Global Market Insights, LLC’s latest research report on ‘Power Rental Market‘ features a comprehensive outlook pertaining to market valuations, market share, profit estimations, and the geographical spectrum of this business. The report precisely describes key obstacles and opportunities for growth, while drawing out competitive standing of market majors, including their portfolio and growth strategies.
Global Power Rental Market size is anticipated to witness robust growth owing to growing electricity demand subject to frequent power outages and grid failure. According to a report by the Department of Energy (DOE), the U.S. electric grid loses 285% more power than in 1984. The number of power outages have risen from 76 in 2007 to 307 in 2011.
Growing investments towards infrastructure development will subsequently drive the global power rental market size during the forecast timeframe. Demand for the reliable and cheap electricity across the construction site will attract the demand for generators. In Aug 2015, Majid Al Futtaim group based in Dubai announced plans to invest USD8.17 billion over the next 10 years.
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Increasing exploration and production of crude oil in deep and ultra-deep sea beds will influence the industry size across the globe. These events are taking place across the off grid remote areas which is substantially raising the demand for power rental market. In 2014, Aggreko had provided critical electricity generation systems for projects operating isolated parts of the African continent.
Stringent regulations tied with rising environmental awareness may hinder the global power rental market growth. Accelerating pressure to use eco-friendly technologies to produce power and limited differentiation of product are raising concerns for diesel generators which will hamper the business outlook.
In terms of fuel type the global power rental market is segmented into diesel and gas generators. Diesel generators will witness significant growth due to longer life span, easy availability, and higher energy density of fuel. Gas based generators industry size will witness substantial growth due to adoption of clean technologies.
Oil & gas, construction, utilities, mining, manufacture and shipping are some of the segments of the global power rental market based on end-users. Oil & gas holds the dominating share owing to limited grid connectivity to meet electricity requirements across oil & gas fields. Construction has a substantial growth subjected to ongoing industrialization and urbanization around the globe. Shipping has a significant growth due to requirement of electricity on dockyards for various tasks.
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The U.S. power rental market is anticipated to witness extensive growth during the forecast period subject to aging infrastructure leading to frequent blackouts. Increasing demand for reliable power across the country will positively impact the industry outlook.
Africa power rental market will witness a significant growth from 2016 to 2024. Huge mismatch in demand and supply of electricity leading to power crises and frequent blackout. In 2014, more than 500 million Sub-Saharan population does not have access to off-grid electricity this will augment the demand for off grid electricity generating equipment.
China power rental market is going to witness substantial growth owing to high demand from construction fueling revenue over the forecast period. In 2013, 3.86 million residents in rural areas have no access to electric power supply and over past three decades the government has been framing various policies to improve the situation of electricity. This will further augment the growth of industry.
Notable players operating in the power rental market includes GE Energy Rentals, Taqa Arabia, Caterpillar, Aggreko, APR Energy, Symbion, Atlas Copco, Neptune Plant Hire, Energyst, Himoinsa, United Rentals, APR Energy, Altaaqa Global, Bryne Equipment Rental, Mantrac, Kohler Power, Cummins, Powerhouse, Sewatama, Shoreline, Ashtead.