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Power Rental Market: Industry Insights by Generator Type, End User, Application and Geography Forecast to 2023
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The global power rental market is expected to benefit from the rising awareness about cut down on energy demand during peak hours. Other factors that are expected to fuel the power rental market include the rising preference for renting power instead of buying it. The expanding construction activity in GCC countries is one of the prominent drivers for the global market growth.
Government's initiatives on generating alternative sources of energy and reducing dependence on oil and gas reserves is expected to drive the market in the developing economies. Growing construction, tourism and hospitality industries offer enormous scope for using rental power.
Utilities has been the major end user segment of the global power rental market. Increasing power demand, unstable grid and support and low electrification rates are the major driving factors for the power rental market in the utilities segment.
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Geographically, the global power rental market has been segmented into North America, Asia-Pacific, Europe and Rest of the World (RoW). North America and Asia-Pacific are expected to be the major markets for power rental, during the forecast period. Africa power rental market is expected to grow at a significant rate. Saudi Arabia in the MEA power rental market is expected to register high growth.
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Some of the major companies operating in the global power rental market are Aggreko PLC, APR Energy Inc., Ashtead Group Plc, Caterpillar Inc., Power Electrics, Speedy Hire, United Rentals, Cummins Inc., Hertz Corporation, Kohler, Smart Energy Solutions and Rental Solutions and Services.
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