The size of the power rental market was valued at USD 9,142 million in

TOKYO, Aug. 14, 2022 (GLOBE NEWSWIRE) — The Global Electricity rental market The size is valued at USD 9,142 million in 2021 and is expected to reach a market size of USD 16,366 million by 2030; with a CAGR of 7.1%.

Growing number of continuous and uninterrupted power supplies and increasing number of power outages in emerging countries are the major factors driving the global power rental market revenue. Peak power demand, or the highest demand over a period of time, has consistently increased faster than base power demand, or total power requirement, over the past decade. Peak demand increases the need for utilities to generate electricity quickly. According to the International Energy Agency (IEA), global electricity demand surged in 2021, creating tensions in major markets due to the rapid economic recovery and more extreme weather conditions than in 2020. By For example, according to the IEA’s 2022 Electricity Market Report, the annual increase of more than 1,500 terawatt-hours was the largest on record. Therefore, the growing need for electricity necessitates power rental services to meet the global need.

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Report cover:

Market Electricity rental market
Electric rental market size 2021 $9,142 million
Electricity Rental Market Forecast 2030 $16,366 million
Electricity rental market CAGR between 2022 and 2030 7.1%
Period of analysis of the electricity rental market 2018 – 2030
Reference year of the electricity rental market 2021
Electric rental market forecast data 2022 – 2030
Segments Covered By fuel, by power rating, by end-user industries and by region
Regional scope of the power rental market North America, Europe, Asia-Pacific, Latin America, Middle East and Africa
Profiled key companies APR Energy, Aggreko Plc., Ashtead Group Plc., Caterpillar Inc., Bredenoord Exploitatiemij BV, Herc Rentals Inc., Cummins, Inc., LM Generating Power Co. Ltd., United Rentals, Inc. and Speedy Hire Plc.
Report cover Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulatory Analysis

Impact of COVID-19 on Global Power Rental Market Value

The COVID-19 pandemic has halted many commercial and industrial activities due to the rapid spread of infection. Global shutdowns, travel restrictions, work-from-home policies, and postponement of global events all negatively impacted power rental market sales in 2020 and 2021. Additionally, according to the International Energy Agency (IEA), global energy demand fell 5% in 2020; energy-related CO2 emissions fell by 7% and energy investments fell by 18%. However, with the resumption of shutdowns and the steady increase in manufacturing and other energy-consuming industries, the market is expected to do well in the coming years.

Dynamics of the global power rental market

The growing demand for reliable power supply is expected to drive the growth of the power rental market. According to the International Energy Agency, global electricity demand is expected to increase by an average of 1.4% per year until 2040. In addition, the increasing number of power outages is driving up demand in the electricity market. electricity rental. Floods, hurricanes, ice storms, wildfires and other extreme weather events have increased due to climate change. Power outages are caused by weather-related events in countries like China, Japan, India, Australia, and the United States. As a result, the increasing number of power outages increases the demand for backup solutions.

However, strict government guidelines regarding generators are a major factor limiting the growth of the market. According to one of the guidelines proposed by the Central Pollution Control Board (CPCB) in collaboration with the Ministry of Environment and Forests, the emission of hydrocarbon and nitrogen oxides from a 19 KW diesel generator must not exceed 7.5 g/KW-h. These regulations apply to all generators manufactured in or imported into India. Apart from this, increasing emphasis on renewable energy sources is another factor that will keep the market from growing in the near future.

On the other hand, the incorporation of power rental equipment with renewable energy is expected to generate numerous market growth opportunities from 2022 to 2030. Due to the growing environmental concerns and government regulations, many companies have turned to renewable energy rental equipment. Atlas Copco, Aggreko and Bredenoord, among others, have developed new product lines of renewable energy rental equipment.

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Segmentation of the electricity rental market

The global market is divided into four segments: fuel, power rating, end-user industries, and region.

Based on fuel, the market is divided into diesel, gas, and dual fuel. Diesel power rental equipment will perform well in the industry due to its ability to provide flexible, scalable and weather independent operations. In addition to this, rental diesel generator sets offer higher operational efficiency and improved engine performance, which is also driving the demand for the segment.

By nominal power, the distribution includes up to 50 KW, 51 to 500 KW, 501 to 2,500 KW and beyond 2,500 KW. Based on our analysis of the power rental industry, the rated power of 501 to 2,500 KW generated the largest market shares in 2021 and is expected to do so in the coming years.

The end-user industries segment is divided into utilities, oil and gas, events, construction, mining, shipping and others. In 2021, the utilities sub-segment secured the largest market shares and is expected to continue its trend in the coming period. However, mining, oil and gas are the industries that largely fuel the demand for power rental equipment during the forecast period of 2022 to 2030.

Regional outlook for the electricity rental market

The global power rental market is divided into five regions: North America, Asia-Pacific, Europe, Latin America, Middle East and Africa. Currently, the Asia-Pacific region will occupy a large market share due to the rapid growth of electricity needs in emerging countries. Extensive mining sector, ongoing construction activities, investments in oil and gas sectors, and presence of large population are all the major factors supporting the growth of the power rental market in Asia- Peaceful.

North America and Europe are the main regions that use rental power equipment. However, the Middle East and Africa is one of the fastest growing regions in the power rental market. Booming oil and gas industry and increasing construction activities are driving the Middle East and Africa market. Additionally, Latin America is experiencing notable growth due to the rise of mining activities in Argentina, Brazil and Chile.

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Electricity rental market players

Some top power rental companies covered in the industry are Atlas Copco AB, AB Volvo, Caterpillar Inc., Doosan Heavy Industries & Construction Co., Ltd, CNH Industrial NV, JC Bamford Excavators Ltd., Hitachi Construction Machinery Co., Ltd, Komatsu Ltd., John Deere and the Liebherr Group.

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