Press release
Global Power Rental Market To Surpass US$ 25.22 Billion By 2025, Fuelled By Rapid Demand For Energy And Lack Of Power Infrastructure
power Rental Market
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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. Hence, rental power generator fulfills the need of power for the continuous production until the regular operations ready to resume. Furthermore, increased construction activities and increase in demand for oil & gas industry is propelling the growth of power rental market.
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. Furthermore, industries such as construction, event, oil and gas, mining, manufacturing, and shipping have a high requirement for rental electricity for continuous operation. These factors are highly responsible for the growth of the power rental market in Asia Pacific.
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.
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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