Global Power Rental Market Overview & Outlook (2018-2023) - The Standby Power Segment is Expected to Grow at the Fastest Rate

DUBLIN, Nov. 16, 2018 /PRNewswire/ --

The "Power Rental Market by Fuel (Diesel & Gas), Power Rating, Equipment, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application, Region - Global Forecasts to 2023" report has been added to ResearchAndMarkets.com's offering.

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.

By end-user, the utilities segment is expected to grow at the fastest rate during the forecast period

The report segments the power rental market, by end-user, into utilities, oil & gas, minning, manufacturing, construction, events, shipping, and data center. Local grids lack reliable supply, mainly due to poor or lack of transmission network in regions such as Africa, Asia Pacific, and in developing countries.

Unreliable supply from a local grid or limited access to the main transmission network may prohibit the delivery of electricity required to sustain production and operations. In such cases, there will be a high demand for generators, as users avoid traditional power grids to limit their use of the grid. Hence, there is continuous demand for power rental from power plants in order to ensure continued power supply. Utility companies use rental generators mainly during the peak demand period.

By application, the standby power segment is expected to grow at the fastest rate during the forecast period

A standby generator is an electrical back-up system that operates within seconds of a power outage. The transfer switch senses the loss of power and accordingly starts or shuts off the generator. Most units run on diesel, natural gas, or liquid propane gas. These generators are used in hospitals, office buildings, and schools, among others.

Diesel generator accounts for the largest market size during the forecast period. Diesel generators are being used for standby, peak shaving, and continuous power generation purposes for decades. The diesel generators have long running life, easy fuel availability, and quick response. These are the factors that boost the growth of the diesel generator market worldwide.

The advantages of using a diesel generator is its continuous stream of voltage power, without peaks and dips of other devices, thus, helping to regulate fluctuations. Diesel generators find applications mainly in commercial and various manufacturing facilities and are also available in portable forms, which are primarily used by residential customers. These were the major reasons behind the diesel generator market holding the maximum share in 2017.

North America is expected to account for the largest market size during the forecast period

In this report, the power rental market has been analyzed with respect to 6 regions, namely, North America, Europe, South America, Asia Pacific, Africa, and the Middle East. The market in North America is estimated to be the largest during the forecast period. Increasing power demand and aging infrastructure are some of the key factors responsible for the growth of the power rental market. According to National Energy Board Canada, total export of 72.1 tWh (tera watt hours) of electricity was done to US in 2017.

The US government have been trying to reduce the electricity import in the country over a decade. But the increasing oil prices have impacted the growth, creating the power deficit. The deficit provides market opportunity for power rental solution. Such factors would boost the power rental market in the region during the forecast period.

The major players in the global power rental market are Aggreko (UK), Caterpillar (US), United Rental (US), Atlas Copco (Sweden), Cummins (US), Ashtead Group (UK), SEL (US), APR Energy (US), Kohler (US), Rental Solutions & Services (UAE), HERC (US), Generac Power Systems (US), Wacker Neuson (Germany), and Wartsila Corporation (Finalnc). Aggreko, United Rental, Caterpillar are the prominent player of the power rental market. The players are adopting inorganic growth strategies for the expansion of their presence in various regions

Market Developments

• United Rentals, Inc. acquired NES Rentals Holdings II, Inc. The acquisition is expected to increase the company's presence in the East Coast, Gulf states, and the Midwest of the US.
• Aggreko received a contract to provide around 60 generators supplying more than 10 MVA (mega volt ampere) of energy, distributed through more than 240 panel and 26 km of cable for Glasgow 2018 European Championship
• Caterpillar Inc. and Ritchie Bros. formed a partnership under which Ritchie Bros. will become Caterpillar's preferred global partner for onsite and online auctions for used Caterpillar equipment. The partnership is expected to strengthen Ritchie Bros. relationship with independent Caterpillar dealers around the world by providing them enhanced and continued access to a global auction marketplace to sell their used equipment.
  

