The
market stands to achieve revenues worth USD 21,765.1 million by 2023 while
expanding at a CAGR of 9.06% in the duration the forecast period. The power
rental is defined as renting of generator sets for the power generation and
that runs on gas, diesel, or any other fuel. They are used in various
industrial and commercial applications. Shortage of power supply will
ultimately increase in the use of power rental equipment. This will lead to the
growth of this market. In India, the demand of electricity has always been more
than the supply, which causes problems for many industries.
The increasing levels of industrial and commercial activities have
spurred the expansion of the power rental market favourably. The shortage in
power supply to complete certain operations is expected to motivate the market
for power rentals increasingly in the coming years. Furthermore, the expansion
of the construction, oil and gas sector is expected to create favourable
prospects for market growth in the forecast period.
Segmental Analysis
The segmentation of the power rental market is carried out on the basis
of fuel type, application, end user and region.
On the basis of fuel type, the power rental market is carried out on the
basis of gas, diesel, and others.
On the basis of application, the power rental market is segmented into
stand by power, baseload, and peak shaving.
On the basis of the end user, the
power rental market is segmented into utilities, oil & gas, manufacturing,
mining, shipping, construction, and others.
The regions influencing the power rental market are Asia Pacific, Europe,
North America and the rest of the world.
Detailed Regional Analysis
The regions considered in the analysis of the power rental market are
Asia Pacific, Europe, North America and the rest of the world.
The North American region is leading the power rental market globally.
The North American region is in control of the major market portion with a
market value of USD 3,773.9 million in 2016 alone. The aging grid
infrastructure and natural disasters, which cause recurrent power outages and
the growing demand industrial sector are boosting the growth of the power
rental market in the region.
The AsiaPacific region was the next biggest market in 2016, assessed at
USD 2,663.2 million in 2016, and is anticipated to develop at a CAGR of 8.98%
throughout the forecast period.
Competitive Analysis
The significant companies in the power rental market globally are
Caterpillar Inc. (U.S.), Aggreko Plc. (U.K.), Cummins, Inc. (U.S.), Speedy Hire
Plc. (U.K.), BredenoordExploitatiemij B.V. (The Netherlands), Ashtead Group
Plc. (U.K.), Herc Rentals Inc. (U.S.), United Rentals, Inc. (U.S.), APR Energy
(U.S.), L.M. Generating Power Co. Ltd. Ltd (Canada) and others.
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