Press release
Impact of COVID-19 on Power Generator Rental Market : Implications on Business
Power Generator Rental Market
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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.
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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.
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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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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
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