Product Code: RP-ID-10336411 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Energy & Power |
Report ID: 10336411
Market Overview:
Impact Analysis of COVID-19 on U.S. Power Rental Market Outlook 2025
United States (US) Power Rental Market Analysis 2019-2025
Power rental is defined as the renting of power sources equipment such as generators and air compressors to a facility on a temporary basis for supplying energy. This equipment stabilizes the power used in facilities and provide additional energy to industries and support communities. The United States (US) power rental market is anticipated to achieve a CAGR of 5.98% during the forecast period, i.e. 2020-2025. Factors such as the growing demand for power supply across the major end-user industries, including oil & gas, mining, manufacturing, construction, and related industries, growing power cuts on account of aging infrastructures, and limited access to the power supply in the rural areas and remote locations in the U.S. are anticipated to promote the growth of the United States (US) power rental market. Additionally, factors such as the increase in natural calamities in the country in the form of hurricanes that hampers power usage, rise in demand for power, especially from the commercial and industrial sectors in the nation, aging grid infrastructure, and the increasing demand for power rental services from the end user industries, such as construction and oil & gas industry are anticipated to drive the growth of the United States (US) power rental market.
The United States (US) power rental market consists of various segments that are segmented by end use and by region. The end use segment is further divided into oil & gas, construction, telecom, manufacturing, mining industry and others. The manufacturing segment is anticipated to grow at a significant CAGR of around 6% and gain an absolute $ opportunity of around USD 750 million during the forecast period. The manufacturing industry comprises of a significant share of the United States (US) power rental market on account of the rising requirement from the energy-intensive manufacturing and nonenergy-intensive manufacturing sector. The energy-intensive manufacturing industry includes the food sector, pulp & paper sector, primary chemical sector, refining sector, iron & steel sector, nonferrous metal sector, and non-metallic minerals sector. According to the report published by the US Energy Information Administration in 2016, the average annual growth of the energy-intensive manufacturing sector in the United States is 1.1%. The manufacturing industry requires a wide range of impermanent rental equipment that helps to keep the business moving by using accurate matching power controls, temperature controls, dehumidification equipment, energy storage to the manufacturing's fluctuating requirements site, so the consumer only must rent equipment when they want it.
Some of the affluent industry leaders in the United States power rental market are Caterpillar Inc., Cummins Inc., Atlas Copco Group, United Rentals, Inc., APR Energy, Ingersoll-Rand plc, Briggs & Stratton Corporation, Generac Power Systems, Inc. and Yamaha Corporation.
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