The Latest Power Rental Industry Statistics Explained
The global power rental market size was valued at $13.96 billion in 2019.
The statistic indicates that the global power rental market, which involves the temporary rental of power equipment such as generators, was estimated to be worth $13.96 billion in the year 2019. This market size figure reflects the total monetary value of power rental services provided worldwide during that year. The size of the market suggests that there is a significant demand for temporary power solutions, likely due to various factors such as power outages, emergency situations, events, or temporary projects requiring additional power supply. The value of the market also indicates the economic significance of the power rental industry and highlights the substantial business opportunities present in this sector.
The global power rental market is expected to grow at a CAGR of 7.6% from 2020 to 2027.
This statistic indicates that the global power rental market is projected to experience a Compound Annual Growth Rate (CAGR) of 7.6% from the year 2020 to 2027. A CAGR of 7.6% suggests a steady and consistent growth rate over the specified period. This growth rate highlights an increasing demand for power rental services worldwide, likely driven by factors such as economic development, industrial expansion, infrastructure projects, and the need for reliable and temporary power solutions. The projection implies opportunities for companies operating in the power rental market to expand their businesses and cater to the rising demand for rental power equipment and services in various sectors and regions.
North America is expected to continue dominating the power rental market during the forecast period.
The statistic ‘North America is expected to continue dominating the power rental market during the forecast period’ suggests that North America is anticipated to maintain a significant share of the power rental market in the coming years. This projection implies that factors such as a strong economy, industrial growth, infrastructure development, and an increase in temporary power needs are likely to fuel the demand for rental power solutions in North America. Additionally, it indicates that the region’s market dynamics, regulatory environment, technological advancements, and competitive landscape may favor its continued dominance in the power rental sector compared to other regions. Overall, this statistic highlights North America as a key player in the power rental market with potential for sustained growth and market leadership in the foreseeable future.
Diesel generators held over 65% of the global rentals market share in 2020.
The statistic indicates that diesel generators accounted for more than 65% of the market share for generator rentals on a global scale in 2020. This suggests that diesel generators were the preferred choice for businesses and individuals seeking temporary power solutions during that time period. The high market share for diesel generators could be attributed to factors such as their reliability, efficiency, and widespread availability. Additionally, it may reflect a lack of significant competition from alternative generator types in the rental market. This statistic is important for stakeholders in the generator industry to understand market trends and make informed decisions regarding product development, marketing strategies, and investment opportunities.
The Middle East is the second-largest market for power rental, due to the frequent power cuts and an increasing number of events requiring temporary power.
The statistic suggests that the Middle East holds the title of being the second-largest market for power rental services, primarily attributed to the region’s prevalent issue of power cuts and the growing demand for temporary power solutions for various events. This indicates a high demand for rental power equipment and services in the Middle East to address the recurring power supply disruptions and cater to the needs of events that require reliable temporary power sources. The statistic underscores the significance of the power rental industry in the region, highlighting the opportunities and challenges faced by businesses operating in this sector to meet the escalating demand for temporary power solutions in the Middle East.
Utilities segment is predicted to grow at over 18% by 2027 in the power rental market.
The statistic “Utilities segment is predicted to grow at over 18% by 2027 in the power rental market” indicates a strong forecast for growth within the utilities segment of the power rental market. A growth rate of over 18% suggests a robust and rapid expansion in demand for power rental services specifically within the utilities industry. This growth may be driven by factors such as increasing electricity demand, aging power infrastructure, and the need for reliable power supply during outages or maintenance. The prediction of such substantial growth in this segment highlights a promising opportunity for providers of power rental services to capitalize on the emerging market trends and cater to the evolving needs of utility companies in the coming years.
The global market for power rental systems is projected to reach $21 billion by 2024.
The statistic that the global market for power rental systems is projected to reach $21 billion by 2024 indicates a significant growth forecast in the industry over the next few years. This projection suggests a growing demand for temporary power solutions across various sectors such as construction, events, manufacturing, and emergencies. Factors driving this growth may include increasing infrastructure development projects, growth in industrial activities, and a rise in the frequency of natural disasters requiring immediate power supply solutions. Companies providing power rental systems are likely to benefit from this projected market size expansion as they cater to the evolving needs of businesses and communities in need of reliable power sources on a temporary basis.
