The rapid industrialization in developing economies followed by increasing power demand is expected to provide potential opportunities for the power rental industry.
Dallas, Texas, Oct. 26, 2020 (GLOBE NEWSWIRE) -- The “Power Rental Market by Fuel Type (Diesel, Gas, Others), Application (Peak Shaving, Standby Power, Base Load), End User (Utilities, Oil & Gas, Construction, Mining, Manufacturing, Others) and by Region, Global Forecast, 2018 to 2028” study provides an elaborative view of historic, present and forecasted market estimates.
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The global power rental market size was valued at >USD 14 billion in 2019. In addition, it is projected to gather a CAGR of above 7% over the forecast years 2020-2028. Increasing need for continuous power supply in pharmaceutical industry, transportation & logistics, building & construction, energy industry, oil & gas, marine industry, and data centre is expected to increase power rental market penetration over the coming years. Floods, critical weather events, and recurrent power outages due to storms affect different industrial operations, emergency services, telecom operations, and commercial establishments. Therefore, reliable and strong power backup system is expected to increase power rental market concentration over the projected period. However, volatile crude oil prices, stringent government regulations on carbon emission, high maintenance cost associated with diesel gensets, and emerging renewable energy sources are expected to be the major threat for rental power industry.
The report also outlines the various characteristics of the global power rental industry by assessing the market from porter’s five forces analysis, PESTEL analysis, and value chain analysis. Moreover, the power rental market report comprises various qualitative parts such as market restraints, important market drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global companies.
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The power rental market has solid competition amongst the already well-known and new market players. Also, the power rental industry players are pursuing possible markets to seize a competitive advantage among the other manufacturers operating in this industry by forming mergers & acquisitions, agreements, acquiring other companies, establishing collaboration & partnerships, and growing their business existence. For instance, in April 2017, United Rentals, a U.S. based equipment rental company acquired NES Rentals Holdings. This acquisition is expected to strengthen United Rental’s product portfolio in Gulf States, Midwest, and East Coast.
North America dominated power rental market in 2019. Presence of well-established generator manufacturers followed by ongoing diesel and gas power plants is expected to propel rental power market growth in this region. Asia Pacific is expected to be the fastest growing region over the forecast period. Rapid industrialization followed by rising need of power back up in agriculture and construction industry is expected to drive the market.
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The major players of the global power rental market are Caterpillar, Atlas Copco, Cummins, United Rentals, Ashtead Group, Aggreko, APR Energy, Bredenoord Exploitatiemij B.V., Kohler, and Rental Solutions & Services. Moreover, the market comprises several other prominent players in the power rental market that are Herc Holdings, Generac Power Systems, Wacker Neuson SE, Wärtsilä Corporation, Speedy Hire, Smart Energy Solutions, Soenergy International, and Multiquip. The power rental market consists of well-established global as well as local players. In addition, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
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Major Points from Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Power Rental Market by Fuel Type
Chapter 6 Power Rental Market by Application
Chapter 7 Power Rental Market by End User
Chapter 8 Power Rental Market by Region
Chapter 9 Competitive Landscape
Chapter 10 Company Profiles
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