iCrowdNewswire Jan 18, 2021 7:59 AM ET
Market Research Future, in its latest study, summed neatly that the global power rental market 2020 could witness much bigger stability from the years 2017–2023. In these years, the market’s potentiality might rise at a rate of 9.06%, with a market value of USD 21,765.1 million. It could be the great achievement of the market to see the future amidst COVID 19 pandemic across the world.
Top Influential Factors
The power rental market is in the line of emergence as the revenue earned either by renting a temporary power plant or generators. Power is generated by burning fossil fuels such as oil, coal, and gas to generate steam that drives large turbines to produce electricity. Power rental is defined as plant hire having flexible, reliable, speed, and cost-effectiveness as features that are supposed to drive the market. The global power rental market is likely to witness significant growth during the foretell period on the base of a rise in demand for power worldwide.
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In fact, the rise in the development of power infrastructure, power consumption, and increase in construction is anticipated to enhance the demand for power rental in the forecasted years. To add in this, the rise in demand for power from the oil & gas industry is yet another significant factor that boosts the market growth. MRFR, in its study, has also included that to boost the development of power supply, the Government of India created many corporations such as NTPC Limited, State Electricity Boards (SEB), and NHPC limited to cater piercing power supply demands. Additionally, a lot of more countries globally are looking to develop their infrastructure, for which massive investments have been made to boost infrastructural activities. This has also had a positive impact on the growth of the market in the last recent years.
On the contrary, the factor of enforcement of stringent regulations on emissions occurred by generators coupled with ascend in transmission and distribution expenditure could be the reason behind the hindrance of the market growth in the forecast period. However, the demand for power in emerging economies like India and China could show signs of relief to set up new growth opportunities for the global power rental market in the upcoming years.
Segmentation of Market: Power Rental
The report on the global power rental market covers segments such as application, fuel type, and end-user.
- In terms of fuel type segment, the market has included diesel and gas.
- In terms of the application segment, the market has included standby power, baseload, and peak shaving.
- In terms of the end-user segment, the market has included oil & gas, shipping, utilities, manufacturing, construction, and mining.
On the basis of regional assessment, the global power rental market studies among North America, Europe, Asia-Pacific, and RoW. Where, North America region leads the global power rental market, as it occupied the largest market share of 31.60% back in 2016, with a market value of USD 3,773.9 million. Aging grid infrastructure and natural calamities that cause frequent power outages and increasing demand industrial sector are the reasons behind the fuelling of the growth of the market in the North American region.
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Asia-Pacific was recorded to be the second-largest market in 2016, valued at USD 2,663.2 million in 2016. Now, it is projected to expand at a CAGR of 8.98% during the forecast period. The expansion of the power rental market in the Asia-Pacific region is majorly driven by factors such as the continued expansion of constructional and developmental activities and the rapid boost in the demand-supply gap of electric power in emerging economies of the region.
However, the Rest of the World is projected to expand at the highest CAGR of 10.98%.
Top Market Players
- Caterpillar Inc. (U.S.)
- Aggreko Plc. (U.K.)
- Herc Rentals Inc. (U.S.)
- Cummins Inc. (U.S.)
- Ashtead Group Plc. (U.K.)
- Speedy Hire Plc. (U.K.)
- APR Energy (U.S.)
- United Rentals Inc. (U.S.)
- L.M. Generating Power Co. Ltd. Ltd (Canada)
- Bredenoord Exploitatiemij B.V. (The Netherlands)
These players are also emerging as leaders in the post-COVID era and are taking the impact analysis seriously.
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