Market Highlights:-
Shortage of power supply, will ultimately increase in the use of power rental equipment. This will lead to the growth of this market. In India, the demand of electricity has always been more than the supply, which causes problems for many industries. To boost the development of power supply, the government of India has created many corporations such as State Electricity Boards (SEB), NTPC Limited, and NHPC limited. Even after this developments there is shortage of power supply in the country. Hence the use of power rental equipment is more. Additionally, many countries looking to develop their infrastructure, heavy investments have been made to boost the infrastructural activities globally. This also has the positive impact on the growth of the market. However, emission regulations for diesel engines, is the factor that may hamper the growth of market.
Power Rental Global Market – Competitive Analysis
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.
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Market 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) and others.
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
Industry News:-
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.
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.
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.
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Market Research Analysis:-
North America region 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.
Asia-Pacific was the second-largest market in 2016, valued at USD 2,663.2 million in 2016; it is projected to grow at a CAGR of 8.98% during the forecast period. The growth of the power rental market in the Asia-Pacific region is majorly driven by factors such as continued growth of constructional and developmental activities and the rapid increase in the demand-supply gap of electric power in emerging economies of the region. However, RoW is projected to grow at the highest CAGR of 10.98%.
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