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 size 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.
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.
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Leading 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).
Industry Segmentation
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.
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Regional Outlook
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.
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.
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.
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