Power Rental Market Estimated To Witness a Phenomenal Growth by 2025
Power rental plants are required for temporary supply of power for industries due to the supply-demand gap in electricity. To avoid financial losses, industries requires a constant power supply. Therefore, industries use additional power by introducing short-term initiatives, such as leasing or renting addition power by using diesel generators to fulfill their need for power.
Major drivers propelling the growth of power rental market globally include rapidly developing construction industry. According to CMI, the global construction industry is projected to expand at a CAGR of 5.8% from 2017 to 2025.
North America led the power rental market and is expected to witness a CAGR of 6.4% during the forecast period. Increasing demand for electricity and challenges in power sector, such as federal carbon policies on carbon emission and meeting energy targets are the main reasons for development of power rental market in this region. The emerging economies in Asia Pacific such as India and China, are expected to propel the growth of power rental market in the region in near future. Furthermore, industries such as construction, event, oil and gas, mining, manufacturing, and shipping have a high requirement for rental electricity for continuous operation. These factors are highly responsible for the growth of the power rental market in Asia Pacific.
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On the basis of application, base load/continuous segment dominated the power rental market in 2016, with a market share of around 43.5% in the same year. Base load or continuous power plant provides continuous electricity supply with the requirement of minimum power generation. Some of the continuous power plant includes a geothermal power plant, tidal power plant, and coal-fired power plant.
Among the end-use industry, construction and oil & gas industries dominate the global power rental market, owing to high adoption rate of power rental technologies. According to American Chemistry Council (ACC), due to availability of cheap and abundant ethane and shale gas, there is boom in chemical industry in the U.S with starting of 294 new projects by 2017. The rising demand for oil and gas throughout the globe is the major factor driving the growth of global power rental market. According to the International Energy Outlook 2016, the global energy demand is set to increase from 268 mboe/d in 2013 to 399 mboe/d by 2040.
Base load/continuous was the largest segment in 2016 and is expected to maintain its position during the forecast period. Base load segment was valued at US$ 5.55 billion in 2016 and is expected to grow at a CAGR of 7.3% during 2017 – 2025.
Major Players in the Global Power Rental Market:
Some of the major players in the power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC.
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