Key Topics Covered

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Markets Covered
1.4 Years Considered for the Study
1.5 Currency
1.6 Limitations
1.7 Stakeholders

2 Research Methodology
2.1 Introduction
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Market Breakdown & Data Triangulation
2.4 Research Assumptions & Limitations
2.4.1 Assumptions
2.4.2 Limitations

3 Executive Summary

4 Premium Insights
4.1 Power Rental Market, By Country
4.2 Power Rental Market, By End-User
4.3 Power Rental Market, By Application
4.4 Power Rental Market, By Power Rating
4.5 Power Rental Market, By Fuel Type
4.6 Power Rental Market, By Equipment
4.7 North American Power Rental Market

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Limited Access to Electricity in Rural Areas
5.2.1.2 Increase in Power Loss Due to Aging Infrastructure.
5.2.1.3 New Customized Compressed Air Rental Solution
5.2.2 Restraints
5.2.2.1 Slowdown in Global Economies
5.2.2.2 Uncertainty in Raw Material Prices
5.2.3 Opportunities
5.2.3.1 Obsolete Permanent Power Plants
5.2.3.2 Deccarbonization & Decentralization of Energy Mix
5.2.3.3 Next Generation Air Compressors
5.2.4 Challenges
5.2.4.1 Stringent Emission Regulations Effecting Diesel Fuel Type Generator

6 Power Rental Market, By End-User
6.1 Introduction
6.2 Utilities
6.2.1 Africa is Expected to Hold the Largest Market Share
6.3 Oil & Gas
6.3.1 North America is Expected to Hold the Largest Market Share
6.4 Events
6.4.1 Middle East is Expected to Be the Fastest Growing Market for Event Segment
6.5 Construction
6.5.1 Asia Pacific is Expected to Hold the Largest Market Share of Construction Segment
6.6 Mining
6.6.1 North America is Expected to Grow in Mining Segment Driving Demand for Power Rental Solution
6.7 Manufacturing
6.7.1 Increasing Investment in Manufacturing Sector in Asia Pacific is Driving the Power Rental Market in Manufacturing Segment
6.8 Shipping
6.8.1 South America is Expected to Grow at the Fastest Rate in the Shipping Segment
6.9 Data Center
6.9.1 North America is Expected to Create Demand in Data Center Segment
6.10 Others

7 Power Rental Market, By Application
7.1 Introduction
7.2 Peak Shaving
7.2.1 The Aging T&D Infrastructure is Expected to Drive Peak Shaving Market
7.3 Standby Power
7.3.1 Increasing Requirement of Continuous Power Flow to Maintain Efficency is Driving the Standby Power Market
7.4 Base Load/Continuous Power
7.4.1 Increasing Demand From Utilities and Mining End-User is Driving Base Load/Continuous Power Market

8 Power Rental Market, By Power Rating
8.1 Introduction
8.2 Up to 50 Kw Power Rating
8.2.1 Increasing Requirement in Construction Industry is Driving the Market for Up to 50 Kw Segment
8.3 51 -500 Kw Power Rating
8.3.1 North America is Expected to Be the Largest Market in 51 - 500 Kw Segment
8.4 501 -2,500 Kw Power Rating
8.4.1 Oil & Gas and Utilities are Driving the Market for 501-2,500 Kw Segment

9 Power Rental Market, By Fuel Type
9.1 Introduction
9.2 Diesel Generators
9.2.1 Technical Efficency and Easy Availability of Diesel are Driving the Diesel Generator Market
9.3 Gas Generators
9.3.1 Stringent Emission Norms are Creating Market for Gas Generator
9.4 Others

10 Power Rental Market, By Equipment
10.1 Introduction
10.2 Generator
10.2.1 Increasing Demand for Continuous Power Supply is Creating Opportunity for Generators
10.3 Transformer
10.3.1 Increasing Demand for Temporary Power Plant is Driving Transformer Market
10.4 Load Bank
10.4.1 Manufacturing and Construction Industries are Driving the Load Bank Market
10.5 Others

