The power rental market will witness a healthy growth from 2017 to 2023, a research report suggests. Growing at a CAGR of 9.06%, the market is projected to reach US$21,765.1 million by 2023. Demand for constant power supply is expected to support the market growth along with the increasing demand from the oil and gas industry. As predicted by analysts, strict regulations on the reduction of emissions will negatively affect the market’s performance from 2017 to 2023. During the forecast period, the market will be supported by the growing demand from the mining industry and the growing application areas.
A range of stringent regulations on the other hand will challenge power generation support sector based organizations functioning in the global power rental market. Analysts have split the market into fuel type, application, and end-user segments based on products and services. Power generation support based companies have been profiled. Strict laws and regulations are set to affect the global market during the forecast period 2017 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of power generation support segment based organizations to help new entrants and established businesses. The power generation support sector itself is supported by the increasing spending power of consumers as well as the availability of many untapped opportunities. During the forecast period 2017 to 2023, the power rental market is set to witness a health growth across fuel type, application, and end-user segments as well as regional markets.
The power generation support sector has seen growth across fuel type, application, and end-user segments owing to the increasing preference of consumers and a rise in disposable income. To study the market, analysts have further segmented fuel type, application, and end-user into diesel, gas, and others on the basis of fuel type. The market is further segmented into application sub segment which is split into baseload, stand-by power, and peak shaving. Additionally, the power rental market on the basis of end-user is segmented into construction, manufacturing, mining, oil & gas, shipping, utilities, and others.
The segmental analysis presented in the report provides power generation support field based organizations insights into key growth factors such as the rise in distribution channels as well as challenges such as the lack of investments from major companies the market will face from 2017 to 2023. The increasing mining and oil and gas exploration operations and the growth of communication channels are some of the key factors having an influence on power generation support industry based companies, suggest analysts as per the power rental market report. But the report also identifies the lack of effective communication and an underdeveloped infrastructure as major threats companies in power generation support will face till 2023.
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Power generation support market based companies in the power rental market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. The rising industrialization will be a key growth driver for regional markets. However, the high cost of product and maintenance will turn out to be a threat. For the forecast period 2017 to 2023 each of these regional markets are studied in the report. Starting from North America, the regional market and power generation support vertical based companies are spread across the United States, Canada, and Mexico. The lack of awareness will turn out to be a major challenge from 2017 to 2023.
Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by the surging usage across different industries as well as advancements in technology, suggests the report. Similarly, the power generation support sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the power rental market covers the Middle East and Africa. Forecast based on the report’s findings are presented for the forecast period till 2023.
The global power rental market research report brings a comprehensive study of fuel type, application, and end-user market segments, regional analysis, and power generation support vertical based company details of key players. As the forecast period 2017 to 2023 will bring new opportunities for the market owing to high demand across industry verticals and the rapidly growing population, the market is set to grow at a compound annual growth rate of 9.06% and is predicted to reach a value of US$21,765.1 million by 2023. With SWOT analysis of power generation support sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of demand from developing countries and the shifting preference for cheaper alternatives, companies in the power generation support sector can change the way business is done.
Through the purchase of Compact Power Equipment, Home Depot expanded its tool rental options. The home improvement retailer announced on Thursday that it will pay $265 million for the business that rents and maintains appliances. The agreement strengthens Home Depot's presence in the market for specialist and do-it-yourself equipment leasing. Compact Power Equipment has been a Home Depot partner since 2009, and it now leases equipment to over 1,000 cities. Many clients, including Home Depot, have appliances that the company retains. The cash purchase will be completed in the company's fiscal second year, according to Home Depot.