The global Power Rental Market is estimated to be valued at US$9.8 billion in 2023and is expected
to exhibit a CAGR of 5.6% over the
forecast period, according to a new report published by Coherent Market
Insights.
Market Overview:
The Power Rental market offers temporary power solutions to various industries
and sectors. These solutions are particularly useful during power outages,
planned shutdowns, or remote location projects. Power rental services provide
flexibility, reliability, and cost-effectiveness to businesses, allowing them
to ensure uninterrupted operations. The rising need for temporary power
solutions in construction, oil & gas, events, manufacturing, and mining
industries is driving the growth of the Power Rental market.
Market Key Trends:
One key trend in the Power Rental market is the increasing adoption of clean energy
sources. With growing concerns about environmental pollution and the need to
reduce carbon emissions, there is a rising demand for power rental solutions
that utilize renewable energy sources such as solar and wind power. This trend
is driven by government initiatives and regulations promoting clean energy and
sustainable practices. Power rental companies are investing in clean energy
technologies to meet the demand for eco-friendly power solutions and to stay
competitive in the market.
Porter’s Analysis:
The Power
Rental Market Size is expected to witness a high growth rate,
exhibiting a Compound Annual Growth Rate (CAGR) of 5.6% over the forecast
period from 2023 to 2030. The market size is projected to reach USD 9.8 billion
in 2022. This analysis will examine the key factors influencing the market
using Porter's Five Forces framework.
Threat of New Entrants: The threat of new entrants in the power rental market
is low. This is primarily due to high barriers to entry, including significant
capital investment required for infrastructure and equipment. Established
players like Aggreko PLC, United Rentals, Inc., and APR Energy, PLC have strong
brand reputation and customer base, making it challenging for new entrants to
gain market share.
Bargaining Power of Buyers: The bargaining power of buyers in the power rental
market is moderate. While there are several suppliers in the market, buyers
have options to choose from. However, the availability of reliable and
high-quality power rental equipment may limit the negotiation power of buyers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the power
rental market is low. There are several key players operating in the market,
providing buyers with multiple options and reducing the dependency on a single
supplier. Additionally, suppliers need to ensure the availability of a wide
range of power rental equipment to meet the diverse needs of customers.
Threat of New Substitutes: The threat of new substitutes in the power rental
market is low. Power rental services play a critical role in providing
temporary power solutions, especially in industries such as construction,
events, and oil & gas, where a reliable power source is essential. There
are limited alternatives that can match the convenience and flexibility offered
by power rental services.
Competitive Rivalry: Competitive rivalry in the power rental market is high.
Several key players, including Aggreko PLC, United Rentals, Inc., and
Caterpillar, Inc., compete for market share. The market is characterized by
intense competition, with players focusing on innovation, expanding their
product portfolios, and improving customer service to gain a competitive edge.
Key Takeaways:
The global power rental market is expected to witness significant growth,
driven by factors such as increasing infrastructure development, growing demand
for reliable power solutions, and the rise in temporary power requirements.
North America is anticipated to be the fastest-growing and dominating region in
the power rental market, primarily due to the increasing demand for temporary
power solutions in construction activities and events.
Key players operating in the power rental market include Aggreko PLC, United
Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz
Equipment Rental Corporation, Generac Power Systems, and Rental Solutions &
Services, LLC. These players have a strong market presence and offer a wide
range of power rental services to cater to the diverse needs of customers. They
are actively investing in research and development activities to introduce
innovative power rental solutions and stay competitive in the market.
Read More: https://www.trendingwebwire.com/global-power-rental-market-is-estimated-to-witness-high-growth/