Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The global power rental market size is projected to reach USD 16.70 billion by 2028, exhibiting a CAGR of 7.9% during the forecast period. Increasing investments in renewables will create incredible opportunities for rental power providers, predicts Fortune Business Insights™ in its report, titled "Power Rental Market, 2021-2028". The report states, the global market value stood at USD 8.85 billion in 2020 and USD 9.78 billion in 2021 respectively. Fortune Business Insights presented this information in recently published "Global Power Rental Market Forecast 2021-2028 Report".
Request a Sample Copy of the Research Report: https://www.fortunebusinessinsights.com/enquiry/sample/power-rental-market-100225
What Does the Report Offer?
The report offers an in-depth impact analysis of the COVID-19 outbreak on this market and incorporates a comprehensive understanding of the market drivers and opportunities. Furthermore, a detailed study of all the market segments is also contained in the report, along with a careful examination of the regional prospects and competitive landscape shaping market growth.
The transition towards renewable energy sources is gathering pace across the world, as countries are aggressively weaning themselves off of fossil fuels, primarily coal, to meet their energy needs. As a result, investments in renewable technologies have steadily grown over the past few years. According to the International Renewable Energy Agency (IRENA), solar PV attracted 46% of the total renewable energy investments, while onshore wind pulled 29% of the global renewable investments between 2013 and 2018. Further, the IRENA's latest report also states that the public investment in renewables stood at USD 21 billion in 2018.
While renewables can sufficiently meet the world's demand for clean energy, an inherent drawback in renewables is that they are intermittent. Since energy storage technologies are still in nascent stages of development, complete dependence on renewables is not yet feasible. Therefore, backup power solutions are necessary for uninterrupted power supply to households and industries. Power rental equipment and services can fill this gap as they are easy to access, are cost-effective, and require minimal maintenance.
Shrinking Demand for Power amid the COVID-19 Crisis to Stall Market Growth
The power rental market growth rate declined by 12.9% in 2020, reaching USD 9.78 billion in value in 2021 on account of the tanking demand for energy amid the COVID-19 pandemic. For example, towards the end of March in 2020, power consumption in India fell sharply by 26%, according to the data released by the Power System Operation Corporation, as the Indian government announced a strict countrywide lockdown. The International Energy Agency (IEA) also reported a steep 2.5% drop in the global electricity demand in the first quarter of 2020, driven mainly by tumbling economic activities worldwide. With the second wave of the coronavirus sweeping the globe in 2021, economic activities are likely to remain restricted, further diminishing the demand for electricity and contract the adoption of power rental solutions.
Click here to get the short-term and long-term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/industry-reports/power-rental-market-100225
On the basis of power rating, this market's segments include below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA.
Based on fuel type, the market has been trifurcated into diesel, gas, and others. Here, the diesel segment commanded the market with a share of 81.1% in 2020.
In terms of application, the market is segregated into continuous load, standby load, and peak load. By end-user, this market has been classified into mining, construction, utility, events, manufacturing, oil & gas, and others.
Increasing Mining Activities to Boost Market Growth in the Middle East and Africa
The global power rental market is geographically divided by North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Amongst these regions, The Middle East and Africa had accounted for a notable global power rental market share in the year 2018. Fortune Business Insights predicts that it will remain one of the fastest developing regions during the forecast period. This growth is attributed to the expansion of the oil and gas industry as well as the increasing number of construction activities occurring in the region. Moreover, a rise in the mining activities in Africa, increasing demand for mining and rental power from off-grid gas and oil wells, and unavailability of grid structure are expected to contribute to the power rental market growth in this region during the forthcoming years.
Quick Buy - Power Rental Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100225
With the pressure to switch to renewable sources mounting, leading power companies are rapidly developing and launching rental power equipment designed for renewables. The development of such solutions will enable players to future-proof their products and tighten their hold on the market.
A List of Key Manufacturers Operating in the Global Market:
Have Any Query? Ask Our Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/power-rental-market-100225
Get your Customized Research Report: https://www.fortunebusinessinsights.com/enquiry/customization/power-rental-market-100225
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.