Power Rental MarketSize and Trends

Global power rental market is expected to grow from USD 9.8 Billion in 2022 to USD 15.15 Billion by 2030, exhibiting a CAGR of 5.6% during the forecast period 2023-2030. Rapid expansion of industrial sector along with the surging demand for uninterrupted and reliable power supply is expected to drive the growth for the global power rental market.

Power rental Market delivers functioning power equipment along with various scalable components, which are installed in power stations In addition, it offers reliability, flexibility, speed and cost-effectiveness to businesses for coping with brief shortages of power. The power rental services are aimed to stabilize utility power grids and provide additional energy to industries and support communities. Thus, it finds extensive application across the construction, mining and oil & gas industries.

Global Power Rental Market: Regional Insights:

North America led the global power rental market in 2022 and is expected to witness a CAGR of 6.4% during the forecast period. Increasing demand for electricity and challenges in power sector such as federal carbon policies on carbon emission and meeting energy targets are the main reasons for development of global power rental market in this region. The emerging economies in Asia Pacific such as India and China are expected to propel the growth of power rental market in the region, in near future. Furthermore, industries such as construction, event, oil and gas, mining, manufacturing, and shipping have high requirement of rental electricity for continuous operation. These factors are highly responsible for growth of the power rental market in Asia Pacific.

Global Power Rental Market- Trends:

The market potential is expected to expand by more investment in R&D(Research and development) and by technology partnerships among key players in the market. Market players are focusing on mergers, partnerships, expansions, and acquisitions to maintain their position in the market. The big players in Global power rental market are convincing people to use their products to meet the needs of a large population and to achieve their goal of making energy accessible. The competitors in this field are expanding their transmission and distribution networks to fulfill this mission. More R&D(Research and development) spending is expected in the near future, as companies are focusing on restructuring and building successful outcomes in this field. It is also expected that adopting some efficient development measures and environmentally friendly technologies will open up opportunities for many market players.