Power Rental Market Size, Share, Growth, Sales Revenue and Key Drivers Analysis Research Report by 2028

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Power Rental Market
Power Rental Market 

Due to the imbalance between the supply and demand for electricity, power rental plants are necessary for the temporary provision of power for industries. Industries need a steady supply of power to prevent financial losses. Therefore, to meet their energy needs, enterprises introduce short-term initiatives like leasing or renting additional power from diesel generators. One of the main factors boosting the expansion of the Power Rental Market internationally is the expanding construction sector.

North America dominated the market for power rentals and is anticipated to grow at a 6.4% CAGR over the forecast period. The key factors driving the development of the power rental industry in this region are the rising demand for electricity and difficulties in the power sector, such as government carbon emission restrictions and reaching energy targets.

India and China, two of the region's growing economies, are anticipated to drive the market for power rentals in the foreseeable future. Furthermore, a lot of rental electricity is needed for the ongoing operation of industries including construction, events, oil and gas, mining, manufacturing, and shipping. These elements have had a significant impact on the expansion of the power renting sector in Asia Pacific.

The global Power Rental Market is anticipated to grow between 2017 and 2025 at a CAGR of 5.8%, according to CMI.

In terms of applications, base load/continuous held the top spot in the power renting industry in 2016, with a market share of almost 43.5%. For a base load or continuous power plant to supply electricity continuously, the least amount of power can be produced. Geothermal, tidal, and coal-fired power plants are a few examples of the other types of continuous power plants.

Due to the strong adoption rate of power rental technologies by businesses, the construction and oil & gas industries kept the top spot in terms of end users in 2016. Due to the cheap, plentiful supply of ethane and shale gas, 294 new chemical projects were initiated in the United States in 2017, according to the American Chemistry Council (ACC).

The primary element propelling the expansion of the worldwide Power Rental Market is the continuously rising demand for oil and gas on a global scale. The International Energy Outlook, 2016 predicts that by 2040, the global energy demand will have increased from 268 mboe/d in 2013 to 399 mboe/d.

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