Power Rental Market 2019 Comprehensive Research Study, Development Strategy, Growth Insights, Emerging Opportunities and Potential of The Industry Till 2023
Market Research Future (MRFR) has recently published an in-depth report on the global power rental market stating that the market is likely to reach USD 21,7651.1 Mn at a CAGR of 9/06% by the end of the forecast period of 2017-2023. Power rental services refer to renting of generator sets for various applications. Power rental services are attractive as they are cost efficient and allows end users to focus on other key competencies.
The construction industry makes use of power rental services at some stage or the other where reliable power supply is not available. Temporary power services on a construction site are required to drive equipment used for piling, hoisting, and other lifting equipment. Rising construction activities, especially in the emerging economies are driving the growth of the power rental market.
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Power rental system is extensively used across the construction, utilities, oil & gas, and event sectors. They can be easily setup with a quick turnaround time and can be upgraded to continuous power in case of need. Moreover, power rental services are available at flexible contracts which acts as a key growth motivator. Power rental service providers are using various strategies to offer the best services to their customers. Usage of a combination of generators with automatic synchronization is among one of them. However, stringent regulations pertaining to emissions can hamper the growth of the market.
Competitive Landscape
Ashtead Group Plc. (U.K.), Cummins, Inc. (U.S.), Caterpillar Inc. (U.S.), L.M. Generating Power Co. Ltd. Ltd (Canada), Speedy Hire Plc. (U.K.), Bredenoord Exploitatiemij B.V. (The Netherlands), APR Energy (U.S.), United Rentals, Inc. (U.S.), Aggreko Plc. (U.K.), and Herc Rentals Inc. (U.S.) are the notable players in the power rental market.
Global Power Rental Market Segmentation
The global power rental market has been segmented on the basis of application, end-user, and fuel type.
By application, the power rental market has been segmented into the base load, peak shaving, and stand by power.
By end-user, the power rental market has been segmented into construction, manufacturing, mining, oil & gas, shipping, utilities, and others.
By fuel type, the power rental market has been segmented into diesel, gas, and others.
Regional Analysis
Region-wise, the power rental market has been segmented into North America, Rest-of-the-World (RoW), Europe, and Asia Pacific (APAC).
North America is the largest power rental market. Due to aging power infrastructure, power outages have become longstanding problem in the region, which prompts investment in power rental services. In addition, the region being an industrial activity hub, generates substantial demand for rented generators. The presence of various key players in the region also gives it unprecedented leverage over others. The US and Canada are the key country-specific markets in North America.
The APAC power rental market is anticipated to exhibit noteworthy growth over the forecast period. The demand for power rental services is considerably high in the region due to the lack of reliable power grids and poor T&D network in the developing countries of the region. The region is in the midst of industrial revolution which requires constant power supply for the continuity of industrial operations and processes. Thus, industries rely heavily upon power rental services for their activities. The demand-supply gap of electric power also induces demand for power rentals services for residential use. Furthermore, constructional activities, both commercial and residential, are on the rise which too supports the growth of the market.
The Europe power rental market is expanding due to continuous demand being generated from manufacturing, oil & gas, and healthcare sectors in the region. Growth of renewable power generation technologies is also supporting the market growth in the region. Increasing oil exploration activities and accelerated constructional activities also result in heightened demand.
In Row market, the demand for power rental is increasing in the Middle East. Infrastructural projects in UAE, growth in manufacturing and demand from off-grid areas are propelling the growth of the market.
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