Jun 26, 2020 (Market Insight Reports) -- Selbyville, Delaware – Frequent power outages and the rise in industrialization across the globe have supported the demand for a constant flow of energy, influencing power rental market forecast over the last few years. In emerging countries, there has been an evident economic improvement among people due to the establishment of foreign commercial offices, factory outlets as well as the growing importance of regional industrial development.
Reliability, fuel-saving, and extra power are some of the main factors supporting the demand for the power rentals over the years. The industry has myriad applications in various crucial industries such as marine, telecom, healthcare, electric utilities, and data centers all of which require a continuous flow of energy. The oil and gas as well as the mining industry have portrayed an extensive demand for continuous flow of power especially during peak hours by large-scale industries.
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Mines and quarries rely on reliable power to ensure working at peak capacity and to avoid any dangerous and expensive outages. Since the mining operations usually take place in remote and off-grid areas, any interruption to the power supply can lead to adverse consequences. Unexpected blackouts may also endanger the mine workers, fueling power rental market trends.
The current COVID-19 pandemic has adversely affected businesses across the globe. Several industries such as construction and manufacturing have largely been impacted due to the restrictions in the movement of people as well as the supply of raw materials. With a reduction in the number of people working on-site as well as limited energy, requirements have affected the demand for power rentals.
UAE has emerged as a profitable revenue terrain in power rental industry over the years due to the steps undertaken by the government to ensure energy efficiency as well the use of advanced techniques to reduce carbon emission will magnify the market size. The adoption of on-site gensets in remote areas to power technologically advanced drilling equipment will help the regional market.
Growing awareness among the consumers towards the need for an uninterrupted supply of power and the lack of transmission network has expanded the >750 kVA power rental industry share. Extensive use in large scale industries like healthcare, mining, and oil and gas has outlined the market scenario. Moreover, the companies are also offering beneficial rental schemes to the customers that will supplement the demand for power renting solutions.
Some of the prominent power rental companies worldwide include Ashtead, Cummins, United Rentals, Atlas Copco, Perfect Hiring, Sudhir Power, and Bredenoord, among various others. Increasing refurbishment of prevailing industrial infrastructure along with the advancements in manufacturing facilities has supported the adoption of power rentals. The consumers resort to renting the equipment for a short period of time instead of purchasing due to low initial cost and superior efficiency.
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