Europe Power Rental Market size is anticipated to register over 3% growth rate between 2021 and 2027 driven by rising need for continuous and reliable power supply coupled with increasing investments being directed towards infrastructural development. Frequent power outages due to unstable power supply driven by natural calamities and ageing grid infrastructure will propel the market growth.
The sudden outspread of COVID- 19 has severely impacted the European economy following complete standstill of various economic verticals and lacking production processes. However, government initiatives including financial relief packages to revive the economy post COVID-19 will positively impact the market revenue. Moreover, initiation of new construction projects along with reopening of industries following the pent-up demand will encourage the market expansion.
Europe Market, By Fuel
Gas fuel segment will witness rapid growth through 2027 owing to rising environmental awareness among individuals along with strict government regulations focused on emission reduction. Surging electricity demand following the boom in IT sector and robust expansion of data centers will fuel the market demand. Moreover, rising investments toward the development of green alternatives and the advancements in hybrid technologies will further augment the market share.
Europe Market, By Application
Standby application segment is set to grow substantially till 2027 on account of the unit’s ability to offer electricity supply in event of electric outage thus avoiding huge reputational, financial and product losses. Improved development of supply chain networks and strong distribution channels will further intensify the availability to these systems thereby facilitating ease in large-scale unit arrangement. The ability to cater to wider applications areas including office buildings, schools and hospitals amongst others will further propel the power rental units.
Europe Market, By Country
UK market for power rental is poised to dominate revenue share during the forecast period, attributed to the rising number of blackouts coupled with aging power grid infrastructure. Weather related disasters across UK most notably Storm Darcy and similar natural disasters has forced people to opt for emergency power backup solutions. Increased adoption of mega construction projects along with flourishing commercial sector driven by rising project funding will boost the industry growth.
Competitive Industry Landscape
Key players operating in the Europe market include Caterpillar, Aggreko, Kohler, Atlas Copco, Cummins, Wagner, Wartsila, and Generac amongst others.
Companies are focusing on product development and expansion of their rental schemes portfolio in order to acquire a substantial market share. Key strategies adopted by major companies include backward integration and realization of the economies of scale with an aim to maintain a strong foothold across the rental business.