August 24, 2020
According the recent study titled ‘Power Rental Market Size By Power Rating, By Fuel, By End-Use, By Application, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Forecast LLC, global power rental market is projected to accrue notable returns through 2026.
Lack of sufficient electricity supply in rural areas and growing demand for reliable power supply in the healthcare sector are the major factors driving the global power rental market growth. On the contrary, strict government regulations for diesel-based equipment coupled with rising inclination towards renewable energy sources are impeding the market growth, cites the study.
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For those unfamiliar, power renting offers several benefits over buying it. Power rental units are available in a wide range, enabling customers to select the system as per the business requirements. Renting ensures uninterrupted power supply without a hefty investment in the required infrastructure. Power rentals are the best option for seasonal work and short-term projects. Moreover, access to proper maintenance services, guidance & training, and latest equipment are the major benefits likely to boost the demand for power rentals in the coming years.
In terms of power rating, global power rental market is categorized into > 750 KVA, 375-750 KVA, 75-375 KVA, and < 75 KVA. 375-750 KVA segment is anticipated to gain considerable traction in the upcoming years on account of rising industrialization across the globe.
Based on end-use spectrum, offshore segment is projected to record a y-o-y growth rate of 3% over the estimated timeframe, driven by the demand for renting steam boilers and compact power generator to ensure reliable power source during all offshore activities. Meanwhile, healthcare segment is anticipated to grow exponentially in the coming years, attributable to increasing number of medical facilities worldwide.
Considering the regional outlook, power rental market in Latin America, in particular Brazil, is slated to witness 2% growth by the end of the forecast timeline owing to the surging demand for power renting among various industries, especially oil & gas sector.
North America power rental market will witness modest gains owing to increasing occurrences & intensity of weather-related disasters, along with the growing need to subdue escalating data center outage costs across the region.
Major players in global power rental market are Ingersoll-Rand plc, Shenton Group, Herc Holding Inc., Ashtead Group plc, Wacker Neuson Group, Kohler Co., Generac Holdings Inc., Aggreko plc, Cummins, Inc., United Rentals, Inc., Caterpillar, and Atlas Copco among others.