UK POWER RENTAL MARKET TO GROW FROM $303 MILLION TO $429 MILLION BY 2029; INDUSTRY INSIGHTS, TRENDS & COMPETITIVE ANALYSIS - ARIZTON

CHICAGO, March 9, 2023 /PRNewswire/ -- According to Arizton's latest research report, the UK power rental market will grow at a CAGR of 5.12% from 2022-2029.

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The UK government allocated USD 104 million to Able Marine Energy Park on the south bank of the River Humber, USD 27 million to the Tees Works offshore Manufacturing Center on the River Tees, and USD 32 million to be invested in biomass production in 2022. A budget of USD 5 million has been set aside to support cutting-edge technology that produces hydrogen from biomass. The UK power rental market will be driven by rental models, equipment, and a more dependable rental process due to the government's infrastructure investment.

UK POWER RENTAL MARKET REPORT SCOPE

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MARKET INSIGHTS

• As of November 2022, National Grid has submitted to the Planning Inspectorate its request for development consent for the Yorkshire Green Energy Enablement Project. If the project were approved, the construction of the reinforcements would start in the summer of 2024 and be completed by 2027. To help achieve the government's net zero targets for 2050, the project is a component of the electricity network upgrades identified throughout the UK.
• In February 2022, Storm Franklin wreaked havoc on parts of the UK with strong winds and copious rain. In east and south-east England, UK Power Networks thought it had brought electricity back to 98% of the homes, but 8,500 were still without power throughout the storm. Backup power will be needed in these circumstances, and rental power equipment may be able to control the situation. Naturally, these calamities will spur growth in the UK power rental market.
• Battersea Power Station, which had been decommissioned, is now being reconstructed in seven phases with a capital of USD 11 billion. The focus of this project is to convert the 80-year-old structure into a mixed-use development that comprises several restaurants, shops, bars, residential units, and office spaces. The whole project is expected to be completed by 2025.
• Construction 2025' is a joint strategy that sets out the sector and government to work in partnership to put Britain at the front position of global construction over the coming years. Additionally, the construction of a few energy projects in the UK, such as the Clay Tye battery storage site in Essex (99MW) and the Kype Muir onshore wind farm extension in South Lanarkshire with a capacity of 155 MW, are likely to push the UK power rental market demand.
• Aggreko had been the Official Modular Energy Solutions supporter for Birmingham 2022. It supported major venues, such as Alexander Stadium and Coventry Stadium & Arena, to other key sites, including the Birmingham 2022 Athletes' Villages at the University of Birmingham and the University of Warwick. It provided 117 of the latest stage V generators with a range of 30KVA -600 KVA, which used HVO as fuel in October 2022. Aggreko also produced around 10.8 MWh of clean solar energy at Victoria Park in Royal Leamington Spa with the help of hybrid generators.

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VENDOR INSIGHTS

• The top 4 prominent vendors, including United Rentals, Sunbelt Rentals, Aggreko, and Speedy, account for 44% of the UK Power Rental market share.
• Sunbelt introduced alternative fuel to its UK hiring equipment with combustion engines, which involves burning fossil-fuel-based red diesel.
• Speedy launched the UK's first Net Zero service center in October 2022, which was awarded an A+ energy rating in January 2023.
• In May 2021, Atlas Copco acquired Netherlands-based Eco Steam and Heating Solutions under its Power Technique business category.

PROMINENT VENDORS

• United Rentals, Inc.
• Sunbelt Rentals, Inc.
• Aggreko
• Speedy
• Caterpillar
• Atlas Copco
• Cummins Inc.
• KOHLER
• Generac Power Systems, Inc.
• Boels Rental
• HSS Hire Group
• The Hireman

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MARKET SEGMENTATION

Fuel

• Natural Gas
• Diesel
• Others (Propane, Hydrogen, Renewable Sources)

Power Rating

• >75KVA
• 75-375KVA
• 375-1,000KVA
• Above 1,000 KVA

Equipment

• Generators
• Load Banks
• Transformers
• Others

End-User

• Construction
• Retail
• Oil & Gas
• Mining
• Events
• Utilities
• IT & Data Center
• Manufacturing
• Others

Application

• Standby
• Continuous
• Peak Shaving

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SOURCE Arizton Advisory & Intelligence