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Global Power Rental Market Industry Forecast By 2025 With Major Key Players Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, L
Global Power Rental
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Major drivers propelling the growth of power rental market globally include rapidly developing construction industry. According to CMI, the global construction industry is projected to expand at a CAGR of 5.8% from 2017 to 2025.
North America led the power rental market and is expected to witness a CAGR of 6.4% during the forecast period. Increasing demand for electricity and challenges in power sector, such as federal carbon policies on carbon emission and meeting energy targets are the main reasons for development of power rental market in this region. The emerging economies in Asia Pacific such as India and China, are expected to propel the growth of power rental market in the region in near future.
Among applications, base load/continuous segment held the leading position with a market share of around 43.5% in the power rental market in 2016. Base load or continuous power plant takes minimum power generation to provide continuous electricity supply. The other types of continuous power plant are geothermal power plant, tidal power plant, and coal-fired power plant among others.
On the basis of end users, construction and oil & gas industries held the largest position in 2016, owing to high adoption rate of power rental technologies by industries. According to American Chemistry Council (ACC), 294 new chemical projects started in the U.S. in 2017, due to availability of cheap and abundant ethane and shale gas. The ever increasing demand for oil and gas all over the world is the major factor driving the growth of global power rental market.
Major Players in the Global Power Rental Market:
Some of the major players in the power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC.
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Market Dynamics
The major drivers in the growth of power rental market include increased demand for power and lack of power infrastructure. According to the U.S Energy Information Administration, the total world consumption of energy increases from 575 quadrillion Btu (British thermal unit) to 736 quadrillion Btu, with an increase of 28% from 2015 to 2040. Furthermore, many organizations and industries, such as oil & gas, construction, manufacturing, mining, and other industries periodically upgrade their electric substation for maintenance or growing load requirement, as they are not able to stop production for that amount of time.
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