Outdated Power Plants Requiring Rental Power Systems for Redevelopment

Outdated power plants are a major source of environmental pollution and are extremely inefficient. Owing to these disadvantages, several governments are implementing stringent regulations to shut down outdated power plants. Even though these plants are inactive, they need power on rent for the redevelopment process. The increasing number of outdated power plants will fuel the power rental market at a CAGR of 10.3% during 2018–2023. The market was valued at $9,167.6 million in 2017 and it is projected to reach $16,855.5 million revenue by 2023.

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Additionally, the burgeoning demand for power from developing countries, such as India, China, South Korea, Thailand, Turkey, Qatar, and Brazil, will also augment the market growth during the forecast period. These countries are witnessing technological advancements and a huge influx of foreign investments in the construction industry, owing to which, the need for rented power is likely to surge in the forecast years. At present, the abundant opportunities being offered by these countries are being leveraged by the European and North American market players.

The end user segment of the power rental market is categorized into events, utilities, construction, industrial, mining, oil and gas, and others including military, residential and commercial buildings, shipping, and manufacturing. Among these, the utilities category held the largest market share in 2017, and it is expected to retain its dominance throughout the forecast period. This can be attributed to the burgeoning need for rented power for the upgradation and redevelopment of outdated power plants for maintenance.

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According to P&S Intelligence, the Middle East and African (MEA) power rental market generated the highest revenue during the historical period (2013–2017) and it is expected to demonstrate the fastest growth during the forecast period as well. This can be ascribed to the escalating demand for electricity from the construction sector and the soaring need to supply power to outdated power plants in the region. Besides, the mounting infrastructure investments being made in countries such as Oman, Saudi Arabia, and the U.A.E. will contribute to the market growth in the coming years.

Thus, the surging number of outdated power plants and increasing power demand from developing countries will accelerate the need for rented power in the foreseeable future.

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This release was published on openPR.