Power Generation Rental Market: Existing Gap between Power Demand and Supply to Fuel Demand in Underdeveloped Countries
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TMR pegged the global power generation rental market at US$4,131.28 mn in 2016. Exhibiting a CAGR of 6.27% between 2017 and 2025, the market is expected to reach US$7,087.40 mn by the end of 2025. Regionally, the Middle East and Africa held dominance in the global market. Besides this, the market is expected witness lucrative prospects in Asia Pacific. The rising demand from emerging nations in Africa is aiding the market’s expansion in the Middle East and Africa. According to TMR, the Middle East and Africa held nearly 30.51% of the global market in 2017.
Rising Demand for Electricity, Coupled with Increasing Power Outages, Fuels Demand
The rising demand for electricity, coupled with power outages, which is a common problem witnessed in underdeveloped and developing nations will boost the global power generation rental market. The existing gap between the power demand and power supply creates lucrative prospects for the power generation rental market. The void between the demand for power and the rate at which investment is received in novel power generation capacities or replacement of the existing infrastructure has resulted in frequent power outages especially in underdeveloped countries. Such capital constraints often delay the installation of new capacities, which in turn fuels the demand for power generation rentals. Also aging infrastructure has accelerated the pace of gains for the power generation rental market.
It is important to note that it is likely for consumers in developing or underdeveloped to opt for renting generators than purchasing them as the former often proves a cheaper source of power. Against this backdrop, the global power generation rental market witnesses high demand especially in emerging economies. Furthermore, the rising awareness about the advantages of outsourcing has made customers more bias toward renting power generation as this would allow them to focus on their core competencies instead of worrying over managing finances for purchasing the machine.
Rising Demand for Natural Gas Generators to Create Lucrative Growth Opportunities
The rentals of natural gas generators is posed to grow considerably in the forthcoming years. This is attributable to the fact that natural gas generators offer seamless, noise free, and clean power compared to their diesel-run counterparts. The diesel generator rental also suffer the problem of wet sacking, in which the unburnt fuel comes back and settles into the exhaust system of a diesel generator as soon as the generator is overloaded. While natural gas generator rentals do not face this issue even when working at loads higher than their optimal levels. Favorable environmental regulations are also supporting growth of the natural gas generators segment. This is expected to help the global power generation maintain a steady pace of growth in the coming years.
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This review is based on a TMR report, titled “Power Generator Rental Market (Generator Rating - Up to 100 KVA, 101- 500 KVA, 501- 1000 KVA, and Above 1000 KVA; Fuel Type- Diesel and Natural Gas; End User - Utilities, Oil & Gas, Mining, Construction, and Events) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”
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