SAN ANTONIO, December 8, 2020 -- A new analysis by Verify Markets shows the North American Power Rental Market was valued at over $1.3 billion in 2020 and is projected to reach almost $2.0 billion by 2027.
“Market participants report 2019 as a very good year for the industry. However, the COVID-19 outbreak had a negative impact on power rental companies’ revenues during the first three quarters of 2020 and will continue affecting the market growth during the short-term of the forecast period. Moreover, lower oil prices and the U.S. presidential election also affected the economic activity during 2020. Oil prices are projected to decline by 32.9 percent over 2019, and the elections discouraged capital spending as investors were uncertain about the future economic policy,” states Senior Consultant for Verify Markets Georgina Carraway.
Nevertheless, weather events such as the recent wildfires in California and an active hurricane season in the Gulf Coast have lessen the impact of the pandemic on the market demand during the second and third quarters of 2020. Additionally, the recent news about the development of a COVID-19 vaccine are expected to have a positive effect on the market during the last quarter of the year. Other factors such as increasing urbanization and construction growth, aging power infrastructure, and recovery of the industrial activities are expected to drive the growth of the power rental market during the forecast period.
The North American Power Rental Market report has been segmented by fuel, application, power output and end user. Main customers include oil & gas, utilities, industrial, commercial, construction, and events. The oil & gas segment has been traditionally one of the main end users of rental generators. However, lower oil & gas prices have affected investment in exploration and extraction, decreasing the share of the oil & gas segment in the power rental industry. This sector represented 17.5 percent of the total market during 2020. The live events sector has been one of the most affected sectors by the COVID-19 pandemic as most large events and parties have been cancelled or delayed. Utilities are expected to be one of the fastest growing end users. Aging power infrastructure is increasing the demand for temporary power from utility companies as they demand rental generators to provide power to their customers during plant and grid service and maintenance. Moreover, as utilities incorporate more renewable energy sources to their generation mix, it is expected that they will demand more power rental to provide grid stability and reliability.
Some of the key companies covered in this report include Aggreko plc., Caterpillar, Inc., United Rentals, Inc., Sunbelt Rentals, Inc., and Herc Rentals, Inc. This report provides an in-depth analysis of the overall North American Power Rental Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecast, technology trends and competitive landscape.
A copy of the North American Power Rental Market research report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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Our research methodology consists of extensive primary interviews with key participants in the industry along with analysis of secondary resources to validate our information. For more information on this report and other research (including custom reports and consulting), contact firstname.lastname@example.org or call +1 210.595.9687.