Market Research Future published a Cooked research report on “Global Power Rental Market Research Report – Forecast to 2023 ”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
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.
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.
On the basis of fuel type, global power rental market is segmented as diesel, gas and others. Diesel dominates the fuel type segment of the market. Diesel Generators are capable of handling any of additional power needs in a cost-effective manner and are ready to move on trucks on monthly/yearly rental basis.
On the basis of application, global power rental market is segmented as Base Load, Stand by Power, and Peak Shaving. Base Load dominates the application segment of the market. Whereas, Peak Shaving segment is expected to grow at a highest CAGR.
Based on end-user, the Power rental market has been segmented as oil & gas, utilities, shipping, manufacturing, mining, construction and others. Utilities dominate end-user segment of the global power rentals market. Oil & & Gas is also the major end user of the market. Oil and gas drilling sites and oil rigs are located in remote areas where access to grid power is limited or non-existent. Hence, the demand for power rental in the oil and gas industry is very high.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific and Rest of the World.
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Power Rental Market – Regional Analysis
North America dominated the global Power Rental market in 2016. Aging grid infrastructure and natural calamities, which cause frequent power outages and increasing demand for industrial sector, is fuelling the growth of the market in the region. Asia-Pacific is the second-largest market for the Power Rental. Increase in demand for power due to commercialization and industrialization, aging grid infrastructure, and need for temporary power demand are the factors driving the growth of the market in Asia-Pacific region. Rapid growth in construction activities and the rapid increase in the demand-supply gap of electric power in emerging economies of the region driving the growth of the market.
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