The global power rental market is expected to post a CAGR of over 3% during the period 2018-2022, according to the latest market research report by Technavio.
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Technavio predicts the global power rental market to post a CAGR of over 3% by 2018. (Graphic: Business Wire)
A key factor driving the growth of the market is the rise in demand for uninterrupted power. With the rise in the use of electrical equipment for different applications, the requirement for continuous, reliable, and quality power is increasing at a considerable rate. The applications ranging from consumer electronics to industries are dependent on the power supply. Any fluctuations or variations in power supply such as voltage sag, swell, and outage can lead to damage of the equipment. Overheating and loss of efficiency of the equipment are a few of the consequences of the interrupted or non-reliable power supply. Hence, the demand for temporary power solutions is increasing across the globe. Power rental equipment is preferred in various industries such as mining due to the flexibility of scaling power supply depending on the need for power and within a short period of time. Therefore, power rental solutions provide power to damaged systems and help in enhancing the performance of end-users such as utilities and oil and gas sector, among others, and thus impact the growth of the market.
This market research report on the global power rental market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the adoption of hybrid power generators as one of the key emerging trends in the global power rental market:
Global power rental market: Adoption of hybrid power generators
Hybrid power generators use a combination of sources for providing power, which can be gas and diesel, two batteries, or a renewable source and diesel generator. Hybrid power generators are gaining popularity owing to features such as cost-effectiveness and high efficiency. Moreover, hybrid power generators emit a lower number of contaminants such as carbon monoxide and nitrogen oxide compared with other power generators. Therefore, these generators also contribute to reducing carbon footprints. Different types of hybrid power generators are provided by vendors. For instance, Aggreko offers solar-diesel hybrid power generators. Thus, the availability of innovative products such as hybrid power generators will support the growth of the global power rental market.
“Along with the factor, adoption of hybrid power generators, other aspects such as the increasing infrastructure related activities, rising demand for one-stop solutions, and the growing number of power purchase agreements, are expected to improve the growth of the market during the forecast period,” says a senior analyst at Technavio.
Global power rental market: Segmentation analysis
This market research report segments the global power rental market by end-user (utilities, oil and gas, and industries) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share close to 41% of the market share, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth, followed by the EMEA region.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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View source version on businesswire.com: https://www.businesswire.com/news/home/20190103005376/en/
