Global Power
Rental Market Overview:
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.
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.
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Leading 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).
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.
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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. 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.
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