The power rental is an economic activity where generator sets
are given on rent for the power generation, and that runs on any fuel. Market
Research Future (MRFR) has published a research report about the global power rental market that estimates climb for this
market at 9.06% CAGR (Compound Annual Growth Rate) during the forecast period between
2017 and 2023. By value, the market has been figured to be worth the US $ 21,765.1 mn by the end of the forecast period.
Observing the market structure, this report evaluates the
future growth potential of the market. It inspects the strategies of the key
players in the market and reflects the competitive developments like joint
ventures, mergers & acquisitions, new product developments, research and
developments (R&D) in the market. This report also encompasses insights on
the major countries/regions in which this industry is flourishing. It features the
list and description of untapped regions which could be the potential markets
in the future.
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The most important factor for the global power rental market growth is increasing the use of rented
generators in various industrial and commercial applications. Other factors
that favor market growth include a shortage of power supply and an increase in
the use of power rental equipment.
Industry
Segmentation
The global power rental market has been segmented on the
basis of application, end-user, and fuel type, lastly, regions.
The application-based segmentation segments this market into the
base load, peak shaving, and stand by power.
Based on end-user, the market has been segmented into construction,
manufacturing, mining, oil & gas, shipping, utilities, and others.
By fuel type, the market has been segmented into diesel, gas,
and others.
Regional
Outlook
The regional segmentation of the global power
rental market segments the market into the regional markets namely Asia
Pacific, Europe, North America, and rest of the world (RoW).
North America holds the greatest market share in the global
market. The key factor leading to market growth in this region include frequent
power outages caused by aging grid infrastructure and natural calamities.
During the forecast period, the Asia Pacific market is
expected to grow at 8.98% CAGR. In this region, factors helping the market include
the continued growth of constructional and developmental activities.
Europe another important regional market. Here the market is
growing due to established infrastructure, good amount of power supply, the presence
of major key market players in this region, technological advancement, majority
areas having the urban infrastructure, and high level of industrialization.
The RoW segment covers South America and the Middle East
& Africa (MEA). In the MEA region, the market is limited due to poor
countries, lack of awareness, lack of infrastructure, lack of advanced
facilities, lack of modern equipment required for power generation, lack of
skilled people to assemble generators, and lack of education.
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Key
Players
The key players in the global power rental market include Aggreko
PLC (UK), APR Energy (USA), Ashtead Group PLC (UK), Bredenoord Exploitatiemij
B.V. (The Netherlands), Caterpillar Inc. (USA), Cummins, Inc. (USA), Herc
Rentals Inc. (USA), L.M. Generating Power Co. Ltd. Ltd (Canada), Speedy Hire
Plc. (UK), and United Rentals Inc. (USA).
Latest
Industry News
·
Altaaqa
Global Caterpillar Rental Power, temporary power services specialist, will now,
be known as Altaaqa Global Energy Services. They are set to venture into
various activities beyond the power rental business. 3 FEB 2019
·
Leading
Australian equipment hire leader Kennards Hire has acquired the specialist
temporary power rental company Power Distribution Rentals (PDR). 25 OCT 2018
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