The Power Rental Market is a dynamic and essential sector of the energy industry that provides temporary and portable power solutions to meet the diverse needs of businesses, events, construction projects, and regions facing power shortages or outages. This market encompasses the rental of generators, transformers, and related equipment, offering a flexible and reliable source of electricity to ensure uninterrupted operations and address emergency situations, making it a crucial resource for various industries and applications worldwide.
The report “Power Rental Market, By Application (Peak Shaving, Continuous Power, and Standby Power), By End-use (Government, Oil and Gas, Construction, Industrial, Events, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2032”
Key Highlights:
· In June 2022, Cummins Inc. has launched a new 1MW twin pack rental generator, the C1000D6RE, which offers a competitive rental power solution for a diverse range of applications throughout North America. Manufactured by Cummins, a company that has been synonymous with technology, reliability and service since 1919, the new C1000D6RE model will be built in Fridley, Minnesota. The C1000D6RE is a twin pack that combines two 500kW, 15L Cummins generators into a 40ft power unit with after treatment. As a result, the C1000D6RE can give dependable, high output performance and still comply with Tier 4 final emissions standards. The generator is capable of master less load demand and can be utilized in parallel with other rental power options.
· In March 2021, Just dial’s Co-founder, Ramani Iyer, launched his latest venture ‘Spykke’, a smartphone power bank rental service. Spykke presently operates across 8,000 locations in 11 Indian cities, making it the country's largest smartphone power bank rental network. The business is expanding quickly, and it soon hopes to expand its list of cities by a number of additional locations. Its deployments are mostly in areas with heavy pedestrian traffic, including metro stations, movie theatres, cafes, malls, airports, train stations, business parks, hotels, universities, and hospitals.
Analyst View:
The power rental market with optimism, as it continues to demonstrate steady growth driven by increasing demand for reliable and scalable power solutions across various sectors. Factors such as the growing need for backup power during natural disasters and the expansion of construction and industrial activities in emerging economies contribute to its sustained relevance. Furthermore, the industry's transition toward more sustainable and environmentally friendly solutions, including hybrid and renewable energy options, is poised to further boost its prospects. Overall, analysts anticipate a promising future for the power rental market, characterized by innovation and resilience in addressing evolving energy challenges.
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Key Market Insights from the report:
Power Rental Market accounted for US$ 9.8 billion in 2022 and is estimated to be US$ 18.2 billion by 2032 and is anticipated to register a CAGR of 6.0%. Power Rental Market is segmented based on Type, Application and Region.
· Based on Application, Power Rental Market is segmented into Peak Shaving, Continuous Power, and Standby Power.
· Based on End-use, Power Rental Market is segmented into Government, Oil and Gas, Construction, Industrial, Events, and Others.
· By Region, the Power Rental Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Power Rental Market:
The prominent players operating in the Power Rental Market includes, Aggreko PLC., Caterpillar Inc., Ashtead Group PLC., Cummins Inc., Atlas Copco CB, Speedy Hire PLC, Kohler Co., Hertz Corporation, Soenergy International Inc., and Rental Solutions & Services LLC.
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