Generator Rental Holds Huge Potential in Decreasing Generator Costs. Asia Pacific to Witness the Highest Growth
- September 25, 2021
- ELECTRONICS & SEMICONDUCTOR, NEWS
- Generator Rental Market, Generator Rental Market news, Generator Rental Market trend
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With increasing access to telecommunications and power consumption is growing, the demand to provide energy in a reliable, environmentally friendly, and efficient way is also growing. The erratic power supply and rising operation costs in developing countries are increasing their need to harness local energy sources. To do this, the right type of generator needs to be identified. With the operation costs also increasing countries are shifting to harnessing renewable sources of energy with the generators. The world generator market is expected to rise significantly in the coming years according to Statista. In a study conducted in Nigeria, energy costs of hybrid generators were evaluated. The optimal LCOE range for the 8-kW load generator was between US$ 0.156/kWh to 0.172/kWh. Percent energy contribution by the generator ranges from 0.03-14.98% and by the solar PV system 39.10-47.20%. operation costs savings on fuels ranged from 41.68-47% for different load schedules and carbon emission savings of 4222 kg to 31,428.36 kg.
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Global warming has made extreme events common and thus the increasing popularity of portable generators. For example, the Atlantic Hurricane season witnessed 30 named storms between June 1, 2020, to November 30, 2020, which is the highest ever recorded. People living in suburban areas often experience power outages, especially after natural events like storms. In these cases, it is important for all home and offices to be equipped with power generators. Apart from power backup, generators are also used in construction sites, camping, tailgating, barbecues, and other events like runs, fairs, parades etc. With their prices coming down, it is becoming easier to rent these generators whenever necessary. Generators can be rented from 1 day to 4 weeks. Portable generator rental in the United States usually costs US$59-$76 for 1 day and US$185-$248 for a week on average.
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The recent covid-19 pandemic in 2019 took the world by a storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this the pandemic has also cost many lives. Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Generator Rental industry also saw a slowdown during the pandemic as the industries were shut and production of affected. According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. As compared to 2019, the global energy demand in 2020 declined by 6% which is a 7 times greater fall than the 2009 financial crisis. From 2015-2019, the mean electricity generation of 16 European countries dropped 9% (25 GW) in April 2020. The decrease in power generation also decreased the number of generator rentals.
For a detailed analysis of the Power Rating in the Generator Rental Market browse through
Based on power rating, the generator rental market is segmented into Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA. Certain rental companies, like Clifford Power, U.S.A., first asks for all details related to the potential loads that will be connected to the generators during rental from the customers. The data includes all amps, voltages, locked rotor kVA and electrical motor power factor. Single – phase circuits – Guide – (Volts X Amps)/1000 = kW; Three- phase circuits – Guide – Volts X Amps X 1.73 X 0.8pf = kW; and Squirrel cage electric motors.
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Based on Fuel Type, the Generator Rental market is segmented into Diesel, Gas, and Others. Amongst fuel type, diesel segment accounted for a market valuation of US$ XX million in 2020. The drawback of diesel sets is the amount of pollution they cause. According to a study, a standard diesel generator of 250 kVA capacity when running at an average of 3 hours per day emits 0.183 kg/day of PM 10, 3.08 kg/day of NOx and 1.50 kg/day of CO.
For a detailed analysis of the Application in the Generator Rental Market browse through
Based on Application, the generator rental market is segmented into Continuous Load, Standby Load, and Peak Load. Continuous generators are mainly used in remote location like mining, construction, oil & gas operations, ships, etc. where the access to grid supply is not present. Other times in cases where it is cheaper to rent a generator than buy electric power from the grid, however this is rare.
For a detailed analysis of the End-User of Charging in the Generator Rental Market browse through
Based on end-user, the generator rental market is segmented into Mining, Construction, Manufacturing, Utility, Events, Oil & Gas, and Others. Amongst end-user, the mining segment of the market was valued at US$ XX million in 2020. Rented generators have become increasingly common in mining uses. Power requirements in mining are high, so renting is the most economical option for mining companies.
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Additionally, the report provides detailed initiatives that are being taken in the field of Generator Rental, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia-Pacific dominated the market in 2020, with XX% share. Caterpillar, Cummins Inc., HIMOINSA, AKSA POWER GENERATION, Aggreko plc., United Rentals, Inc., APR Energy, AGCO Corporation, Herc Rentals Inc., and Ashtead Group plc. Wartsila are some of the prominent players operating in the Generator Rental market. Several M&As along with partnerships have been undertaken by these players to make Generator Rental as cost-effective and as widely available as possible.
Generator Rental Market Segmentation
Market Insight, by Power Rating
- Below 75 kVA
- 75-375 kVA
- 375-750 kVA
- Above 750 kVA
Market Insight, by Fuel Type
Market Insight, by Application
- Continuous Load
- Standby Load
- Peak Load
Market Insight, by End-User
- Oil & Gas
Market Insight, by Region
- North America Generator Rental Market
- United States
- Rest of North America
- Europe Generator Rental Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Generator Rental Market
- Rest of Asia-Pacific
- Rest of World Generator Rental Market
Top Company Profiles
- Cummins Inc.
- AKSA POWER GENERATION
- Aggreko plc.
- United Rentals, Inc.
- APR Energy
- AGCO Corporation
- Herc Rentals Inc.
- Ashtead Group plc. Wartsila