Global Power Rental Market to Expand at 16.2% CAGR till 2019
Power rental systems cater to the needs of numerous industries during periods of power suspension. During such periods, the power rental units provide back-up systems to keep operations running. Emerging economies and high population rates require more power supply each day. By 2030, the electricity demand worldwide will double at an annual rate of 2.4%, according to the findings of IAEA (International Atomic Energy Agency).
Augmenting levels of urbanization all over the globe have spurred infrastructural growth, which will in turn boost the demand for power. Repetitive power shortages and inadequate infrastructure in developing countries have been urging several companies to opt for power rental-based solutions. Aged power plants along with power interruption will encourage the power rental market in the coming years. By 2019, the global market for power rental systems is estimated to be worth US$20.64 bn.
Petroleum Industry to Fuel Growth due to Need for Uninterrupted Power Supply
The market includes key end-user segments such as gas and mining, events market, industrial, construction, and government and utilities. Government offices and organizations, telecommunication service sectors, renewable power plants, and hospitals require uninterrupted power supply.
The global power rental market has been divided on the basis of end-use, application, and geography. The key applications in this market include continuous power, peak shaving, and standby systems. The report explains the current trends and projections as to which segment will lead in the application segment, along with statistical data supporting the findings. The peak shaving application market is expected to expand significantly during the forecast period due to energy intensive industries wanting to steer clear of power suspension during peak and non-peak hours.
MEA to Dominate due to Emergence of Altaaqa Global
The power rental market in China is projected to expand at a rapid rate on account of thermal power generation, which will, in turn boost demand in Asia Pacific. In the Middle East and Africa segment, the time is believed to be ripe for tremendous opportunities. This is because of the towering energy needs and popularity of tourism. In 2012, the MEA lead the global market for power rental, claiming about 31% of the revenue. One of the prominent factors behind this development is the establishment of Altaaqa Global, which primarily offers power solutions in and around Dubai, thereby assisting the expansion of the market.
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Some key players in the market are Hertz Corporation, Kohler Co., United Rentals, Perennial Technologies Pvt Ltd, Atlas Copco AB, and Energyst. One of the leading companies in the power rental market is Aggreko. It has been dominating the market since 2012 and might continue to do so over the course of the forecast period. Customized products by Aggreko have become quite popular. Another market player, Caterpillar, overtook Aggreko, making its hold stronger in the U.S. In North America, APR Energy leads the market for power rental, efficiently fulfilling the demands of consumers. Growing number of market players, both on a local as well as international level, has led to intense competition.