CHICAGO, November 7, 2018
CHICAGO, November 7, 2018 /PRNewswire/ --
According to the new market research report "Power Rental Market by Fuel (Diesel & Gas), Power Rating, Equipment, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application (Peak Shaving, Base Load, Standby), Region - Global Forecasts to 2023", published by MarketsandMarkets™, the Power Rental Market is expected to grow from an estimated USD 14.5 billion in 2018 to USD 21.2 billion by 2023, registering a CAGR of 7.89% from 2018 to 2023.
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The global power market is witnessing a significant growth, which is driven by the increase in power loss due to aging infrastructure and limited access to electricity in rural areas.
Utilities segment is expected to be the largest market for the global power rental solutions during the forecast period
The Power Rental Market in this report has been classified based on end-user into utilities, oil & gas, mining, construction, manufacturing, events, shipping, data center, and others. Utilities includes power plants that are owned and operated by multiple utility companies or by the government. Utilities, with the help of distribution lines, deliver energy from power plants to homes and businesses across various countries.
In the regions such as Africa and Asia Pacific, local grids lack reliable power supply because of poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibit the delivery of electricity required for commercial and residential users. In such cases, there is a high demand for power rental solution, utility companies use rental solution mainly during the peak demand period, to meet power deficit, during natural disaster, and during the maintenance of power plant. Hence, there is continuous demand for power rental from power plants in order to ensure continued power supply.
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"Gas fuel generators segment is expected to grow at the highest CAGR in the Power Rental Market during the forecast period"
Gas generators segment, by fuel type, is estimated to be the fastest growing market for power rental in 2018. Gas generators run mainly on natural gas and can be found in different sizes, ranging from portable to industrial. Natural gas generators require a well-developed gas distribution network, available in limited countries, for regular supply of natural gas to feed the generators.
Gas generators are more efficient than diesel generators and help reduce greenhouse gas emissions. Gas generators are preferred mostly by end-users as they emit the least amount of harmful pollutants, smoke, or particulate matter. They are mostly used for light duty applications, such as supplying electricity for residential purposes.
"North America is expected to hold the largest market size in the Power Rental Market during the forecast period"
The North American market dominates the Power Rental Market during the forecast period. The Power Rental Market in North America is driven by the emergency power required by the utilities during the natural calamities affecting the power generation and T&D activities in the country. In addition to this growing oil & gas exploration and production activity coupled with construction industry growth in nonresidential sector are driving the requirement for power rental solution in the region. The power rental solutions are required in the construction and oil & gas industry to meet the fluctuating power requirement of the project. The major end-user segments driving the Power Rental Market in the region are utilities, oil & gas, and construction.
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To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the Power Rental Market, namely, Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Cummins, Inc. (U.S.), United Rentals, Inc. (U.S.), and Generac Power Systems (U.S.). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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