Global Power Rental Market is predicted to grow at approximately 9.06% by 2023

Market Scenario:
Global Power Rental Market is predicted to grow at approximately 9.06% by 2023
The power rental is defined as renting of generator sets for the power generation and that runs on gas, diesel, or any other fuel. They are used in various industrial and commercial applications. In developing nations, the strong growth in economy and the population expansion have led to the increase in the consumption of power. Due to the development of the countries and the improvement in the standard of living, there is a higher demand for the energy consumptions. Hence, this will lead to growth in power rental market.

The report has analyzed the market based on the three segments: fuel type, application, and end-use in the regions of North America, Europe, APAC and Rest of the World. On the basis of fuel type, global power rental market is segmented as diesel, gas and others. Diesel dominates the fuel type segment of the market. Diesel accounted for the largest market share of 72.10% in 2016, with a market value of USD 8,610.8 million. Diesel Generators are capable of handling any of additional power needs in a cost-effective manner and are ready to move on trucks on monthly/yearly rental basis.Gas was the second-largest market in 2016, valued at USD 2,639.4 million in 2016; it is projected to grow at a CAGR of 7.59%.

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Market Research Analysis
On the basis of regions, the global power rental market is segmented as North America, Europe, Asia-Pacific and RoW. North America region dominates the global power rental market. North America accounted for the largest market share of 31.60% in 2016, with a market value of USD 3,773.9 million. Aging grid infrastructure and natural calamities, which causes frequent power outages and increasing demand industrial sector fuelling the growth of the market in the region.

Asia-Pacific was the second-largest market in 2016, valued at USD 2,663.2 million in 2016; it is projected to grow at a CAGR of 8.98% during the forecast period. The growth of the power rental market in the Asia-Pacific region is majorly driven by factors such as continued growth of constructional and developmental activities and the rapid increase in the demand-supply gap of electric power in emerging economies of the region. However, RoW is projected to grow at the highest CAGR of 10.98%.

Key Players:
The key players of global power rental market are
• Aggreko Plc. (U.K.),
• Caterpillar Inc. (U.S.),
• Cummins, Inc. (U.S.),
• Herc Rentals Inc. (U.S.),
• Speedy Hire Plc. (U.K.),
• Ashtead Group Plc. (U.K.),
• United Rentals, Inc. (U.S.),
• APR Energy (U.S.),
• Bredenoord Exploitatiemij B.V. (The Netherlands),
• L.M. Generating Power Co. Ltd. Ltd (Canada)
• others.

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Utilities dominate end-user segment of the global power rentals market
Based on end-user, the Power rental market has been segmented as oil & gas, utilities, shipping, manufacturing, mining, construction and others. Utilities dominate end-user segment of the global power rentals market. It accounted for the largest market share of 33.70% in 2016, with a market value of USD 4,024.7 million. Lack of electricity supply in the developing economies of Asia-Pacific & Africa and the aging power grid infrastructure in developed economies are some of the factors driving the demand of the power rental market in utility segment. Oil & & Gas was the second-largest market in 2016, valued at USD 2,699.1 million in 2016; it is projected to grow at a CAGR of 8.49%. Oil and gas drilling sites and oil rigs are located in remote areas where access to grid power is limited or non-existent. This is driving the need for rental power in the oil and gas industry

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