Power Rental Market 2020 Business Trends, Top Manufacturers, Future Scope, Global Size, Share Analysis, Demand and Trends by Forecast to 2023

Global Power Rental Market Scenario

According to the latest report by Market Research Future (MRFR), the global power rental market is slated to surpass a substantial market valuation of USD 21,765.1 million at a steady 9.06% CAGR over the review period. The most important factor for the global power rental market growth is increasing the use of rented generators in various industrial and commercial applications. Other factors that favor market growth include a shortage of power supply and an increase in the use of power rental equipment.

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Industry Highlights

The most significant factor for the global power rental market growth is the rising usage of rented generators in various commercial and industrial applications. Other crucial factors that favor market growth include a lack of power supply and the rise in the usage of power rental equipment. furthermore, many countries are focusing on expanding their infrastructure; heavy investments have been made to boost infrastructural activities globally. This is also expected to have a positive impact on the growth of the market in the near future. However, emission regulations for diesel engines are the influential factor that may hamper the growth of the market.

Observing the market structure, this report evaluates the future growth potential of the market. It inspects the strategies of the key players in the market and reflects the competitive developments like joint ventures, mergers & acquisitions, new product developments, research and developments (R&D) in the market. This report also encompasses insights on the major countries/regions in which this industry is flourishing. It features the list and description of untapped regions which could be the potential markets in the future.

Leading Players

The key players of the global power rental market are Caterpillar Inc. (U.S.), Aggreko Plc. (U.K.), Cummins, Inc. (U.S.), Speedy Hire Plc. (U.K.), Herc Rentals Inc. (U.S.), Ashtead Group Plc. (U.K.), APR Energy (U.S.), United Rentals, Inc. (U.S.), L.M. Generating Power Co. Ltd. Ltd (Canada), Bredenoord Exploitatiemij B.V. (The Netherlands), and others.

Segmental Analysis

The global power rental market has been segmented on the basis of end-user, application, and fuel type.

The application-based segmentation of this market has been conducted into the peak shaving, baseload, and stand by power.

Based on end-user, the power rental market has been segmented into manufacturing, construction, oil & gas, mining, utilities, shipping, and others.

By fuel type, the power rental market has been segmented by fuel type, into gas, diesel, and others.

Regional Outlook

The regional segmentation of the global power rental market segments the market into the regional markets namely Asia Pacific, Europe, North America, and rest of the world (RoW).

North America holds the greatest market share in the global market. The key factor leading to market growth in this region include frequent power outages caused by aging grid infrastructure and natural calamities. Other important factors leading to market growth are increasing demand for rented generators by the industrial sector and the presence of various key market players in this region. The relevant country-specific markets in this region are the USA and Canada.

During the forecast period, the Asia Pacific market is expected to grow at 8.98% CAGR. In this region, factors helping the market include the continued growth of constructional and developmental activities. Another factor supporting market growth is the rapid increase in the demand-supply gap of electric power in emerging economies like China and India. Another critical country-specific market in this region is Japan, followed by remaining countries of the Asia Pacific region.

Europe another important regional market. Here the market is growing due to established infrastructure, good amount of power supply, the presence of major key market players in this region, technological advancement, majority areas having the urban infrastructure, and high level of industrialization. Pivotal country-specific markets in this region are France, Germany, Spain, and the UK.

The RoW segment covers South America and the Middle East & Africa (MEA). In the MEA region, the market is limited due to poor countries, lack of awareness, lack of infrastructure, lack of advanced facilities, lack of modern equipment required for power generation, lack of skilled people to assemble generators, and lack of education. South America is a smaller market because the availability of advanced technology is less in this region. Argentina and Brazil are two strong economies that have the potential to rise as lucrative markets in the future. During the forecast period, the RoW segment has been projected to grow at 10.98% CAGR.

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This release was published on openPR.