Global Power Rental Market Scenario
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 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 favor 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.
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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.
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).
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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 favourable 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.
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