The Asia Pacific region’s power rental market is projected to grow at a CAGR of 8.67% during the period 2018-2022.
This statistic indicates that the power rental market in the Asia Pacific region is expected to experience a compound annual growth rate (CAGR) of 8.67% from 2018 to 2022. This suggests a significant growth trend in the market over the specified period, reflecting increasing demand for temporary rental solutions for power generation in the region. Factors such as rapid urbanization, industrial expansion, and infrastructure development are likely driving this growth as businesses and governments seek reliable and flexible power sources for various applications. The projected CAGR of 8.67% signals a robust market performance and presents opportunities for players in the power rental industry to capitalize on this growth potential in the Asia Pacific region.
By 2024, Natural gas and other environmentally friendly power sources are expected to hold more than half of the market share.
The statistic “By 2024, Natural gas and other environmentally friendly power sources are expected to hold more than half of the market share” indicates a significant shift in the energy landscape towards more sustainable and environmentally friendly sources of power generation. This suggests that there is a growing trend towards reducing reliance on traditional fossil fuels in favor of cleaner alternatives to meet energy needs. Natural gas, which is considered a cleaner burning fossil fuel compared to coal and oil, along with other renewable energy sources such as solar, wind, and hydro power, are anticipated to collectively dominate the market share by 2024. This strategic shift not only reflects a commitment towards addressing environmental concerns and reducing carbon emissions but also indicates a potential transformation in energy policies and investments towards a more sustainable future.
About 30% of the power rental capacity was held by Africa in 2016.
The statistic ‘About 30% of the power rental capacity was held by Africa in 2016’ indicates that Africa contributed a significant portion of the overall power rental capacity globally during that year. This suggests that a substantial portion of temporary or supplementary power generation services, likely provided by rental companies to meet the region’s electricity needs, was located in Africa. This statistic can imply varying levels of industrial activity, economic growth, infrastructure development, and energy demand within the continent compared to other regions in 2016. Additionally, it highlights the reliance on temporary power solutions in Africa due to factors like power shortages, infrastructure challenges, or rapid development.
Industrial applications account for 25% of power rental market share.
This statistic indicates that within the power rental market, industrial applications make up a significant portion, accounting for 25% of the market share. This suggests that a substantial segment of the demand for power rental services comes from industrial users, such as manufacturing facilities, construction sites, and warehouses. Companies in the industrial sector may require temporary power solutions for various reasons, such as power outages, increased production capacity, or remote project locations. Understanding this breakdown of market share can help power rental providers tailor their services and offerings to better meet the specific needs of industrial customers.
Load Banks segment in the power rental market is expected to reach $278.2 Mn by 2027
The statistic “Load Banks segment in the power rental market is expected to reach $278.2 Mn by 2027” indicates that the market for load banks, which are devices used to test power sources such as generators and batteries, is projected to grow to a value of $278.2 million by the year 2027. This suggests an increasing demand for load banks in the power rental market, which could be driven by factors such as growing energy infrastructure development, increasing use of renewable energy sources, and a focus on ensuring reliable power supply. The forecasted growth in this segment implies potential opportunities for businesses operating in the power rental industry to cater to the need for load banks and related services.
The demand for renewable power generation in the United States is expected to drive a CAGR of 4.16% from 2021 – 2026 in the rental power market.
The statistic indicates that the demand for renewable power generation in the United States is projected to steadily increase at a compound annual growth rate (CAGR) of 4.16% over the period from 2021 to 2026 within the rental power market. This suggests that there is a growing preference for renewable energy sources in the country, leading to an increased need for rental power solutions that utilize renewable technologies. The consistent growth in this market signals a shift towards sustainable energy practices and highlights the importance of renewable power generation in meeting energy demands while minimizing environmental impact.
The Latin American power rental market will expand at over 17.5% CAGR through 2024.
The statistic indicates that the Latin American power rental market is projected to experience a Compound Annual Growth Rate (CAGR) of over 17.5% from the current year until the year 2024. This suggests that the market for temporary power equipment rentals in Latin America is expected to grow rapidly over the specified period. Factors driving this growth may include an increasing demand for reliable power supply solutions in the region, a rise in construction and infrastructure projects requiring temporary power sources, as well as opportunities for power generation during emergencies or planned outages. This statistic highlights substantial growth potential in the Latin American power rental market in the coming years.
References
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