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Power Rental Market to Reach $16,855.5 Million by 2023 | Top Key Players are QUIPPO OIL AND GAS INFRASTRUCTURE LIMITED, Aggreko, APR Energy, Caterpillar Inc., United Rentals, Cummins Inc., Hertz Argentina, Atlas Copco, Al Faris Group

08-13-2019 01:16 PM CET | Energy & Environment

Press release from: Power & Energy -P&S Intelligence

Power Rental Market-P&S Intelligence

Power Rental Market-P&S Intelligence

The growing demand for power, increasing population, and rising gross domestic product (GDP) are driving the power rental market. It generated a revenue of $9,167.6 million in 2017, and it is expected to advance at a 10.3% CAGR during the forecast period (2018–2023). The power generated by diesel and gas generators is called rental power. Such systems find application in places where no permanent electricity access is present, such as remotely located industrial plants. They can also be used during a disaster emergency, grid failure, and power blackout.

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The use of gas-based and hybrid generators is the trend in the power rental market. Abundantly available hydrogen, natural gas, and propane are used in such generators. Besides being pocket-friendly, gas-based generators are also considered eco-friendly as they create negligible noise and less fumes compared to traditional, fuel-based generators. Hybrid generators use a combination of solar energy, gas, and diesel for fuel. They are sustainable, reasonable, and easily available, and as they are clean sources of electricity, they are being preferred over fuel-based generators.

The increasing GDP and population are positively impacting the power rental market growth. The GDP is influenced by urbanization and industrial development, which are driven by power availability. The Organisation for Economic Co-operation and Development reported that by 2050, the estimated global GDP would quadruple. The rising population also contributes to the growing energy demand. According to the United Nations Department of Economic and Social Affairs, the global population is estimated to reach 9.7 billion by 2050.

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Market is expected to witness the highest growth in the Middle East and Africa (MEA)

During the forecast period, the power rental market is expected to witness the highest growth, of 11.0% CAGR, in the MEA region. This can be attributed to the growing utilities sector, increasing number of construction projects, power grid unavailability in remote locations, extreme weather events, and post-disaster emergencies in the region. Also, the region is expected to continue holding the largest share, of more than 30.0%, in the power rental market in the coming years.

Some of the major players operating in the global power rental market are Aggreko PLC, APR Energy, Caterpillar Inc., United Rentals Inc., Cummins Inc., Herc Holdings Inc., Atlas Copco AB, Ashtead Group PLC, Al Faris Group, and Quippo Infrastructure Equipment Limited.

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GLOBAL POWER RENTAL MARKET SEGMENTATION

By Fuel Type

• Diesel generators
• Gas generators
• Others (gasoline, hydrogen, and solar generators)

By Application
• Prime power
• Standby power
• Continuous power

By End User
• Utilities
• Oil and gas
• Industrial
• Construction
• Events
• Mining
• Others (shipping, manufacturing, residential and commercial buildings, and military)

By Power Rating
• Up to 50 kW
• 51 kW–500 kW
• 501 kW–2,500 kW

By Region
• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe
• Asia-Pacific (APAC)
• China
• Japan
• India
• Rest of APAC
• Latin America (LATAM)
• Brazil
• Mexico
• Rest of LATAM
• Middle East and Africa (MEA)
• Saudi Arabia
• South Africa
• Rest of MEA

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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