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Power Rental Market is expected to be worth US$20.64 billion by 2019
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The global power rental market is driven by the rising grid instability due to the aging of conventional grids. Furthermore, the alternating power spikes will also augment the market’s growth. The global power rental market will also benefit from the rising awareness about curtailing the energy demand during peak hours. Other factors that will fuel the global power rental market include the rising preference to renting power instead of buying it.
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On the contrary, accelerating environmental concerns, along with limited product differentiation, will suppress the global power rental market. Moreover, the market will be challenged by the rising focus of nations on renewable energy and payment issues in developing and underdeveloped nations.Application-wise, the global power rental market is segmented into peak shaving, standby, and continuous power. The peak shaving market is expected to witness a CAGR of 16.8% during the forecasting horizon. According to end use, the global power rental market is divided into events, industrial, construction, oil, gas, and mining, and government and utilities.
Geography-wise, the global power rental market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW). In 2012, the Middle East and Africa (MEA) market collectively held more than 31% of the overall power rental market. Saudi Arabia in the MEA power rental market is expected to demonstrate high growth in the coming years. The expanding infrastructure, rising construction activities, and the high demand for electricity in remote areas are together driving the Saudi Arabia power rental market. Generators are either used for prime or standby purposes in Saudi Arabia and are completely dependent on grid connectivity.In the same year, the Asia Pacific power rental market held a share of 19% in the global market. The Asia Pacific power rental market is expected to grow at a CAGR of 16.8% during the forecasting horizon. The rising industrialization and urbanization in Asia Pacific is expected to drive the demand for power rental in this region.
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Players in the global power rental market will benefit from the rising applications of power rental in off-grid areas. In addition to this, players will also benefit from the rising demand for power in the Middle East and Africa and the high growth potential of Asia Pacific countries. The key companies operating in the global power rental market are Caterpillar, APR Energy, Aggreko, Atlas Copco, Ashtead Group, Speedy Hire, Rental Power Solutions, Power Electronics, United Rentals, and Worldwide Power Products.
Key players in the Power Rental Market include Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Generac Holdings, Inc., Kirloskar Electric Company Ltd., Kohler Co., Mitsubishi Heavy Industries, Ltd., Multiquip Inc., Wärtsilä Corporation, and Yanmar Co., Ltd.
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