Global Power Rental Market is Expected to Grow at a CAGR of 7.89% to Reach $21.2 Billion by 2023 -- Driven by the Increase in Power Loss Due to Aging Infrastructure - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 16, 2018--The “Power Rental Market by Fuel (Diesel & Gas), Power Rating, Equipment, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application, Region - Global Forecasts to 2023” report has been added to ResearchAndMarkets.com’s offering.
The power rental market is projected to reach USD 21.2 billion by 2023 from an estimated USD 14.5 billion in 2018, at a CAGR of 7.89%.
This can be attributed to an increase in power loss due to aging infrastructure and limited access to electricity in rural areas. A slowdown of global economies and uncertainty in raw material prices could hinder the growth of the market.
The 1,501 kW - 2,000 kW segment is expected to dominate the power rental market from 2018 to 2023
The 1,501 kW - 2,000 kW segment held the largest market share in 2017 during the forecast period. These range generators are used in the mining, oil & gas, manufacturing, shipping and utility sectors. These generators are required to provide standby power as well as power during peak shaving.
1,501 kW - 2,000 kW are required in the remote locations where emergency power is required. Increasing power loss due to aging infrastructure in the developed economies will add additional power burden. Hence, to meet the power demand in such regions power rental solutions are used during outages and maintenance activity.
Standby power segment is expected to be the fastest growing segment in power rental market during the forecast period
The standby power segment is expected to grow at the fastest rate during the forecast period. The standby generator is an emergency generator which is used when there is the power outage. 501 kW - 500 kW and 501 kW - 2,500 kW power rating is used as a standby generator. The generator is required for oil & gas, mining, construction, and manufacturing among others. The demand for standby power application will increase as in some regions there are aging infrastructure and less access to electricity.
In the Africa region, the economies of Nigeria, Algeria, and South Africa are growing, which in turn are creating a requirement for additional power. Standby power rental solutions are used to meet the growing requirement in the region and across different countries suffering from a power deficit.
Africa: The fastest growing market for Power Rental
Africa is expected to grow at the fastest rate during the forecast period. The African power rental market is majorly driven by the utility segment. The African mining industry accounts for nearly 13% of the world’s mining activities. The frequent power outage, unstable power supply, and aging power infrastructure in the region are driving the mine operators to shift towards power rental solution to meet their power requirement.
The leading players in the power rental market include Aggreko (UK), Caterpillar (US), United Rentals (US), Ashtead Group (UK), and Herc Rental (US).
DriversLimited Access to Electricity in Rural Areas Increase in Power Loss Due to Aging Infrastructure New Customized Compressed Air Rental Solution
RestraintsSlowdown in Global Economies Uncertainty in Raw Material Prices
OpportunitiesObsolete Permanent Power Plants Decarbonization & Decentralization of Energy Mix Next Generation Air Compressors
ChallengesStringent Emission Regulations Effecting Diesel Fuel Type Generator
Key Topics Covered
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Power Rental Market, By End-User
7 Power Rental Market, By Application
8 Power Rental Market, By Power Rating
9 Power Rental Market, By Fuel Type
10 Power Rental Market, By Equipment
11 Power Rental Market, By Region
12 Competitive Landscape
13 Company ProfilesAggreko, PLC APR Energy Ashtead Group Atlas Copco Benchmarking Bredenoord Exploitatiemij B.V. Caterpillar Cummins Generac Power Systems Herc Holdings Inc Kohler Co. Multiquip Inc. Rental Solutions & Services Smart Energy Solutions Soenergy International Speedy Hire PLC United Rentals Wacker Neuson SE Wartsila Corporation
For more information about this report visit https://www.researchandmarkets.com/research/h2p5bn/global_power?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20181116005311/en/
Laura Wood, Senior Press Manager
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SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/16/2018 10:23 AM/DISC: 11/16/2018 10:22 AM