Showing posts with label Power Rental Market. Show all posts
Showing posts with label Power Rental Market. Show all posts

Power Rental Market To Reach USD 15,117 Million by 2030

According to a statement of P&S Intelligence, the total revenue generated by the power rental market was USD 9,702 million in 2022, and it will power at a rate of 5.7% in the years to come, to touch USD 15,117 million by 2030.

Diesel-based generators had the largest share in the industry, because of their quick set-up, requirement for low-space, ease of setting up, and low preliminary investments.

Furthermore, these systems can deliver weather-independent, scalable, and flexible processes. Also, the developments in their engine performance have enhanced their output for the same quantity of fuel burned.

The continuous power category dominated in the recent past. Oil and gas facilities, Industrial sites, and construction and mining sites are the key users of these machines for incessant energy applications. 

Moreover, the capacity of these systems for providing energy at continuous loads for an unlimited time encourages their usage in diverse industries.

The 501–2,500 kW category had the largest share, of about 48%, as these alternatives deliver energy in both the continuous and standby modes. 

Furthermore, they can gratify the necessity for an emergency supply in heavy-duty uses. Developing nations face issues of grid supply a lot more than developed nations, because of the obsolete power plants and distribution infra, leading to unreliable transmission.

North America power rental market lead the pack, and it will continue like this till the end of this decade. This is because of the growing investments in the construction sector. 

As per census.gov, infra spending in October 2022 was projected at a seasonally adjusted annual rate of USD 1,794.9 billion. Moreover, in the initial 10 months of that year, this spending was USD 1,507.8 billion, 10.8% over the USD 1,360.8 billion for the similar span in 2021.

The U.S. leads the industry of North America and it will grow with a rate of 7.2%, because of the strong monetary backing. The rising indecision of the grid supply delivered by small-scale grids, together with the limited access to the indispensable transmission network, has elevated the requirement for rental generators in industries and utilities.

Some of the gases that are used in generators as fuel are hydrogen and natural gas, abundantly available globally, and this is emerging as a trend in the industry. 

Gas-based variants are sought after as pocket-friendly and beneficial for the environment as they emit lower number of emissions and create insignificant noise, also being further reasonably priced than the conventional-fuel-based alternatives.

Due to the enhancements in the industrial sector at a rapid pace, the demand for power rental across the globe will continue to increase even further in the years to come.


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Why Are MEA Countries Deploying Large Number of Rented Power Equipment?

In contemporary times, the demand for power has substantially increased in developing countries, such as Thailand, Brazil, China, Qatar, and India, owing to the rapid industrialization and urbanization in these nations. These countries are witnessing immense technological developments and heavy investment in the construction sector that will lead to higher adoption of rented power equipment. In addition to this, numerous European and North American companies are expanding their presence in these countries to meet the escalating demand for electricity.

To learn more about this report: https://bit.ly/3e6yRcB

Moreover, rising number of obsolete power plants is augmenting the demand for rented power, across the globe. These plants are inefficient in operations and lead to high pollution levels. Governments across the world are legislating several policies to enforce the shutdown of these outdated power plants to curtail environmental pollution. Owing to these factors, the power rental market is expected to accelerate at a CAGR of 10.3% during the forecast period (2018–2023). The market stood at $9,167.6 million in 2017 and it is projected to reach $16,855.5 million by 2023.

The end-user segment of the power rental market is categorized into oil and gas, utilities, construction, industrial, mining, and events. Amongst these, the utilities category held the largest market share in 2017 and it is projected to maintain its leading position throughout the forecast period. This can be ascribed to the renting of power equipment by utility companies for redevelopment or conversion process. With the depleting network of thermal power plants in the world, the adoption of rented power is expected to spur in coming years.

Keeping up with the trend, the MEA power rental market is also expected to exhibit the fastest growth during the forecast period, globally. This can be attributed to the soaring electricity demand from end-use industries in the region, on account of a rising number of events, utility services, and construction activities. Moreover, the market is gaining momentum in the region, due to the rapid infrastructure development and urbanization in countries, such as Saudi Arabia and the U.A.E.

Thus, due to the rising need for power in times of reducing the capacity of thermal power plants and increasing number of outdated plants, the demand for rented power will surge in the coming years.

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