Power Rental Market Scenario
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.
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).
Segmental Overview
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 Analysis
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. Other important factors leading to
market growth are increasing demand for rented generators by the industrial sector
and the presence of various key market players in this region. The relevant
country-specific markets in this region are the USA and Canada.
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. Another factor supporting market growth is the rapid increase in
the demand-supply gap of electric power in emerging economies like China and
India. Another critical country-specific market in this region is Japan,
followed by remaining countries of the Asia Pacific region.
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. Pivotal country-specific
markets in this region are France, Germany, Spain, and the UK.
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. South
America is a smaller market because the availability of advanced technology is
less in this region. Argentina and Brazil are two strong economies that have
the potential to rise as lucrative markets in the future. During the forecast
period, the RoW segment has been projected to grow at 10.98% CAGR.
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