Market Overview
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.
According to the research, increasing demand from the utility and industrial sectors is one of the market’s driving forces. A growing number of utilities and industrial sectors are seeing increased need for temporary power supply as a result of the electricity demand-supply mismatch. Despite the fact that governments in many nations are launching new power plants to satisfy the rising demand, gaps continue in the near term due to the fact that building a power plant would take 3-5 years, depending on the capacity, to complete.
Furthermore, delays in the completion of the power plant as a result of a lack of investment would lengthen the building duration. Many industries, on the other hand, require a steady power supply in order to attain maximum operating capacity and minimize financial losses as a result of power outages. Aside from the need to deal with financial losses, the country’s economic development would be unable to continue unless the country’s industrial development is maintained. The effect of this has been that utilities and industry have resorted to the usage of rental power in situations where grid power is unreliable for backup or in instances where grid power is non-existent.
Market Growth
Further, according to the research, one of the market’s challenges is the slow expansion of the oil and gas industry. Previously, greater onshore and offshore oil and gas exploration and production resulted in higher revenue for power rental firms. However, the precipitous drop in global oil and gas prices, which have decreased by over 40% – 50% in the previous two years (201–2016), has eroded the trust of new investors in the business, posing a severe challenge to power rental companies.
The number of active oil and gas drilling rigs serves as a barometer for the oil and gas drilling industry and its suppliers across the world. Between 2014 and 2015, there has been an almost 35% decrease in the number of active drilling rigs. This is a sign of poor demand for the equipment used by the oil and gas sector, as indicated by the low price of the equipment. As a result of decreased oil prices and reduced activity levels, equipment rentals are down, posing a barrier to the expansion of the rental accessories business.
An objective blend of primary and secondary material, as well as inputs from important actors in the industry, was used to conduct the research. An extensive market and vendor landscape, as well as a SWOT analysis of the major vendors, are included in the study..
Power Rental Accessories: What You Should Know.
Peak load demand, base load supply, and backup power are all met through renting electricity. An important element driving the growth of the worldwide power rental accessories market is the requirement to offer uninterrupted electricity. Maintenance of a reserve plant is more expensive than renting power. As a result, the demand for rental electricity has surged as a result of this reason.
In this report, you’ll learn about
According to the report, the worldwide power rental accessories market is expected to develop at a CAGR of 6.5% between 2017 and 2021. The research examines the income produced from the retail sales of haircare products to individual customers as well as salons in order to assess the market size of the haircare industry.
The market is divided into the following segments based on geography:
Americas
APAC EMEA
Technavio’s report, Global Power Rental Accessories Market 2017-2021, has been prepare basis on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Key vendors
Aggreko
Atlas Copco
Caterpillar
Energyst
Sunbelt Rentals
Other prominent vendors
Altaaqa Global
APac Energy Rental
APR Energy
Ashtead Group
BPC Power Rentals
Byrne Equipment Rental
Crestchic
Cummins Power Generation
Herc Rentals
HIMOINSA
Kohler
Red-D-Arc
PT Sumberdaya Sewatama
United Rentals
Market driver
Growing demand from utility and industrial sectors.
For a full, detailed list, view our report
Market challenge
Increasing use of off-grid power systems.
For a full, detailed list, view our report
Market trend
Rising demand from Southeast Asian countries.
For a full, detailed list, view our report
Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the key vendors?
What are the strengths and weaknesses of the key vendors?
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Zion Market Research is an obligated company. We create futuristic, cutting edge, informative reports ranging from industry reports, company reports to country reports.
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In this paragraph, I’m going to discuss a few reasons why practice is important to mastering skills. Firstly, the only way to truly learn a skill is by actually doing what you’ll have to do in the real world. Secondly, I think practice can be a fun way of putting in the necessary hours. There are, however, some people who will disagree. Thirdly, and most importantly, it is said that people tend to remember only 10-20% of what they read or hear. Moreover, that number rises to as much as 90% when you put theory to practice. In conclusion, following up explanation with practice is key to mastering a skill.
