Market Scenario:
According to a recent study report published by Market Research Future, the Power Rental Market is expected to climb up reaching to USD 21,765.1 million by 2023, registering a striking CAGR of 9.06% during 2017 to 2023. One of the latest trends gaining traction in this market is the increase in the use of gas generators for rental power attributing to the 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.
Rising demand for power and the financial benefits of renting rather than buying power generation equipment have proved to be the key growth drivers for the global power rental market. The rise in infrastructure development will subsequently increase the demand for electricity and power, which has become one of the necessities in the development of a country.
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Key Players:
The key players of global power rental market are
- 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),
- L.M. Generating Power Co. Ltd. Ltd (Canada)
- others.
Global Power Rental Market – Competitive Analysis
Key Players operating in the global Power Rental market offer a broad variety of products and turnkey solutions, from planning to installation at short turnover periods along with consistent support and maintenance. Each one of them has a broad variety of products with their fleet to provide complete turnkey solutions right from planning to installation within a short turnover period. Along with a broad variety of products and turnkey solutions they also provide consistent support and maintenance.
Industry/Innovation/ Related News:
February 01, 2018 – Honeywell launched a new APU Engine Rental Bank Service for Airbus A330 and A340 joining the forces with rental dealership Logix Aero to provide an auxiliary power unit Engine Rental Bank that offers Honeywell’s 331-350C auxiliary power units to operators with Airbus A330 and A340 aircraft on rent.
January 31, 2018 – H&E Equipment Services (US) announced that it has acquired Rental Inc. (US) equipment Rental Company offering line of equipment for hire, including power products. The deal was closed at USD68.6 million.
January 22, 2018 – Aggreko plc. (UK) leading supplier of temporary power generation equipment announced that it has acquired stake in Chinese power renter starting a power rentals joint venture through the acquisition of 21.5% of Shanghai Yude, a company employing 45 people and with a power rental fleet of more than 40 MW. The JV – Shanghai Yude Aggreko Energy Equipment Rental Co Ltd. is part of its long term strategy to expand in China with a local partner.
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Worldwide Power Rental Market – Regional Analysis
The North American Power Rental Market is mature and competitive and dominates the global Power Rental market. North America accounted for the largest market share of 31.60% in 2016, with a market value of USD 3,773.9 million. Aging grid infrastructure and natural calamities, which causes frequent power outages and increasing demand industrial sector fuelling the growth of the market in the region. This market is driven by economic growth, an increase in infrastructure, and the continuing shift from ownership to rental and demand from events. The sudden surge in the construction industry is also assisting the growth of the Power Rental market in the North American region.
Asia-Pacific is the second-largest market accounting for USD 2,663.2 million in 2016. With several transmission and distribution projects expected to be initiated shortly. APAC region is projected to grow at a CAGR of 8.98% during the forecast period.
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