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 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 favorable prospects for
market growth in the forecast period.
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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.
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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.
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