Rising Investment in Oil and Gas Industry To Boost Power Rental Market Growth


Power Rental Market (By Fuel: Diesel and Natural Gas; By Application Type: Continuous Load, Standby Load, Peak Load; By End User: Mining, Construction, Utility, Events, Manufacturing, Oil & Gas, Others) and Geography (North America, Europe, Asia-Pacific, and Rest of the World) Size, Share, Outlook, and Opportunity Analysis, 2023-2030

The global Power Rental Market is estimated to be valued at reach US$ 11.2 billion in 2021 and is expected to exhibit a CAGR of 5.6% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Power Rental is a service sector that offers apparatus, tools, and machinery of all kinds and dimensions starting from earthmoving to motorized accessibility, power production to portable devices for a specific duration of time to end users, initially construction workers however also company and individual users. Power rental methods fulfil the requirements of a vast range of companies by offering backup methods to retain processes going through power backup. The market of global power rental is boosted to increase owing to the requirement for backup power in companies such as oil & gas industry, mining industry, and production.

Competitive Landscape:

Key players involved in the growth of the global Power Rental Market are Pump Power Rental, Jassim Transport & Stevedoring Co. K.S.C.C., APR Energy, Newburn Power Rental Ltd., Global Power Supply, United Rentals, ProPower Rental, FG Wilson, Modern Hiring Service and Shenton Group.

Market Key Drivers:

The rising population tries to fulfil the necessities in varied sectors such as commercial, energy, residential and construction for daily requirements which is expected to augment the growth of the global Power Market. For instance, as per WHO the global population is expected to reach around 8.5 billion by 2030.

Rising investment in oil and gas sector is projected to propel the growth of global Market. For instance, as per IEA, in 2021, oil and gas upstream expenditure was responsible for US$ 384 billion.

Covid-19 Impact Analysis:

The Covid-19 outbreak has adversely affected the growth of the global Power Rental Market due to the restrictions imposed by regulatory. The disruption in supply chain, the closure of manufacturing and production units. The delay in supply of raw materials and transportation is impeded the market growth.

Key Takeaways:

The global Power Market is anticipated to exhibit a CAGR of 8.2 % during the forecast period due to strict regulatory policies and expansion of the market. For Instance, October 2022, United Rentals Inc. declared that it will be escalating its rental fleet in North America with several hydrogen power generators in the upcoming future.

Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the global Power Market due to rising investment in oil and gas industry, increasing investments, rising infrastructure and increasing demand of energy. For instance, the US oil and gas sector invested over US$ 250 million,

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