Zion Market Research has released a new study named “Power Rental Market by End-User (Oil & Gas, Industrial, Construction and Others) For Peak Shaving, Base Load/ Continuous Power and Standby Power Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2022- 2028”
The global Power Rental Market generated earnings of approximately 9.79 (USD Billion) in 2021 and is expected to generate revenues of approximately 16.71 (USD Billion) by 2028, registering a compound annual growth rate (CAGR) of nearly 7.8 percent between 2022 and 2028, according to the International Energy Agency.
Thermal energy is produced by burning fossil fuels such as coal, oil, or natural gas to generate steam, which is then used to drive massive turbines that generate electricity. Plant rental, often known as power rental, is a service that provides flexibility, dependability, speed, and cost-effectiveness. In addition to providing scalable components inside big power station installations to diverse industrial applications, Power on Rent may supply whole functioning power packages.
Power leasing markets throughout the world are likely to see considerable expansion during the projection period as a result of the rising demand for electricity across the globe. In the next years, it is expected that the demand for power leasing would increase as a result of rising electricity consumption, the growth of power infrastructure, and the expansion of building and development. Furthermore, the growing need for electricity from the oil and gas sector is a significant driving force behind the growth of the power rental business. Although rigorous rules are in place, the growing awareness of the need to protect the environment may limit the market’s growth in the foreseeable future. Nonetheless, rising demand for electricity in emerging markets is projected to offer up new development opportunities for the power leasing sector in the years to come, according to industry analysts.
Oil & gas, industrial, construction and others are the key end-users of the power rental market. Industrial segment emerged as the leading application segment by accounting for over 22 % of the total revenue generated by the power rental market in 2014. Construction is another key outlet of power rental market and it held over 20% share of overall market in 2014. This is mainly due to growing infrastructural development in the emerging economics. Oil & gas is also expected to exhibit substantial demand within the forecast period.
Based on application, the power rental market can be segmented into peak shaving, base load/continuous power and standby power. Base load/continuous accounted for 45.56% share of total revenue generated in 2014. Base load/continuous segment are expected to exhibit a significant rise in light of the increasing demand from various sectors such as oil & gas, mining and construction and others. Peak shaving is another leading application segment owing to rising awareness among energy intensive industries in order to control the charged over high energy demand during peak hours.
In terms of geography, Middle East & Africa dominated the global power rental market and accounted for 31.63% of total revenue in 2014. This growth is mainly attributed to growing construction and developmental activities in this region. North America was the second largest regional market with 21.32% share of total revenue generated in 2014. Asia Pacific holds immense potential for the industry growth over the forecast period. Recently, emerging economies including India, Brazil, and Saudi Arabia have been contributing significantly to the demand for power rental in industrial sector owing to rapid industrialization.
Some of the key players include in power rental market such as Atlas Copco, United Rental, Cummins Inc, APR Energy Inc, Caterpillar Inc and Power Electrics.
This report segments the global power rental market as follows:
Global Power Rental Market: End-Users Segment Analysis
Oil & Gas
Global Power Rental Market: Application Segment Analysis
Base load/ Continuous power
Global Power Rental Market: Regional Segment Analysis
Middle East and Africa
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