The report, now available on ASDReports, "Power Rental Market by Fuel (Diesel, Gas, Dual Fuel & HFO), Power Rating, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping), Application (Peak Shaving, Base Load, Stand by), by Region - Global Forecasts to 2022", The power rental market is expected to grow from an estimated USD 13.73 Billion in 2017 to a projected USD 20.64 Billion by 2022, at a CAGR of 8.49%, from 2017 to 2022. The significant growth in the global market is driven by increasing power demand, a lack of power infrastructure, and the revamping of old transmission and distribution (T&D) infrastructure.
Utilities: The largest power rental market, by end-user
The power rental market in this report has been classified, based on end-user, into utilities, oil & gas, mining, construction, manufacturing, events, shipping, and others. The utilities segment is expected to account for the largest market size, in terms of value, in 2017. Utilities include power plants that are owned and operated by multiple utility companies or by governments. Utility providers, with the help of distribution lines, deliver energy from power plants to homes and businesses across various countries. Permanent power plants typically require large capital investments. The demand for reliable economic power has led to the need to operate these systems at full capacity and at lower costs, worldwide.
Local grids lack reliable supply, mainly due to a lack of or poor transmission networks in regions such as Africa and Asia-Pacific. Unreliable supply from a local grid or limited access to the main transmission network may prohibit the delivery of electricity required for users to sustain production and operations. In such cases, there is a high demand for generators as users limit their use of traditional power grids. Hence, there is a continuous demand for power rental solutions from power plants to ensure continued power supply. Utility companies use rental generators mainly during peak demand periods.
“The gas generators segment is expected to dominate the power rental market, by fuel type”
The gas generators segment is estimated to be the fastest growing power rental market, by fuel type, in 2017. Gas generators run mainly on natural gas and can be found in different sizes, ranging from portable to industrial. They are more efficient and cleaner than diesel generators, thus, helping reduce greenhouse gas emissions. They are mostly used for light duty applications, such as supplying electricity for residential purposes.
“North America: The leading power rental market”
The North American market is expected to lead the power rental market during the forecast period. There is a huge increase in the demand for electricity in North America and the power sector in the region is facing challenges such as meeting energy efficiency targets and adhering to federal carbon policies. The macroeconomic factors influencing the power rental market in North America include increases in infrastructure development and the demand for power from the utilities, oil & gas, industrial, construction, and mining sectors. The power rental market in North America is competitive with players such as Cummins, Inc., Caterpillar, Inc., and United Rentals, Inc. headquartered in the region.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the power rental market, such as Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Cummins, Inc. (U.S.), United Rentals, Inc. (U.S.), and APR Energy, PLC (U.S.). The leading players are trying to gain footholds in the markets in developing countries and have been adopting various strategies to increase their market shares.
Read more on ASDReports!
Source: ASDReports - Market Research
Date: Aug 2, 2017