Power Rental Market Size To Expand at a Notable CAGR Of 9.06% During 2017 - 2023

Pune, India, February,2019/MRFR Press Release/- Market Research Future has published a half-cooked research report on the 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. 

Observing the market structure, this report evaluates the future growth potential of the market. It inspects the strategies of the key players in the market and reflects the competitive developments like joint ventures, mergers & acquisitions, new product developments, research and developments (R&D) in the market. This report also encompasses insights on the major countries/regions in which this industry is flourishing. It features the list and description of untapped regions which could be the potential markets in the future.

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.

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 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. Other important factors leading to market growth are increasing demand for rented generators by the industrial sector and the presence of various key market players in this region. The relevant country-specific markets in this region are the USA and Canada.

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. Another factor supporting market growth is the rapid increase in the demand-supply gap of electric power in emerging economies like China and India. Another critical country-specific market in this region is Japan, followed by remaining countries of the Asia Pacific region.

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. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future. During the forecast period, the RoW segment has been projected to grow at 10.98% CAGR.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/power-rental-market-1226

Key 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).

Latest Industry News

• Altaaqa Global Caterpillar Rental Power, temporary power services specialist, will now, be known as Altaaqa Global Energy Services. They are set to venture into various activities beyond the power rental business. 3 FEB 2019


• Leading Australian equipment hire leader Kennards Hire has acquired the specialist temporary power rental company Power Distribution Rentals (PDR). 25 OCT 2018