Power Rental Market, Industry Analysis Report, Application, Competitive Market Share & Forecast, 2017 – 2024
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Growing investments towards infrastructure development will subsequently drive the global power rental market size during the forecast timeframe. Demand for the reliable and cheap electricity across the construction site will attract the demand for generators. In Aug 2015, Majid Al Futtaim group based in Dubai announced plans to invest USD8.17 billion over the next 10 years.
Increasing exploration and production of crude oil in deep and ultra-deep sea beds will influence the industry size across the globe. These events are taking place across the off grid remote areas which is substantially raising the demand for power rental market. In 2014, Aggreko had provided critical electricity generation systems for projects operating isolated parts of the African continent.
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Oil & gas, construction, utilities, mining, manufacture and shipping are some of the segments of the global power rental market based on end-users. Oil & gas holds the dominating share owing to limited grid connectivity to meet electricity requirements across oil & gas fields. Construction has a substantial growth subjected to ongoing industrialization and urbanization around the globe. Shipping has a significant growth due to requirement of electricity on dockyards for various tasks.
Based on application the global power rental market is segmented into base load, peak shaving and standby. Base load is expected to grow significantly due to growing applications in various industries including construction, oil & gas and mining. Peak shaving holds the dominant position due to rising awareness among industries to control high demand charge during peak hours. Standby has a moderate growth due to their limited application across the globe.
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The U.S. power rental market is anticipated to witness extensive growth during the forecast period subject to aging infrastructure leading to frequent blackouts. Increasing demand for reliable power across the country will positively impact the industry outlook.
UAE power rental market anticipated to witness extensive growth due to rising investments towards the exploration and production of new O&G fields. The gross consumption of electricity will reach 141 TWh in 2020 as compared to 103 TWh in 2014. It has been more than doubled in 2015 compared to 2005 and at this rate demand will outpace the supply, hence it will positively encourage the growth of an industry.
Africa power rental market will witness a significant growth from 2016 to 2024. Huge mismatch in demand and supply of electricity leading to power crises and frequent blackout. In 2014, more than 500 million Sub-Saharan population does not have access to off-grid electricity this will augment the demand for off grid electricity generating equipment.
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Notable players operating in the power rental market includes GE Energy Rentals, Taqa Arabia, Caterpillar, Aggreko, APR Energy, Symbion, Atlas Copco, Neptune Plant Hire, Energyst, Himoinsa, United Rentals, APR Energy, Altaaqa Global, Bryne Equipment Rental, Mantrac, Kohler Power, Cummins, Powerhouse, Sewatama, Shoreline, Ashtead.
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