SELBYVILLE, Del., June 21, 2021 /PRNewswire/ -- The power rental market value is projected to cross USD 16 billion by 2027, as reported in the latest study by Global Market Insights Inc. Rising uptake of mega projects in different locations by numerous end users comprising electric utilities, mining, marine, and manufacturing industries amongst others is set to stimulate the product deployment. Quick service allocation and beneficial renting schemes by manufacturers along with growing challenges in transportation of entire equipment setup from one place will ensure deployment of power rental units.
Frequent blackouts and brownouts driven by aging distribution and transmission lines and recurring natural disasters will positively influence the power rental industry outlook. Moreover, the rapid expansion of commercial spaces including supermarkets, hotels, malls, and other public places owing to robust urbanization is projected to encourage the adoption of 75-375 kVA rated units.
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Oil & Gas power rental market share is set to grow owing to increasing power demand across downstream, midstream, and upstream industry for uninterrupted operations. Partial grid connectivity across the sites, as a consequence of these operations taking place at offshore and remote onshore locations, will stimulate the need for power rental units. Moreover, suitable infrastructural investments coupled with growing adoption of large-scale O&G exploration projects is projected to augment the business outlook.
Some key findings of the global power rental market report include:
- Resurgent demand for power rental units owing to fuel flexibility, easy accessibility and minimized O&M costs is projected to drive the industry statistics.
- Favourable government policies toward expansion of airport and metro networks predominantly across the emerging countries will strengthen the industry landscape.
- The independency from asset maintenance and scrapping it off in the forthcoming years owing to stringent statutory rules and technical advancements is set to provide substantial impetus to market demand.
- Key industry participants functioning across the market include Atlas Copco, Caterpillar, United Rentals, Cummins, Aggreko.
- Large-scale adoption of O&G exploration projects along with elevating data centers downtimes costs is set to positively influence the industry scenario.
Browse key industry insights spread across 440 pages with 531 market data tables & 50 figures & charts from the report, "Power Rental Market Forecasts By Power Rating (< 75 kVA, 75 - 375 kVA, 375 - 750 kVA, > 750 kVA), Fuel (Diesel, Gas), End-Use (Telecom, Data Center, Healthcare, Oil & Gas, Electric Utilities, Offshore, Manufacturing, Construction, Mining, Marine), Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
Prime power rental unit segment will witness a significant CAGR over the forecast timeframe owing to their wide range of applications across remote and off-grid locations which have zero or limited access to electricity. For instance, in 2019, as per the Energy Access Outlook by IEA, globally 771 million lacked basic access, out of which 75% of the people resides in Sub-Saharan region of Africa. Subsequently, increasing electricity demand from these underdeveloped regions that face extended power outage even during peak working hours is anticipated to boost the global power rental market outlook.
For Europe, Germany power rental market attributed to over 14% of the region's revenue share in 2020. The nation is estimated to gain a significant momentum because of shifting government focus on cost reduction, environmental compliances, and energy efficiency. The failure of the electricity grid to bear an augmented demand load along with recent occurrences of severe storms, notably Storm Ciara in 2020, will positively influence the market statistics.
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U.S. Oil Filled Distribution Transformer Market By Mounting (Pad, Pole), Core (Closed, Shell, Berry), Winding (Two Winding, Auto Transformer), Phase (Three, Single), Rating (≤ 250 kVA, > 250 kVA to ≤ 1 MVA, > 1 MVA), Application (Residential & Commercial, Utility, Industrial), Industry Analysis Report, Country Outlook, Application Potential, Covid-19 Impact Analysis, Competitive Market Size & Forecast, 2021 - 2027
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Power Rental Industry Forecasts 2021-2027
SOURCE Global Market Insights Inc.