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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