Press release
Power Rental Market 2018 Global Leaders | Aggreko Plc., Caterpillar Inc., Cummins, Inc., Herc Rentals Inc., Speedy Hire Plc., Ashtead Group Plc. United Rentals, Inc., APR Energy
Power Rental Market
February 01, 2018 - Honeywell launched a new APU Engine Rental Bank Service for Airbus A330 and A340 joining the forces with rental dealership Logix Aero to provide an auxiliary power unit Engine Rental Bank that offers Honeywell’s 331-350C auxiliary power units to operators with Airbus A330 and A340 aircraft on rent.
January 31, 2018 - H&E Equipment Services (US) announced that it has acquired Rental Inc. (US) equipment Rental Company offering line of equipment for hire, including power products. The deal was closed at USD68.6 million.
January 22, 2018 - Aggreko plc. (UK) leading supplier of temporary power generation equipment announced that it has acquired stake in Chinese power renter starting a power rentals joint venture through the acquisition of 21.5% of Shanghai Yude, a company employing 45 people and with a power rental fleet of more than 40 MW. The JV - Shanghai Yude Aggreko Energy Equipment Rental Co Ltd. is part of its long term strategy to expand in China with a local partner.
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Global Power Rental Market - Overview
The power rental is the renting of generator sets for the power generation and runs on gas, diesel, or any other fuel. They are used in various industrial and commercial applications. In developing countries, the strong growth in economy and the population expansion have led to the increase in the consumption of power. Hence, this will lead to growth in power rental market.
According to a recent study report published by the Market Research Future, The global market of Power Rental is booming and expected to gain prominence over the forecast period. The global Power Rental market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 9.06% during the estimated period (2017 – 2023).
The agencies that are responsible for the electric safety standards are International Electrotechnical Commission (IEC) and the association International Organization for Standardization (ISO) among others has setup various regulations for power supply which ultimately hinder the growth of the power rental market. Additionally, emission regulations for diesel engines is also have the negative impact on the growth of the market.
Currently, the power rental market is spurting mainly due to the increasing in power consumption across the globe. According to World Bank, the consumption of energy has been increased consistently. In 2014, the consumption of energy was 3,144.4 kWh per capita as compared to 2,956.6 in 2010. Additionally, growing demand from the construction industries and shortage of power supply is also the factor driving the growth of the market.
Prominent Players
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), and L.M. Generating Power Co. Ltd. Ltd (Canada) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Power Rental Market.
Global Power Rental Market – Competitive Analysis
Key Players operating in the global Power Rental market offer a broad variety of products and turnkey solutions, from planning to installation at short turnover periods along with consistent support and maintenance. Each one of them has a broad variety of products with their fleet to provide complete turnkey solutions right from planning to installation within a short turnover period. Along with a broad variety of products and turnkey solutions they also provide consistent support and maintenance.
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Worldwide Power Rental Market – Regional Analysis
The North American Power Rental Market is mature and competitive and 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. This market is driven by economic growth, an increase in infrastructure, and the continuing shift from ownership to rental and demand from events. The sudden surge in the construction industry is also assisting the growth of the Power Rental market in the North American region.
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