Shibuya-ku, Tokyo, Japan, Japan, Jan 07, 2022, 02:04 /Comserve / -- The power rental market is projected to reach USD 21.2 billion by 2023 from an estimated of 7.89%. This can be attributed to increase in power loss due to aging infrastructure and limited access to electricity in rural areas.
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
The power rental market is projected to reach USD 21.2 billion by 2023 from an estimated USD 14.5 billion in 2018, at a CAGR of 7.89%. This can be attributed to increase in power loss due to aging infrastructure and limited access to electricity in rural areas. Slowdown of global economies and uncertainty in raw material prices can hinder the growth of the market.
The 1,501 kW – 2,000 kW segment held the largest market share in 2017 during the forecast period. These range generators are used in the mining, oil & gas, manufacturing, shipping and utility sectors. These generators are required to provide standby power as well as power during peak shaving. 1,501 kW – 2,000 kW are required in the remote locations where emergency power is required. Increasing power loss due to aging infrastructure in the developed economies will add additional power burden. Hence, to meet the power demand in such regions power rental solutions are used during outages and maintenance activity.
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“Standby power segment is expected to be the fastest growing segment in power rental market during the forecast period.”
The standby power segment is expected to grow at the fastest rate during the forecast period. The standby generator is an emergency generator which is used when there is the power outage. 501 kW – 500 kW and 501 kW – 2,500 kW power rating is used as standby generator. The generator is required for oil & gas, mining, construction, and manufacturing among others. The demand for standby power application will increase as in some regions there are aging infrastructure and less access to electricity. In Africa region, the economies of Nigeria, Algeria, and South Africa are growing, which in turn are creating requirement for additional power. Standby power rental solutions are used to meet the growing requirement in the region and across different countries suffering with power deficit.
Africa: The fastest growing market for Power Rental.”
Africa is expected to grow at the fastest rate during the forecast period. The African power rental market is majorly driven by the utility segment. The African mining industry accounts for nearly 13% of the world’s mining activities. The frequent power outage, unstable power supply and aging power infrastructure in the region are driving the mine operators to shift towards power rental solution to meet their power requirement.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Power Rental Market-Size, Insights of Scope, Compound Annual Growth, Forecast to-2023(Trending Report)
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 27%, and Tier 3- 13%
By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: North America- 40%, Asia Pacific- 21%, Europe- 15%, Middle East & Africa- 13%, and South America- 11%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: The leading players in the power rental market include Aggreko (UK), Caterpillar (US), United Rentals (US), Ashtead Group (UK), and Herc Rental (US).
Research Coverage:
The report defines, describes, and forecasts the global power rental market by fuel type, application, equipment ,power rating, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the power rental market
Key Benefits of Buying the Report
The report will provide the market leaders/new entrants in this market information on the closest approximations of the revenue numbers for the overall power renal market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
TABLE OF CONTENTS
1 INTRODUCTION 19
1.1 OBJECTIVES OF THE STUDY 19
1.2 MARKET DEFINITION 19
1.3 MARKETS COVERED 20
1.4 YEARS CONSIDERED FOR THE STUDY 21
1.5 CURRENCY 22
1.6 LIMITATIONS 22
1.7 STAKEHOLDERS 22
2 RESEARCH METHODOLOGY 23
2.1 INTRODUCTION 23
2.1.1 SECONDARY DATA 24
2.1.1.1 Key data from secondary sources 24
2.1.2 PRIMARY DATA 25
2.1.2.1 Key data from primary sources 25
2.1.2.2 Key industry insights 26
2.1.2.3 BREAKDOWN OF PRIMARIES 27
2.2 MARKET SIZE ESTIMATION 27
2.2.1 BOTTOM-UP APPROACH 28
2.2.2 TOP-DOWN APPROACH 29
2.3 MARKET BREAKDOWN & DATA TRIANGULATION 30
2.4 RESEARCH ASSUMPTIONS & LIMITATIONS 31
2.4.1 ASSUMPTIONS 31
2.4.2 LIMITATIONS 31
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