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. Global Power Rental Market Report, by Fuel (Diesel, Gas, and Others), by Applications (Peak Shaving, Base Load/ Continuous, and Stand by), by End-use (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, and Shipping). Global power rental market is expected to register a CAGR of 5.6% over the forecast period (2023-2030) to reach US$ 15.15 Billion by 2030, as highlighted in a new report published by Coherent Market Insights.
The major drivers propelling global growth of this market include increased demand for energy, lack of power infrastructure, and increased awareness about new technologies in the power generation such as mobile- light- tower power generator and sound- proof- diesel power generator. According to the U.S. Energy Information Administration, the global energy consumption between 2012 and 2040 is expected to grow by around 48%. Fossil fuel is estimated to account for more than three-quarters of the world consumption of energy by 2040. Furthermore, natural gas is the fastest-growing fossil fuel source of energy, which is increasing by around 1.9% per year. Increasing consumption of natural gas due to rising supply of shale gas, coal-bed methane, and tight gas are the important factors propelling the growth of global power rental market.
Some of the major factors that affect growth of the global power rental market include stringent regulations regarding emission such as regulations on pricing of carbon emission by Environmental and Climate change Canada, and increased focus towards renewable energy. According to International Energy Outlook, renewable energy is increasing by 2.6% per year.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/power-rental-market-973
Browse 150 market data tables* and 90 figures* on "Power Rental Market” - Global forecast to 2030.
Key Trends and Analysis of Global Power Rental Market:
On the basis of application, base load/continuous segment held a dominant position in the global power rental market in 2022 and was valued US$ 7.63 billion. It is expected to maintain its dominance over the forecast period and is projected to be valued at US$ 8.98 billion by 2030. Furthermore, peak shaving segment is expected to witness a significant growth over the forecast period, as energy storage in peak shaving gives emission- free operations and faster responses.
Key Takeaways of the Market:
- North America led the global power rental market in 2022 and is expected to lead the market throughout the forecast period. North America market was valued at US$ 5.85 billion in 2022 and the region is projected to exhibit a CAGR of 4% in terms of revenue during the forecast period. The shale oil revolution in the region has surged growth in the exploration and development activities, which in turn is allowing North America for major demand in the near future, in turn increasing demand for power rental generators in the oil & gas industry.
- Asia Pacific is the fastest growing market for global power rental market. According to the U.S. Energy Information Administration, International Energy Outlook from 2012 to 2040, non-OECD Asia (Organization for Economic Cooperation and Development), non-OECD Middle East and OECD America are major natural gas producing regions in the world. China increased the production of natural gas by 15.0 trillion cubic feet (Tcf) due to its expansion in the development of shale resources. Natural gas is used as fuel for power generators. Therefore, rising production of natural gas, leads to high demand for the natural gas, which in turn drives the growth of the global power rental market in the Asia Pacific region.
- Some of the major companies in the global power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, Inc., and Rental Solutions & Services, LLC.
