 |
| Power Rental Market Size |
The global power rental market is estimated to be valued at US$9.8 billion in 2023 and is expected
to exhibit a CAGR of 5.6% over the
forecast period 2023-2030, as highlighted in a new report published by Coherent
Market Insights.
Market Overview:
The power rental market refers to the temporary provision of power supply
through generator sets or other power equipment. It is primarily utilized in
construction sites, events, remote locations, and emergency situations where
grid power is inadequate or unavailable. The advantages of power rental
solutions include flexibility, quick installation, and cost-effectiveness. The
increasing infrastructure development projects worldwide and the need for
reliable power supply in remote areas are driving the growth of the power
rental market.
Market Key Trends:
One key trend in the Power
Rental Market Size is the adoption of clean and sustainable power
solutions. Increasing environmental concerns and regulations are driving the
demand for eco-friendly power rental alternatives such as solar-powered
generators, wind turbines, and hybrid systems. These solutions not only reduce
dependence on fossil fuels but also minimize carbon emissions. Companies in the
power rental market are investing in research and development to offer cleaner
power alternatives, thereby catering to the growing environmental consciousness
among end-users.
Porter’s Analysis
Threat of new entrants: The power rental market is expected to face a low
threat of new entrants due to the high initial investment required to establish
rental equipment and infrastructure. Additionally, existing players have
already established a strong presence in the industry, making it difficult for
new entrants to gain market share.
Bargaining power of buyers: The bargaining power of buyers in the power rental
market is moderate. Buyers have the ability to compare prices and services
offered by different rental companies, which gives them some leverage in
negotiations. However, the limited number of established players in the market
reduces the level of competition among suppliers, giving them some power in
setting prices.
Bargaining power of suppliers: The bargaining power of suppliers in the power
rental market is moderate to high. Suppliers of rental equipment have
significant expertise and experience, making them a valuable resource for
customers. Additionally, the high cost of purchasing and maintaining rental
equipment gives suppliers some power in negotiations. However, the presence of
multiple suppliers in the market helps to balance this power to some extent.
Threat of new substitutes: The threat of new substitutes in the power rental
market is low. Power rental services offer a convenient and cost-effective
solution for temporary power needs, making it difficult for alternative
solutions to compete. While renewable energy sources are an emerging trend in
the market, they do not currently pose a significant threat to the power rental
industry.
Competitive rivalry: The power rental market exhibits a high level of
competitive rivalry. Key players such as Aggreko PLC, United Rentals, Inc., and
APR Energy, PLC are constantly striving to gain a larger market share through
strategies such as product innovation, geographical expansion, and mergers and
acquisitions. This intense competition among players drives innovation and
ensures the availability of a wide range of rental options for customers.
Key Takeaways
The global power rental market is expected to witness high growth, exhibiting a
CAGR of 5.6% over the forecast
period of 2023-2030. This growth can be attributed to increasing demand for
temporary power solutions in various sectors such as construction, oil and gas,
events, and manufacturing. The need for reliable and continuous power supply,
especially in remote locations or during power outages, is driving the demand
for power rental services.
In terms of regional analysis, North America is projected to be the fastest
growing and dominating region in the power rental market. The region's strong
industrial base and infrastructure development, along with the prevalence of
severe weather conditions, contribute to the high demand for power rental
services.
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 rental equipment and services to cater to the diverse needs of
customers.
Overall, the power rental market is set to experience significant growth in the
coming years due to the increasing demand for reliable and temporary power
solutions. Key players in the market are expected to focus on technological
advancements and strategic partnerships to gain a competitive edge in the
market.
Read
More: https://www.trendingwebwire.com/global-power-rental-market-is-estimated-to-witness-high-growth-2/