Global Power Rental Services Market - Global Forecasts and Opportunity Assessment by Technavio
According to the latest market study released by Technavio,
the global
power rental services market is expected to reach USD 801.61
million by 2021, growing at a CAGR of more than 3%.
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Technavio has published a new report on the global power rental services market from 2017-2021. (Graphic: Business Wire)
This research report titled ‘Global
Power Rental Services Market 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.
The global power rental services market is expected to grow at a
moderate rate during the forecast period. The demand for rental power is
expected to upsurge on account of increasing public infrastructural
activities, growing the industrial base, and supplying power in remote
areas. The oil and gas segment is one of the major industries for power
rental services. The largest share of the market is accounted by the
Americas.
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Technavio’s energy
research analysts categorize the global power rental services market
into four major segments by end-user. They are:
-
Utility sector
-
Oil and gas sector
-
Industrial sector
-
Others
The top three segments for the global power rental services market are
discussed below:
Utility sector
The global power rental services market in the utility sector is
expected to grow at a steady rate during the forecast period. To bridge
the demand-supply gap, rental power is used to fulfill the need of
ever-growing demand for power, owing to the increasing population and
rapid industrialization. Utilities use rental power for peak load
shaving. Due to industrial activities and population growth, there is a
continuous rise in power demand.
According to Sayani Roy, a lead energy
storage research analyst from Technavio, “Rental power
generators are used to support power generation companies during peak
demand and provide backup for power rental accessories, such as load
banks for testing power systems and generators.”
Oil and gas
Oil and gas companies are investing heavily in new technologies to
increase the extraction quantities and improve the efficiency of the
extraction wells. The demand for power is very high in drilling
and extraction activities. The demand for rental power seems to be
strong on the production side owing to active well-developed sites.
“All major companies invest heavily in power rental equipment for
emergency back up as downtimes are expensive. Renting also helps in
decreasing the fleet size and reduces the risk involved in the
investment of capital expenditure, thus safeguarding the end user's cash
flow and sustain their overheads as the rental company is responsible
for the maintenance and services of generators,” says Sayoni.
Industrial sector
The necessity for continuous power is very crucial in the industries.
Most industries are dependent on the project they are working on to
achieve optimum operational capacity and avoid any financial loss due to
outages requires constant power. Grids are prone to outages due to
natural calamities, poor maintenance, or increased stress on T&D
infrastructure. This will drive the demand for power rental generators
being used as backup power in the coming years.
The top vendors highlighted by Technavio’s research analysts in this
report are:
-
Aggreko
-
APR Energy
-
Atlas Copco
-
United Rentals
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About Technavio
Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.
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at media@technavio.com.
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