The global power rental systems market size is expected to reach USD 32.7 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.8% from 2020 to 2027. Increasing demand for UPS, along with rapid industrial development across the world, is the main factor boosting the market growth. Growing instances of variable electricity supply generated by small and medium-scale power grids and partial access to the larger transmission network have catalyzed the demand for power rental systems across the manufacturing and utility industries.
Moreover, there is an increasing requirement for an accessible rental unit that can stun the problems linked with power outages and voltage sags. Furthermore, growing awareness related to the profits of subcontracting power equipment is positively impacting market growth. Power rental systems allow their customers to acquire equipment according to their necessities in a cost-effective way.
Besides, the execution of supportive government initiatives to develop airport networks and metros, along with the construction of shopping malls and hotels, is increasing the demand for power rental systems across countries. Factors such as increasing deployment of renewable sources of energy as an alternative power generation source to decrease the carbon emissions and the adoption of natural gas-based electricity generations are expected to boost the market growth.
Growing grid uncertainty, coupled with power spikes at the time of peak demand, is anticipated to be a main driver for the market. Besides, amplified focus towards a decrease in the peak power consumption in order to cut power cost is likely to enhance the growth of the market.
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The power rental units are used across various industries as there is a higher demand for continuous power application. Major end-user markets for such rental systems were oil and gas, government and utilities, and construction, which altogether accounted for 64.5% share of the global revenue in 2019. Higher dependence on electricity for day to day operation of such industries is a key booster for considerable usage of power rental systems.
Asia Pacific was the largest regional market for power rental systems in 2019, accounting for 35.5% share of the global revenue. This is attributed to the presence of the construction and oil and gas industries.
Power Rental Systems Market Report Highlights
• The government and utility segment led the market and held a share of 25.4% in 2019
• Asia Pacific is projected to grow at a significant rate throughout the forecast period. China is expected to account for the maximum share in the Asia Pacific market
• The continuous power application segment dominated the market and accounted for 46.1% share of the total revenue in 2019.
• North America is likely to witness significant growth during the projected period.
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Power Rental Systems Market Segmentation
Grand View Research has segmented the global power rental systems market on the basis of end-user, application, and region:
Power Rental Systems End-user Outlook (Revenue, USD Million, 2016 - 2027)
• Government & Utilities
• Oil & Gas
• Event Management
Power Rental Systems Application Outlook (Revenue, USD Million, 2016 - 2027)
• Peak Shaving
• Continuous Power
• Standby Power
Power Rental Systems Regional Outlook (Revenue, USD Million, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
List of Key Players of Power Rental Systems Market
• Herc Rentals Inc.
• APR Energy
• United Rentals, Inc.
• Cummins Inc.
• Ashtead Group plc
• Atlas Copco AB
• Al Faris
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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