The need for revamping the old Transmission and Distribution infrastructure is beckoning the growth of the power rental market. Global Power Rental Market Information by Fuel Type (Diesel, Gas and Others), by Application (Base Load, Stand by Power, and Peak Shaving), by End-User (Oil & Gas, Utilities, Shipping, Manufacturing, Mining, Construction and Others) and by Region – Forecast to 2023
Power Rental Market Highlights
The increasing level of variance in energy supply globally has motivated the power rental market. Market reports related to the energy and power industry have been presented by Market Research Future which makes reports on other industry verticals that aims to study the current market scenarios better. The market stands to achieve revenues worth USD 21,765.1 million by 2023 while expanding at a CAGR of 9.06% in the duration o the forecast period.
The increasing levels of industrial and commercial activities have spurred the expansion of the power rental market favorably. The shortage in power supply to complete certain operations is expected to motivate the market for power rentals increasingly in the coming years. Furthermore, the expansion of the construction, oil and gas sector is expected to create favorable prospects for market growth in the forecast period.
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Power Rental Market Segmental Analysis
The segmentation of the power rental market is carried out on the basis of fuel type, application, end user and region.
On the basis of fuel type, the power rental market is carried out on the basis of gas, diesel, and others.
On the basis of application, the power rental market is segmented into stand by power, baseload, and peak shaving.
On the basis of the end user, the power rental market is segmented into utilities, oil & gas, manufacturing, mining, shipping, construction, and others.
The regions influencing the power rental market are Asia Pacific, Europe, North America and the rest of the world.
The market competitors find themselves in a promising position with the capacity to handle the pace of change. The contestants are dynamically addressing the challenges to growth and are creating strategies that can have the best overall effect on the market’s development. The competitive outlook for the market is projected to diversify extensively in the coming period. The developments in the market are likely to be fuelled by the rise in investments and product inventions. The market influencers are taking an interest in the making of strong value chains that can yield increased profits. The prospects for growth in the market have ample room for growth in the forecast period. The perceived propensity for the market’s growth has improved following the accessibility to positive aspects in the market.
- Caterpillar Inc. (U.S.)
- Aggreko Plc. (U.K.)
- Cummins, Inc. (U.S.)
- Speedy Hire Plc. (U.K.)
- Bredenoord Exploitatiemij B.V. (The Netherlands)
- Ashtead Group Plc. (U.K.)
- Herc Rentals Inc. (U.S.)
- United Rentals, Inc. (U.S.)
- APR Energy (U.S.)
- M. Generating Power Co. Ltd. (Canada)
- Feb 2019 Altaaqa Global Caterpillar Rental Power, an international supplier of temporary power services, has of late announced a major rebranding. The company will henceforth be branded as Altaaqa Global Energy Services. Altaaqa Global Energy Services will be offering power plants on flexible medium-, short-, and long-term contracts with customized project financing arrangements, as well as Build-Operate-Own-Transfer (BOOT). The company will also supply cost-efficient, modified multi-megawatt power plants including a broader range of power generation systems, including turbines, reciprocating engines, and hybrid technologies.
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