Global Power Rental Market Is Expanding Owing To Rising Usage Of Rental Power In Mining Industry And Growing Demand For Backup Power Solutions

 

Power Rental Market
Power Rental Market

Overview:

Power rental is the facility of temporarily renting power equipment for supplying energy to industrial units. It delivers functioning gensets and various scalable components for stabilizing utility power grids as well as providing additional power to end-use industries & communities. Power rental services offer speed, flexibility, and reliability at reasonable prices to businesses coping with short shortages of power. Growing need for uninterrupted power supply and rapid industrialization are the major factors driving the growth of the global power rental market. Favorable government initiatives for expanding metro and airport networks along with the construction of hotels and malls are further augmenting the demand for power rental in both developed and developing nations.

Market Dynamics:

Increasing product launches are estimated to augment growth of the global Power Rental Market during the forecast period. For instance, Cummins Inc., launched a new 1MW twin-pack rental generator the C1000D6RE, in North America, in July 2022. It offers cost-effective rental power solution for various applications. Moreover, rising challenges related to power rental market are anticipated to restrain growth of the global power rental market during the forecast period.

Impact of COVID-19:

The outbreak of COVID-19 impacted almost all sectors globally. The pandemic resulted in shutting down of manufacturing units, and shortage of raw materials. The pandemic also impacted the automobile and electronics sector. Disruptions in supply chains were also caused due to the pandemic. Several manufacturers halted their manufacturing activities temporarily, due to shortage of raw materials and lack of skilled labor. The pandemic impacted the demand for power consumption in almost every country. This resulted in declared in adoption of power rental solution. This hindered the growth of the global power rental market. However, now that all restriction have been eased the market is estimated to witness growth.

Key Takeaways:

The global Power Rental Market is expected to witness robust growth, exhibiting CAGR of 5.6 % over the forecast period, due to increasing expansion by ley players. For instance, United Rentals Inc., declared the expansion of their rental fleet in North America in October 2022. Customers can use low-emission power source for recharging electric vehicles, tools, and other equipment.

 

North America is anticipated to witness robust growth in the global power rental market during the forecast period, due to growing energy requirements.

Key players active in the global power rental market are Multiquip, Inc., Global Power Supply, LLC, Allmand Bros., Inc., Jassim Transport & Stevedoring Co. K.S.C.C.P, Bredenoord, ProPower Rental, SoEnergy, United Rentals, Inc., Kohler Co., Cummins Inc., Wacker Neuson SE, Ashtead Group plc, Aggreko, APR Energy, Generac Power Systems, Inc., and Caterpillar.

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