Global Power Rental Market Scenario
According to the latest report by Market Research
Future (MRFR), the global power rental market is slated to surpass a
substantial market valuation of USD 21,765.1 million at a steady 9.06% CAGR
over the review period.
The most significant factor for the global power
rental market growth is the rising usage of rented generators in various
commercial and industrial applications. Other crucial factors that favour
market growth include a lack of power supply and the rise in the usage of power
rental equipment. furthermore, many countries are focusing on expanding their
infrastructure; heavy investments have been made to boost infrastructural
activities globally. This is also expected to have a positive impact on the
growth of the market in the near future. However, emission regulations for
diesel engines are the influential factor that may hamper the growth of the
market.
Segmental Analysis
The global power rental market has been segmented on
the basis of end-user, application, and fuel type.
The application-based segmentation of this market
has been conducted into the peak shaving, baseload, and stand by power.
Based on end-user, the power rental market has been
segmented into manufacturing, construction, oil & gas, mining, utilities,
shipping, and others.
By fuel type, the power rental market has been
segmented by fuel type, into gas, diesel, and others.
Regional Analysis
on the basis of region, the global power rental market has been segmented into
Asia Pacific, Europe, North America, and the rest of the world (RoW).
North America accounts for the dominant market share
in the global market. The essential factors leading to market growth in this
region include recurrent power outages caused by aging grid infrastructure and
frequent natural calamities. Other significant factors leading to the market
growth are growing demand for rented generators by the industrial sector and
the presence of numerous major market players in this region. the major
countries in the region are US and Canada.
During the assessment period, the Asia Pacific
market is likely to grow at 8.98% CAGR. In this region, factors supporting the
market comprise of the continual growth of developmental and constructional
activities. Another factor favorable for market growth is the rapid rise in the
demand-supply gap of electric power in developing economies like China and
India. Japan is also considered one of the major countries in its region.
Europe, a significant regional market for the global
power rental market. In this region, the market is growing owing to the
established infrastructure, a relatively better amount of power supply, the
presence of major market players, majority areas having the urban infrastructure,
technological advancement, and high level of industrialization in pivotal
countries such as Germany, France, and the UK.
The RoW segment consists of South America and the
Middle East & Africa (MEA). In the MEA region, the market growth is
hindered due to the presence of poor countries, lack of awareness, lack of
advanced facilities, lack of infrastructure, lack of skilled people to assemble
generators, lack of modern equipment required for power generation, and lack of
education. South America is a relatively smaller market because the
availability of advanced technology is less in this region. Argentina and
Brazil are comparatively strong
economies that have the potential to grow as profitable markets in the future.
During the review period, the RoW segment has been projected to grow at 10.98%
CAGR.
Leading Players
The key players of the global power rental market
are Caterpillar Inc. (U.S.), Aggreko Plc. (U.K.), Cummins, Inc. (U.S.), Speedy
Hire Plc. (U.K.), Herc Rentals Inc. (U.S.), Ashtead Group Plc. (U.K.), APR
Energy (U.S.), United Rentals, Inc. (U.S.), L.M. Generating Power Co. Ltd. Ltd
(Canada), Bredenoord Exploitatiemij B.V. (The Netherlands), and others.
Browse Complete Research Report at: https://www.marketresearchfuture.com/reports/power-rental-market-1226
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