Global Industrial market was valued at US$ 12.75 Billion in 2016, according to Global Power Rental Market Report by Fuel Type (Diesel, Gas, and Others), by Applications (Peak Shaving, Base Load/ Continuous, and Stand by), by End-Use (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, and Shipping), published by Coherent Market Insights. The Power Rental market is expected to register a CAGR of 8.9 % over the forecast period (2017 - 2025) to reach US$ 25.22 billion by 2025.
The major divers propelling the global growth of this market include increased demand for energy, lack of power infrastructure, and increased awareness about new technologies in the power generation such as mobile light tower power generator and sound proof diesel power generator. According to the U.S Energy Information Administration, the world energy consumption between 2012 and 2040 is expected to grow by around 48%. Fossil fuel is projected to account for more than three-quarters of the world consumption of energy through 2040. Furthermore, natural gas is the fastest-growing fossil fuel source of energy, which is increasing by around 1.9% per year. Increasing consumption of natural gas due rising supply of shale gas, coalbed methane, and tight gas are the important factors propelling the growth of power rental market.
Some of the major factors that affect the growth of power rental market include stringent regulations regarding emission such as regulations on pricing on carbon emmision by Environmental and Climate change Canada, and increased focus towards renewable energy. According to International Energy Outlook 2016, renewable energy is increasing by 2.6% per year through 2040.
Browse 150 market data tables* and 90 figures* on ""Power Rental Market" - Global forecast to 2025.
Key Trends and Analysis of Power Rental Market:
• On the basis of application, base load/continuous segment dominated the global power rental market in 2016 valued US$ 5.55 billion and is expected to lead the market throughout the forecast period and is projected to be valued at US$ 10.40 billion by 2025. Furthermore, peak shaving segment is also gaining popularity in order to reduce the peaks demand. Energy storage in peak shaving gives emission free operations and faster responses.
Key Takeaways of the Market:
• North America led the Power Rental market in 2016 and is expected to lead the market throughout the forecast period. North America market was valued at US$ 4.03 billion in 2016 and the region is projected to witness a CAGR of 6.4% in terms of revenue during the forecast period. The shale oil revolution in the region has surged the growth in the exploration and development activities, which in turn is allowing North America for major capacity addition in the near future, in turn increasing the demand for power rental generators in the oil and gas industry.
• Asia Pacific is the fastest growing market for power rental market. According to the U.S. Energy Information Administration, International Energy Outlook 2016, from 2012 to 2040, non-OECD Asia (Organization for Economic Cooperation and Development), the Middle East and OECD America are major natural gas producing regions in the world. China increases production of natural gas by 15.0 trillion cubic feet (Tcf) due to its expansion in the development of shale resources. Natural gas is used as fuel for power generators. Therefore with the rise in production of natural gas, there is high demand for the same, which in turn is driving the growth of the market for power rental market in this region.
Some of the major companies in the global power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, Inc., and Rental Solutions & Services, LLC.
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