New York, June 22, 2021 (GLOBE NEWSWIRE) – Electricity rental market overview: According to a comprehensive research report from Market Research Future (MRFR), “Electricity rental market Research Report, Fuel Type, End User and Region – Forecast to 2027 “, The global market is expected to reach USD 34.5 billion by 2027, up from an estimated USD 22.3 billion in 2019, with a CAGR of 6.5%
The electricity rental market is experiencing rapid revenue growth from year to year. The growth of the market is driven by increasing demand for energy, increasing population and rapid urbanization across the world. In addition, frequent power outages and increasing network infrastructure upgrade activities are positively impacting the growth of the market. In addition, growing government initiatives to increase energy production and provide a sustainable electricity supply are increasing the size of the electricity rental market.
In addition, the increasing advancement of technologies providing clean and highly efficient power supply justifies the power supply market share. With the increasing complexity of grid networks, the market is expected to register significant gains in the coming years.
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The List of Key Companies Presented in the Electricity Rental Market Research Report are:
- Caterpillar Inc. (United States)
- Cummins Inc. (United States)
- Aggreko Plc. (UK)
- Speedy Hire Plc. (UK)
- Ashtead Group Plc. (UK)
- Herc Rentals Inc. (United States)
- APR Energy (United States)
- Bredenoord Exploitatiemij BV (Netherlands)
- United Rentals Inc. (United States)
- LM Generating Power Co. Ltd. Ltd. (Canada)
Impact of COVID-19 on the market
The outbreak of COVID-19 has had a significant impact on the electricity rental industry. Several manufacturing facilities around the world have suffered huge revenue losses and in some cases have closed, reducing market demand. The pandemic has disrupted the production of several key components and supply chains.
Electricity rental companies have faced challenges ranging from obtaining components and delivering finished products to attracting quarantine workers. In addition, strict foreclosure warrants have restricted cross-border trade, another determinant for the growth of the electricity rental market. This, in turn, has driven up the overall prices of rental electrical equipment.
However, the electricity rental industry is quickly returning to normal, reflecting a significant demand for energy in industrial sectors around the world. In addition, the demand for rental electrical equipment in the end-user sector is expected to increase following the lifting of the lockdown in many countries.
Browse the In-Depth (123 Pages) Electricity Rental Market Research Report
Emerging markets offer untapped opportunities for the electricity rental market. The dramatically rapid industrialization and urbanization in developing regions offers lucrative opportunities for global players. In addition, growing government mandates and policy updates and the increasing complexity of grid networks are driving the size of the market.
The demand for energy is expected to increase significantly in the coming years due to constant population growth, rapid urbanization and industrialization, increasing infrastructure activities and improved access to electricity.
The power rental market is segmented into fuel types, applications, end users, and regions. The fuel types segment is sub-segmented into diesel, gas and others. The applications segment is sub-segmented into baseload, standby power, and peak clipping.
The end user segment is sub-segmented into oil and gas, utilities, shipping, manufacturing, mining, construction and others. The regional segment is sub-segmented into the Americas, Europe, Asia-Pacific and rest of the world.
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North America holds the largest share of the global electricity rental market. The strong presence of major players offering easy rental plans, along with increasingly aging network infrastructure and natural disasters, are driving the growth of the electricity rental market. In addition, frequent power outages, increasing demand from rapidly growing industrial sectors, technological advancements and increased adoption of rental electrical equipment in end-use industries are the major trends in the rental market. ‘electricity.
The Asia-Pacific region ranks second in terms of revenue from the electricity rental market. The region has several old transport and distribution infrastructures, creating the need for quality rental electrical equipment. In addition, the market is driven by the increasing adoption of rental electrical equipment in the industrial sector. The increased demand and availability of high quality electrical equipment is increasing the size of the electricity rental market.
South Korea, China, India and Japan have significant power rental market shares in the region. Among these, India is a rapidly growing market for electric rental equipment, where the demand for electricity is significantly higher than the supply. In addition, the Indian government has established many companies such as State Electricity Boards (SEB), NTPC Limited and NHPC limited, which stimulate the development of electricity supply infrastructure. All of these factors cumulatively define the growing landscape of the regional market.
Europe is also a notable area witnessing the rapid expansion of the electricity rental market. Factors such as the increasing adoption of rental electrical equipment in the industrial sector and stimulating growth in the utility sectors are promoting the growth of the regional market. In addition, increasing demand from various booming industries including utilities, oil and gas, shipping, mining, manufacturing and construction is driving the growth of the regional market.
The power rental market is seeing an increase in strategic deals, such as mergers and acquisitions, expansion, collaboration and product launches. Key industry players are also making strategic investments in research and development activities and promoting their expansion plans.
For example, recently, on June 17, 2021, Siemens Gamesa and Siemens Energy announced a collaboration with Odfjell Oceanwind to develop Offshore Mobile Wind Units (MOWUs). Odfjell Oceanwind develops and operates a fleet of floating MOWUs providing electricity to off-grid / micro-grid consumers. The company operates as a shipowner and MOWUs are provided on lease to oil and gas facilities that require electricity for a limited period.
In another instance, on May 18, 2021, Power Plus Productions announced the acquisition of the production and rental divisions of Performance Audio. The decision to purchase Performance Audio’s production and rental services comes with the company’s new offices in Salt Lake City. This expansion enables Power Plus to more effectively deliver the best customer experience to its growing base.
Market segmentation covered by research:
Information by fuel type (diesel, gas and others), by application (base load, backup power and peak capping), by end user (oil and gas, utilities, shipping, manufacturing, mining, construction and others ) and by region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)
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