Pune, India, Sept. 17, 2018 (GLOBE NEWSWIRE) -- The Power Rental Market size is estimated to reach USD 21,765.1 million by 2023, as per the latest report by Market Research Future (MRFR). The paucity of energy in developing economies is expected to drive market growth during the forecast period (2017-2023). Infrastructural projects in these economies combined with initiatives by nations to design smart cities is likely to create the need for power rental equipment. The market is projected to exhibit a 9.06% CAGR over the forecast period owing to the construction sector.
Power Rental Market Overview and Scope
The energy crunch worldwide has led to measures and policies among industries to conserve energy. Power rental companies offer generators or other power sources which run on diesel, gas, or other fuels. The demand for power in developing economies such as India and China owing to the boom experienced in sectors such as automotive and manufacturing is likely to create a rush for power rental equipment. Power equipment other than generators leased to companies include fuel tanks and transformers.
Key Players Competition Tracking
Key market players include United Rentals, Inc., Aggreko Plc., L.M. Generating Power Co. Ltd., Ashtead Group Plc., Caterpillar Inc., Cummins, Inc., APR Energy, Bredenoord Exploitatiemij B.V., Speedy Hire Plc., Herc Rentals Inc., and others. Investments, mergers & acquisitions, expansions, and new product developments are strategies deployed by these players to gain a larger share of the market. For instance, Ashtead has maintained its dominance in the U.S. through its acquisition of Sunbelt Rentals. It can achieve continuous growth through acquisitions.
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Industry News
Collaborations are on the rise with Energyst partnering with Caterpillar to develop power generators. The innovative designs of these power equipment can save nearly 50% space and cost savings for companies renting the equipment. The offshore rigs can use diesel generators to save on fuel costs and produce low noise, prompting high adoption.
Market Segmentation
The Power Rental Market is segmented on the basis of fuel type, application, and end-user.
By fuel type, the market is segmented into diesel, gas, and others. The gas segment is estimated to grow the fastest over the forecast period. This can be credited to the lowest amount of pollutants emitted by these generators over their counterparts. Furthermore, its availability in different sizes will bode well for segmental growth till 2023.
Major market applications include peak shaving, stand by power, and base load. The stand by power segment is anticipated to grow at a rapid clip owing to the device acting as a backup source of power. The ability of these devices to run on liquid propane gas, diesel, and natural gas is expected to net the segment high dividends by the end of the forecast period. This type of equipment is used across schools, office buildings, and hospitals.
The market caters to end-users such as construction, mining, manufacturing, utilities, shipping, oil & gas, and others. The oil & gas segment is expected to be the biggest revenue generator for the market due to the need for backup or temporary power sources in offshore and remote areas.
Browse the market data and information spread across 123 pages with data tables and figures of the report “Power Rental Market Report - Forecast 2017-2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/power-rental-market-1226
Regional Analysis
Geographies covered include North America, Asia Pacific, Europe, and Rest-of-the-World (RoW).
The North America region is projected to dominate the power rental market till the end of the forecast period. Its value stood at USD 3,773.9 million in 2016. The presence of frequent calamities coupled with legacy grid infrastructure is likely to spur the demand for temporary power rentals. Occurrence of power outages and demand from the industrial sector can augur market demand.
The Asia Pacific region accounted for USD 2,663.2 million in value in 2016. It is projected to exhibit an 8.98% CAGR during the forecast period owing to the power demand-supply gap and continuous development activities worldwide.
The Europe region is driven by the increase in power consumption and legacy power plants in the region. Developments of new stadiums and rapid urbanization is expected to fuel the regional power rental market. The RoW market is expected to showcase a 10.98% CAGR over the forecast period.
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