The power rental market share is poised to grow rapidly with the increasing number of mega projects being undertaken across various locations in the world. End-user industries such as mining, marine, electric utilities, and manufacturing are expected to seek power rental capacities as economies come out of their COVID-19 induced slumber.
Favorable renting schemes and prevailing challenges in transportation of the entire equipment setup will reinforce the deployment of power rental units. With the demand for continuous electric supply soaring, deployment and leasing of backup power units are expected to surge.
Moreover, frequent outages, along with natural disasters, has signified the position of power rentals globally. According to a new Global Market Insights, Inc., study, the power rental market size will surpass a valuation of USD 16 billion by 2027.
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Ambitious government policies focusing on expanding metro and airport networks in emerging economies will boost the market dynamics through the analysis period.
Some of the trends and dynamics that will be pronounced in the coming years are highlighted below:
- Oil and gas sector to exhibit profound demand
Stakeholders are likely to explore opportunities in the oil and gas sector following the demand for electricity across downstream, upstream and midstream sectors. Notably, partial grid connectivity will fuel the demand for power rental units. Initiation of oil & gas exploration projects and infrastructural investments will prompt end-users to seek power rental units.
Given that oil and gas fields need reliable and consistent power solutions to work seamlessly, demand for power rental units will soar in the ensuing period. Large oil and gas companies will rely on gas and diesel generators for offshore drilling, pumping and deep earth.
- Prime power rental units to witness increased traction
The trend for power rental units in the prime application will be noticeable with increasing applications across off-grid and remote areas that have limited or zero access to electricity. According to the IEA, around 770 million people had no access to electricity in 2019. Besides, the African population without access to electricity was projected to increase in 2020. Rising electricity demand in both developing and underdeveloped regions will stimulate the demand for prime power rental units.
- Germany to provide lucrative opportunities
With shifting government focus on energy efficiency, environmental compliances and cost reduction, Germany is likely to provide revenue-boosting opportunities. The failure of the electricity grid to withstand increased power demand has solidified the position of power rental suppliers. Prominently, the occurrence of storms such as Storm Ciara in 2020 prompted end-users in Germany to seek rental solutions.
Besides, the growing tourism industry in Germany will further encourage companies to invest in power rental units. Germany power rental market revenue share accounted for more than 14% in 2020 and will witness an appreciable by 2027.
- Booming mining activities across Australia
Expanding mining activities in Australia would be giving a sizable revenue boost to the global power rental market. According to the Australian Bureau of Statistics, the mining industry in Australia contributed around 10.4% share to its economy. Moreover, drilling activities have also surged across the region, driving the growth of power rental market value.
Technological advancements and rigorous statutory rules will further create opportunities in the landscape. Some of the leading companies in the industry are Cummins, Atlas Copco, United Rentals, Caterpillar and Aggreko.
Bullish adoption of oil and gas exploration projects has enabled power rental companies to integrate the equipment with sensors and AI. These advanced technologies are likely to be frontrunners to automatically detect faulty operations in rental units.
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