Global Power Rental Market Will Flourish by 2016 – 2024
Zion Market Research has published a new report titled “Power Rental Market by End-User (Oil & Gas, Industrial, Construction and Others) For Peak Shaving, Base Load/ Continuous Power and Standby Power Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 – 2020” According to the report, global power rental market was valued at approximately USD 10.02 billion in 2014 and is expected to reach approximately USD 20.30 billion by 2020, growing at a CAGR of over 13.0% between 2015 and 2020.
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Power is generated by burning fossil fuels such coal, oil or gas to generate steam that drives large turbines that produce electricity. Power rental is referred as plant hire which provides flexibility, reliability, speed and cost-effectiveness. Power on rent can deliver complete operating power packages as well as provide scalable components within large power station installations to various industrial applications.
The global power rental market is expected to witness significant growth over the forecast period on account of increasing demand for power across the globe. The increasing power consumption, development of power infrastructure, and increasing construction & development is anticipated to boost the demand for power rental in the coming years. Furthermore, increasing demand for power from oil & gas industry is also a major driving force of the power rental market. However, the presence of stringent regulations coupled with rising environmental awareness may hamper the market growth in the near future. Nonetheless, increasing demand for power in emerging economies is expected to open up new growth avenues for the power rental market in the years to come.
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Oil & gas, industrial, construction, and others are the key end-users of the power rental market. Industrial segment emerged as the leading application segment by accounting for over 22 % of the total revenue generated by the power rental market in 2014. Construction is another key outlet of power rental market and it held over 20% share of the overall market in 2014. This is mainly due to grow infrastructural development in the emerging economies. Oil & gas is also expected to exhibit substantial demand within the forecast period.
Based on application, the power rental market can be segmented into peak shaving, base load/continuous power and standby power. Base load/continuous accounted for 45.56% share of total revenue generated in 2014. Base load/continuous segment are expected to exhibit a significant rise in light of the increasing demand from various sectors such as oil & gas, mining and construction and others. Peak shaving is another leading application segment owing to rising awareness among energy-intensive industries in order to control the charged over high energy demand during peak hours.
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In terms of geography, Middle East & Africa dominated the global power rental market and accounted for 31.63% of total revenue in 2014. This growth is mainly attributed to growing construction and developmental activities in this region. North America was the second largest regional market with 21.32% share of total revenue generated in 2014. Asia Pacific holds immense potential for the industry growth over the forecast period. Recently, emerging economies including India, Brazil, and Saudi Arabia have been contributing significantly to the demand for power rental in industrial sector owing to rapid industrialization.
Some of the key players include in power rental market such as Atlas Copco, United Rental, Cummins Inc, APR Energy Inc, Caterpillar Inc, and Power Electrics.
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