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Report Code: PE10240
Category : Conventional Energy
The global power rental market is driven by the rising grid instability of conventional grids. Power rental plants provide better flexibility, reliability, speed and cost-effectiveness. Additionally, the alternating power spikes is expected to contribute to the global market growth. 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 global power rental market include the rising preference for renting power instead of buying it. The growth in infrastructural development is expected to create the demand for electricity and power, which helps in the overall development of a country. The expanding construction activity in GCC countries is one of the prominent drivers for the global market growth. In the past few years, growing investments for the growth of infrastructure have been made worldwide, including the Middle East region. Governments’ 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 in the Middle East offer enormous scope for using rental power in construction and other related areas.
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. Based on application, the power rental market has been segmented into peak shaving, base load/continuous power and standby power. Base load/continuous power segment is expected to register significant growth in the global market, during the forecast period, due to increasing demand from various sectors such as oil and gas, mining and construction. Peak shaving is another fast-growing application segment, which is growing on account of rising awareness among energy-intensive industries to control the energy demand during peak hours.
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, on account of growth in power demand and capacity expansion plans by power rental companies. Africa power rental market is expected to grow at a significant rate, during the forecast period, owing to low electrification rates and poor grid infrastructure, which is fueling the demand for generators. Additionally, Saudi Arabia in the MEA power rental market is expected to register high growth, during the forecast period. Factors such as the expanding infrastructure, growing construction projects, established oil fields resulting in high demand for electricity in remote areas are the key drivers driving the Saudi Arabian power rental market. The Asia-Pacific power rental market is expected to grow further, during the forecast period, in line with the rising economies in the region, which has led to increased industrialization and urbanization.
Growing environmental concerns and limited product differentiation may hinder the growth of the global power rental market. Additionally, the rising focus on renewable energy across the globe may also hinder the growth of the global market, during the forecast period.
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.
Global Power Rental Market Segmentation
By Generator Type
By End User
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