The Power Rental Market is segmented by End-user (Utility, Manufacturing, Construction, Oil and gas, and Others ), Application (Continuous load, Peak load, and Standby load ), and Geography (North America, APAC, Europe, Middle East and Africa, and South America). As per the Global Forecast research report 2023-2027 published by Technavio, the market size is estimated to grow by USD 3402.81 million, at a CAGR of 5.78% during the forecast period. There are several companies that are contributing to the market as per this report. Adoption of hybrid power generators .
The continuous load segment is expected to lead the Power Rental Market, accounting for the largest revenue share. This growth can be attributed to the increasing adoption of advanced power technologies, such as hydrogen-fueled generators, which operate independently of the grid and require uninterrupted power for extended hours. Continuous load generators serve not only as backup power sources but also as primary power solutions, making them indispensable in various industries. Consequently, the continuous load segment is poised to maintain its market dominance throughout the forecast period.
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The Power Rental Market in North America experienced substantial growth in 2022, accounting for a significant share of the global market. The region's economic expansion, marked by the construction of commercial properties such as hotels, shopping malls, and retail outlets, has resulted in a surge in demand for dependable electricity. This increased energy consumption in the commercial and industrial sectors has created a supply-demand imbalance, necessitating the adoption of power rental systems. Furthermore, the demand for temporary power sources at events and fairs is anticipated to fuel market expansion during the forecast period.
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The power rental market is witnessing significant growth due to the increasing demand for continuous power supply, especially during electrification efforts and power outages. Power leasing equipment, including generators and power plants, plays a crucial role in providing temporary power solutions to various sectors such as retail stores, malls, hotels, and manufacturing industries. The Utilities segment is a major consumer of power rental equipment due to the need for uninterrupted power supply. Fuel prices and the shift towards renewable energy sources and renewable fuels are key trends influencing the power rental market. Generator fleets are being upgraded to run on natural gas and other cleaner fuels to reduce emissions and operating costs. Power rental consumption is also on the rise in the transmission and distribution sector, where maintenance and upgrades of distribution lines and transmission infrastructure require temporary power sources. Renewable energy sources and renewable fuels are increasingly being used to power rental generators, making them a more sustainable and cost-effective option for businesses and organizations. In conclusion, the power rental market is expected to continue growing due to the increasing energy demand and the need for reliable power sources, particularly during power outages and electrification efforts. The use of renewable fuels and the upgrading of generator fleets to run on cleaner fuels are key trends driving the market's growth.
The Power Rental Market is a segment of the broader Global Utilities Market, encompassing entities that generate or distribute conventional electricity, encompassing both nuclear and non-nuclear facilities. Technavio determines the size of the Global Utilities Market by aggregating the revenues of companies involved in electricity production and distribution, excluding those specializing in renewable energy sources. Key growth drivers for this market include the ongoing urbanization trend, fueled by population growth, enhanced urban living standards, and the availability of superior infrastructure and facilities in urban locales compared to rural areas. - The Power Rental Market is experiencing significant growth, fueled by the . Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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