Prominent Players
Aggreko Plc. (U.K.), Caterpillar Inc. (U.S.), Cummins, Inc. (U.S.), Herc Rentals Inc. (U.S.), Speedy Hire Plc. (U.K.), Ashtead Group Plc. (U.K.), United Rentals, Inc. (U.S.), APR Energy (U.S.), Bredenoord Exploitatiemij B.V. (The Netherlands), and L.M. Generating Power Co. Ltd. Ltd (Canada) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Power Rental Market.
Global Power Rental Market – Overview
The power rental is the renting of generator sets for the power generation and runs on gas, diesel, or any other fuel. They are used in various industrial and commercial applications. In developing countries, the strong growth in economy and the population expansion have led to the increase in the consumption of power. Hence, this will lead to growth in Power Rental Market.
According to a recent study report published by the Market Research Future, The global market of Power Rental is booming and expected to gain prominence over the forecast period. The global Power Rental market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR of 9.06% during the estimated period (2017 – 2023).
The agencies that are responsible for the electric safety standards are International Electrotechnical Commission (IEC) and the association International Organization for Standardization (ISO) among others has setup various regulations for power supply which ultimately hinder the growth of the power rental market. Additionally, emission regulations for diesel engines is also have the negative impact on the growth of the market.
Currently, the power rental market is spurting mainly due to the increasing in power consumption across the globe. According to World Bank, the consumption of energy has been increased consistently. In 2014, the consumption of energy was 3,144.4 kWh per capita as compared to 2,956.6 in 2010. Additionally, growing demand from the construction industries and shortage of power supply is also the factor driving the growth of the market.
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Power Rental Global Market – Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of Power Rental appears to be highly competitive. Well established players incorporating acquisitions, collaborations, partnerships, expansions, and product launches, in order to gain competitive advantage in this market and maintain their market position. These key players compete with each other based on product pricing, and services offered. Vendors operating in the market strive to deliver the best quality products and services based on innovative technologies, and best practices. These key players make a substantial investment for R&D and to secure a guaranteed resource for the customers. Power Rental market demonstrates a high growth potential which is likely to attract many entrants to the market resulting to intensified competition further.
Industry News
On December 8 2017, United Rentals, Inc. completed the acquisition of NES Rentals Holdings II, Inc. for a total purchase price of approximately USD 965 million. This helps the company to strengthen relationships in East Coast, Gulf States and Midwest region.
In March 2017, Cterpiller Inc. announced that Cat Connect technology will be available on mobile diesel rental generator sets. Cat Connect combines equipment, technology and services to improve productivity, control costs and reduce risk, as well as positively impacting safety and sustainability.
In Janury 2017, APR Energy announced that they have renewed their strategic alliance with GE to provide mobile turbine technology into the fast-track power rental market.
Power Rental Market – Segmentation
Global Power Rental Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
Global Power Rental Market – Segments
The Power Rental Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation On the basis of End Users : Comprises Oil & & Gas, Utilities, Shipping, Manufacturing, Mining, Construction, and others.
Segmentation On the basis of Fuel : Comprises Diesel, Gas and others.
Segmentation On the basis of Application : Comprises Base Load, Stand by Power and Peak Shaving.
Segmentation On the basis of Regions : Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
Global Power Rental Market –Synopsis
One of the latest trends gaining traction in this market is the increase in the use of gas generators for rental power. It has been observed that there has been a significant shift towards gas generators over the last few years. This shift is primarily due to the fact that the use of gas produces cleaner power than diesel; it is more efficient and generates less noise than diesel generators. These advantages of gas generators are expected to propel the growth of the global power rental market in the recent future.
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Global Power Rental Market – Regional Analysis
Aging infrastructure which leads to frequent blackouts and power shortages is one of the major driving factors for the power rental market in the North American region. The sudden surge in the construction industry is also assisting the growth of the power rental market in the North American region.
The North American Power Rental Market is mature and competitive with the presence of regional and national market participants trying to get a strong foothold in the market. The market is projected to experience moderate growth during the next ten years driven by economic growth, an increase in infrastructure, and the continuing shift from ownership to rental and demand from events
Asia pacific is one of the fastest growing markets with several transmission and distribution projects expected to be initiated shortly.
The recent years have seen an exponential increase in infrastructure spending by the governments of countries in the Middle East. Governments have started focusing on generating more sources of income and depending less on just oil and gas reserves. GCC countries are focusing on making the Middle East a commercial hub and encourage tourism which will lead to the growth of the hotel industry. This has resulted in the enormous scope for using rental power in construction and other related areas.
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