Global Power Rental Market Surges with Economic Recovery
Global power rental market witnessed a massive spike in demand with the outbreak of COVID-19 has several industries resorted to cost cutting. The benefit of renting equipment versus purchasing and installing it has earned the global power rental market higher profits in short span of time. According to Fairfield Market Research, easy availability of power rental has increased its popularity in regions that have low-grid infrastructure. Furthermore, its affordability is also expected to be a primary key driver. Preliminary findings indicate that renting a 20 KW diesel generator costs USD100-USD150 a day as compared to purchase costs between US$ 2,500-3,000. Thus, as benefits outweigh the cons, analysts anticipate that the global power rental market will see an unprecedented rise between the forecast years of 2021 and 2025.
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Rentals for Diesel-Powered Generators to Remain Popular
The upcoming report suggests that the demand for diesel-powered generators is expected to remain highest between the forecast years of 2021 and 2025. Use of these generators across industries such as mining and manufacturing is expected to fuel their growth. Furthermore, affordability of diesel as fuel is also expected to contribute to market growth in coming years. The American Petroleum Institute states that the demand for diesel will stay strong as global economy begins to improve in the post-pandemic world. The underdeveloped infrastructure for LPG and gas is also responsible for significant attention that diesel-powered generators are expected to receive in the foreseeable future.
Rental Companies to Benefit from Changing Perspectives towards Energy Consumption
The growing efforts to decarbonise by 2050 is expected to generate a high demand for power rentals in the coming five years. Research indicates that the U.S. administration will spend about US$2 trillion to achieve net-zero emissions in the power and utilities segment by 2035. Furthermore, growing inclination towards electrification and EV sales is expected to boost investment in charging ports. Furthermore, technology companies are expected to make their way into the power rental market by investing in battery-related technologies. All of these factors are expected to augment the rental power market during the forecast period.
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Asia Pacific to Dominate Global Power Rental Market as China Takes Charge
Analysts predict that Asia Pacific will lead the global power rental market between 2021 and 2025 as India and China show a huge demand for power with rapid urbanization and industrialization. Growing construction and building activities, manufacturing contracts, and an emerging IT sector are all expected to drive up this demand. Initial findings suggest that power rental demand in Chinese province has crossed that of Germany, indicating a change in consumption patterns.
Some of the key players operating in the global power rental market are APR Energy, Aggreko, Al Faris, Hertz System, Inc., Atlas Copco AB, United Rentals Inc., Caterpillar, Ashtead Group plc, Cummins Inc., Herc Rentals Inc., Newburn Power Rental Ltd., Sudhir Power Ltd., and JASSIM TRANSPORT & STEVEDORING CO. K.S.C.C. The competitive landscape in the global power rental market is oligopolistic in nature. During the forecast years, companies are expected to focus on strategic alliances to increase their footprint.
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