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Power Rental Market Rapid Rise In Revenue Due To The High Demand

By Author: Akshay
Total Articles: 138

The global power rental market is projected to reach a size of USD 21.2 billion by 2023, at a CAGR of 7.89%, from an estimated USD 14.5 billion in 2018. This growth can be attributed to the limited access to electricity in rural areas and increase in power loss due to aging infrastructure.
The power rental market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the power rental market include Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Cummins, Inc. (U.S.), United Rentals, Inc. (U.S.), and APR Energy, PLC (U.S.).
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Major strategies adopted by the players include contracts & agreements, new product launches, expansions & investments, mergers & acquisitions, and joint ventures & collaborations. Contracts & agreements was the most commonly adopted strategy from 2015 to October 2018. Industry players also adopted new product development, which was the second most widely followed strategy, during the same period. A key integrated solution provider has been highlighted in the paragraphs below.
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APR Energy offers fast-track cost-efficient power generation solutions to independent utilities, industrial customers, and government institutions. The company offers power generation solutions through turnkey and customized approaches. APR Energy offers power solutions to mitigate power outages, improve grid optimization, and increase stabilization.
Aggreko, PLC provides rental power generators and temperature control solutions. The company operates through two business units, namely, power solutions and rental solutions. The power solutions segment serves utility and industrial customers. The industrial power solutions subsegment operates in various sectors such as oil & gas, petrochemical and refining, and mining.
“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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