Press release
Power Rental Market Industry Size, Emerging Technologies, Global Trends and Industry Set For Rapid Growth with 9.06 % of CAGR by Forecast 2023
Market Scenario
The power rental is defined as renting of generator sets for the power generation and that runs on gas, diesel, or any other fuel. The growing demand from the construction industries fueling the overall growth in the power rental market. However, stringent government regulations may hamper the growth of the market.
Global power rental market is projected to reach USD 21,765.1 million by 2023, at a CAGR of 9.06% from 2017 to 2023
The power rental is defined as renting of generator sets for the power generation and that runs on gas, diesel, or any other fuel. They are used in various industrial and commercial applications. Shortage of power supply, will ultimately increase in the use of power rental equipment. This will lead to the growth of this market. In India, the demand of electricity has always been more than the supply, which causes problems for many industries. To boost the development of power supply, the government of India has created many corporations such as State Electricity Boards (SEB), NTPC Limited, and NHPC limited. Even after this developments there is shortage of power supply in the country.
Key Players
• Ashtead Group Plc.
• United Rentals, Inc.
• APR Energy
• Aggreko Plc.
• Caterpillar Inc.
• Cummins, Inc.
• , Herc Rentals Inc.
• Speedy Hire Plc.
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Scope of the Report
This study provides an overview of the global power rental market, tracking three market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific, and Rest of the World. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Power rental market as fuel type, application and end-user.
By Fuel Type
• Diesel
• Gas
• Others
By Application
• Base Load
• Stand by Power
• Peak Shaving
By End-User
• Oil & Gas
• Utilities
• Shipping
• Manufacturing
• Mining
• Construction
• Others
Regional Analysis of Global Power Rental Market:
North America region dominates the global power rental market. North America accounted for the largest market share of 31.60% in 2016, with a market value of USD 3,773.9 million. Aging grid infrastructure and natural calamities, which causes frequent power outages and increasing demand industrial sector fuelling the growth of the market in the region. Asia-Pacific was the second-largest market in 2016, valued at USD 2,663.2 million in 2016; it is projected to grow at a CAGR of 8.98% during the forecast period.
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