impact of COVID-19
Industry growth has experienced some stress and negative impact due to COVID-19. The sudden outbreak of COVID-19 has sent shockwaves through all industries, including mining. Encouragingly, major miners have shown resilience during the pandemic through proper risk management to reduce infection risks that could have potentially compromised operations. Now more than ever, mining companies must play a critical role in protecting the health of employees and partners, supporting local economies, and becoming goal-oriented, adaptable and resilient organizations..
The global Power Rental Market report is studied thoroughly with several aspects which would help the stakeholders to make their decisions more carefully.
Based on the application, the market is categorized into continuous charging, standby charging, and peak charging. Among them, in 2020, continuous charging category dominated the market. This is mainly due to the growing need for continuous power supply in remote locations such as mining, construction, oil and gas operations, ships, etc. where network access is not present. Here, the installed equipment acts as a primary power supply equipment such as using generators as a primary power source. In addition, the increase in population and rate of urbanization, coupled with the growing demand for electricity, has resulted in the expansion of mainline power generation capacity.
Based on equipment, the market is categorized into generators, transformers, load banks, and others. Among them, the generator category accounts for a major market share in 2020. The robust expansion of infrastructure, along with the growing importance of standby power solutions and emergency preparedness among users end products, should drive the growth of the category. The category of generators is further divided into diesel, natural gas, and other fuel types. The diesel-powered units are expected to see a consistent rate of deployment thanks to their ability to provide weather-independent, scalable and flexible operations. These systems offer round-the-clock power availability and low upfront costs, which should further support the growth of the generator category. However, strict emission control standards may hamper the sales of these systems during the forecast period.
Based on power rating, the market is categorized into Up to 50 kW, 51 kW – 500 kW, 501 kW – 2500 kW and Above 2500 kW. During the forecast period, the 501-2,000 KW category is expected to witness significant growth in the global power rental market owing to its wider applicability, driven by the increasing demand for backup power in the commercial spaces such as hotels, telecommunication towers and educational institutions. population growth and rapid urbanization have increased the demand for a constant supply of electricity. Demand for power rental systems will be driven by the lack of additional infrastructure requirements and declining installation costs, as well as the growing urgency to maintain continuous business operations.
Take a look at the chapters – https://univdatos.com/report/power-rental-market-2/
Geographical segmentation of the power rental market includes:
North America (United States, Canadaand Rest of North America)
Europe (Germany, UK, Italy, France, Spainand the rest of Europe)
Asia Pacific (China, India, Australia, Japanand the rest of Asia Pacific)
Rest of the world
For a better understanding of the market adoption of the Power Rental industry, the market is analyzed based on its global presence in countries such as North America (WE, CanadaRest of North America); Europe (GermanyUK, France, Italy, Spainand the rest of Europe); Asia Pacific (China, Japan, India, AustraliaRest of Asia Pacific); and the rest of the world. Asia Pacific holds the extensive market share mainly because the region is witnessing some of the biggest expansions of T&D owing to the rapidly increasing demand in countries such as India and China. Furthermore, the demand for power rental systems is increasing in the region owing to their cost effectiveness as they require low installation costs and negligible maintenance, while providing uninterrupted and reliable power supply.
Key players targeting the market include
Ashtead Group plc
United Rentals Inc.
Atlas Copco AB
Herc Rental Inc.
Generac Management Inc.
Wacker Neuson SE
The degree of competition among the leading companies has been worked out by analyzing several key leading players operating in the global context. The specialized team of research analysts sheds light on various traits such as global market competition, market share, latest industry advancements, innovative product launches, partnerships, mergers or acquisitions by leading companies in the Electricity rental market. Major players have been analyzed using different research methodologies to get competitive insights in the market.
Key questions answered through this analytical market research report include:
What are the latest trends, patterns, and advancements in the Energy Rental market?
What factors are influencing the power rental market during the forecast period?
What are the Challenges, Threats and Risks in Electric Rental market?
What factors are driving and restraining the Electric Rental Market?
Which are the demanding regions of the Electricity Leasing Market globally?
How big will the market be in the coming years?
What are the crucial market acquisition strategies and policies applied by companies?
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