Press release
Rising Power Demand from Developing Countries Driving Power Rental Market
In 2017, the global power rental market reached a value of $9,167.6 million and is expected to advance at a 10.3% during the forecast period (2018–2023). The market is growing due to the rising demand form the events & entertainment industry, gross domestic product and population growth, natural disasters, and surging requirement for power from developing countries. Temporary power generated by rental systems for meeting power requirements is referred to as rental power. Rental power is majorly needed by industries which are located remotely and do not have access to permanent electricity.Get a sample copy of this market: https://www.psmarketresearch.com/market-analysis/power-rental-market/report-sample
In terms of end user, the power rental market is divided into construction, mining, utilities, events, oil & gas, industrial, and others (which include military, manufacturing, residential & commercial buildings, and shipping). Among these, the utilities division dominated the market during the historical period (2013–2017), accounting for a share of more than 45.0% in 2017, and is predicted to retain its position during the forecast period, as the sectors needs rental power to fill the power supply-demand gap during maintenance, conversion, or shut down of power plants.
When application is taken into consideration, the power rental market is categorized into continuous power, prime power, and standby power. The continuous power application dominated the market during the historical period, holding a share of more than 45.0% in 2017, and is further expected to account for the major share of the market during the forecast period. This is because continuous power generators have the ability to provide electricity at constant loads for an unlimited time period. The standby power application is projected to grow at the fastest pace during the forecast period.
Browse detailed analysis with TOC and Market segmentation: https://www.psmarketresearch.com/market-analysis/power-rental-market
The surging requirement for power from developing countries, including Qatar, Brazil, China, Thailand, South Korea, Turkey, and India, is another factor which is contributing to the growth of the power rental market. These countries are witnessing rapid industrialization and technological advancements, which is creating rising demand for electricity. The increasing construction-related activities in these countries is also creating surging requirement for energy. In addition to this, major power rental companies from Europe and North America are focusing on establishing their footprint in emerging economies.
The global power rental market is fragmented in nature, with the top five players accounting for a share of only around 35% in 2016. Some of the leading players in the market include Ashtead Group PLC, Caterpillar Inc., Aggreko PLC, United Rentals Inc., APR Energy, Cummins Inc., Atlas Copco AB, Al Faris Group, and Herc Holdings Inc.
The increasing popularity of gas and hybrid generators is a key trend being witnessed in the power rental market. Hydrogen, natural gas, and propane are some gases which are utilized in power generators as fuel. Gas-based generators are considered to be environment and pocket- friendly because they release less emissions, are affordable, and create negligible noise. Moreover, some generators also work on bi-fuel operation mode and use random combinations of diesel, solar energy, and gas as their fuel. These are referred to as hybrid generators and provide clean and sustainable energy.
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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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