Power Rental Industry 2019 Growth Analysis, CAGR Status 2023

Posted by Anvi on November 26th, 2019

Power Rental Market – Overview

The increasing level of variance in energy supply globally has motivated the power rental market. Market reports related to the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market stands to achieve revenues worth USD 21,765.1 million by 2023 while expanding at a CAGR of 9.06% in the duration o the forecast period.

The increasing levels of industrial and commercial activities have spurred the expansion of the power rental market favourably. The shortage in power supply to complete certain operations is expected to motivate the market for power rentals increasingly in the coming years. Furthermore, the expansion of the construction, oil and gas sector is expected to create favorable prospects for market growth in the forecast period.

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Segmental Analysis

The segmentation of the power rental market is carried out on the basis of fuel type, application, end user and region.

On the basis of fuel type, the power rental market is carried out on the basis of gas, diesel, and others.

On the basis of application, the power rental market is segmented into stand by power, baseload, and peak shaving.

On the basis of the end user, the power rental market is segmented into utilities, oil & gas, manufacturing, mining, shipping, construction, and others. The regions influencing the power rental market are Asia Pacific, Europe, North America and the rest of the world.

Regional Analysis     

The regions considered in the analysis of the power rental market are Asia Pacific, Europe, North America and the rest of the world. The North American region is leading the power rental market globally. The North American region is in control of the major market portion with a market value of USD 3,773.9 million in 2016 alone. The aging grid infrastructure and natural disasters, which cause recurrent power outages and the growing demand industrial sector are boosting the growth of the power rental market in the region. The AsiaPacific region was the next biggest market in 2016, assessed at USD 2,663.2 million in 2016, and is anticipated to develop at a CAGR of 8.98% throughout the forecast period.

Competitive Analysis

The market competitors find themselves in a promising position with the capacity to handle the pace of change. The contestants are dynamically addressing the challenges to growth and are creating strategies that can have the best overall effect on the market's development. The competitive outlook for the market is projected to diversify extensively in the coming period. The developments in the market are likely to be fuelled by the rise in investments and product inventions. The market influencers are taking an interest in the making of strong value chains that can yield increased profits. The prospects for growth in the market have ample room for growth in the forecast period. The perceived propensity for the market’s growth has improved following the accessibility to positive aspects in the market.

Prominent Players

The significant companies in the power rental market globally are Caterpillar Inc. (U.S.), Aggreko Plc. (U.K.), Cummins, Inc. (U.S.), Speedy Hire Plc. (U.K.), BredenoordExploitatiemij B.V. (The Netherlands), Ashtead Group Plc. (U.K.), Herc Rentals Inc. (U.S.), United Rentals, Inc. (U.S.), APR Energy (U.S.), L.M. Generating Power Co. Ltd. Ltd (Canada) and others.

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