Power Rental Market – Overview
The increasing level of
variance in energy supply globally has motivated the power rental market. Market
reports related to the energy and power industry have been presented by Market
Research Future which makes reports on other industry verticals that aims to
study the current market scenarios better. 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 o the forecast period.
The increasing levels of
industrial and commercial activities have spurred the expansion of the power
rental market favorably. 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 favorable 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.
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 market competitors find
themselves in a promising position with the capacity to handle the pace of
change. The contestants are dynamically addressing the challenges to growth and
are creating strategies that can have the best overall effect on the market's
development. The competitive outlook for the market is projected to diversify
extensively in the coming period. The developments in the market are likely to
be fuelled by the rise in investments and product inventions. The market
influencers are taking an interest in the making of strong value chains that
can yield increased profits. The prospects for growth in the market have ample
room for growth in the forecast period. The perceived propensity for the
market’s growth has improved following the accessibility to positive aspects in
the market.
Prominent Players
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.
Industry Updates:
Feb
2019 Altaaqa Global
Caterpillar Rental Power, an international supplier of temporary power
services, has of late announced a major rebranding. The company will henceforth
be branded as Altaaqa Global Energy Services. Altaaqa Global Energy Services will
be offering power plants on flexible medium-, short-, and long-term contracts
with customized project financing arrangements, as well as
Build-Operate-Own-Transfer (BOOT). The company will also supply cost-efficient,
modified multi-megawatt power plants including a broader range of power
generation systems, including turbines, reciprocating engines, and hybrid technologies.
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