11 Power Rental Market, By Region
11.1 Introduction
11.2 Asia Pacific
11.2.1 By End-User
11.2.2 By Fuel Type
11.2.3 By Application
11.2.4 By Equipment
11.2.5 By Country
11.2.5.1 China
11.2.5.1.1 Growing Investment in Mining Activities is Expected to Create Opportunity for Power Rental Market
11.2.5.2 India
11.2.5.2.1 Increasing Investment in Manufacturing and Construction Sector is Expected to Drive the Power Rental Market in India
11.2.5.3 Australia
11.2.5.3.1 Aging Power Infrastructure and Growing Power Requirement are Driving the Power Rental Market in the Region.
11.2.5.4 Japan
11.2.5.4.1 Increasing Investment in the Construction Industry is Expected to Drive the Power Rental Market in Japan
11.2.5.5 Singapore
11.2.5.5.1 Manufacturing and Construction Industries are Expected to Drive the Power Rental Market in Singapore
11.2.5.6 Indonesia
11.2.5.6.1 Utilities and Manufacturing Sectors are Driving the Power Rental Market in Indonesia
11.2.5.7 Bangladesh
11.2.5.7.1 Poor T&D Infrastructure is Driving the Market in Bangladesh
11.2.5.8 The Rest of Asia Pacific
11.3 North America
11.3.1 By End-User
11.3.2 By Fuel Type
11.3.3 By Application
11.3.4 By Equipment
11.3.5 By Country
11.3.5.1 Us
11.3.5.1.1 Aging T&D Infrastructure and Increasing Power Requirement are Driving the Power Rental Market in the Region.
11.3.5.2 Canada
11.3.5.2.1 Utilities and Oil & Gas Industries are Expected to Drive the Power Rental Market in Canada
11.3.5.3 Mexico
11.3.5.3.1 Growing Industrialization and Increasing Power Requirement is Driving the Power Rental Market in Mexico
11.4 South America
11.4.1 By End-User
11.4.2 By Fuel Type
11.4.3 By Application
11.4.4 By Equipment
11.4.5 By Country
11.4.5.1 Brazil
11.4.5.1.1 Manufacturing Industry is Expected to Drive the Requirement for Power Rental Solution in Brazil
11.4.5.2 Argentina
11.4.5.2.1 Lack of Centralized Grid and Poor T&D Infrastructure are Driving the Power Rental Market in the Region
11.4.5.3 Chile
11.4.5.3.1 Utilities are the Largest End-User for Power Rental Market in Chile
11.4.5.4 The Rest of South America
11.5 Europe
11.5.1 By End-User
11.5.2 By Fuel Type
11.5.3 By Application
11.5.4 By Equipment
11.5.5 By Country
11.5.5.1 UK
11.5.5.1.1 Oil & Gas and Construction Industries are Expected to Drive the Power Rental Market in the Region
11.5.5.2 Germany
11.5.5.2.1 Increasing Investment in Construction Industry is Expected to Drive the Power Rental Market in the Country.
11.5.5.3 Russia
11.5.5.3.1 Oil & Gas End-User Segment is Expected to Hold the Largest Share for Power Rental Market in Russia
11.5.5.4 Italy
11.5.5.4.1 Increasing Investment in Construction Industry is Expected to Drive the Power Rental Market in Italy
11.5.5.5 France
11.5.5.5.1 Aging Power Plants are Driving the Requirement for Power Rental Solution
11.5.5.6 Turkey
11.5.5.6.1 Utilities are Expected to Drive Demand for Power Rental Solution in Turkey
11.5.5.7 Rest of Europe
11.6 Middle East
11.6.1 By End-User
11.6.2 By Fuel Type
11.6.3 By Application
11.6.4 By Equipment
11.6.5 By Country
11.6.5.1 Saudi Arabia
11.6.5.1.1 Stable Oil Prices are Expected to Promote Major Oil & Gas Projects, Creating Requirement for Power Rental Solutions
11.6.5.2 UAE
11.6.5.2.1 The Growing Power Requirement is Expected to Drive the Power Rental Market
11.6.5.3 Iran
11.6.5.3.1 Poor Power Infrastructure is Creating Opportunity for Power Rental Market
11.6.5.4 Qatar
11.6.5.4.1 Utilities are Expected to Drive the Power Rental Market in Qatar
11.6.5.5 OMAN
11.6.5.5.1 Event Segment is Expected to Be the Fastest Growing End-User Segment for Power Rental Market in OMAN
11.6.5.6 Rest of the Middle East
11.7 Africa
11.7.1 By End User
11.7.2 By Fuel Type
11.7.3 By Application
11.7.4 By Equipment
11.7.5 By Country
11.7.5.1 Algeria
11.7.5.1.1 Utility Segment is Expected to Hold the Largest Share
11.7.5.2 Egypt
11.7.5.2.1 Utility is Expected to Be the Fastest Growing Market for Power Rental in Egypt
11.7.5.3 South Africa
11.7.5.3.1 Increasing Investment in Mining Activities is Driving the Power Rental Market in the Country
11.7.5.4 Nigeria
11.7.5.4.1 Utility Holds the Largest Market Share for Power Rental Market in Nigeria
11.7.5.5 Libya
11.7.5.5.1 The Aging Power Infrastructure is Driving the Power Rental Market in Libya
11.7.5.6 Mozambique
11.7.5.6.1 Increasing Power Requirement is Driving the Power Rental Market in the Country
11.7.5.7 The Rest of Africa

12 Competitive Landscape
12.1 Introduction
12.2 Ranking of Players, 2017
12.3 Competitive Scenario
12.3.1 Competitive Analysis
12.3.2 Contracts & Agreements
12.3.3 New Product Developments
12.3.4 Investments & Expansions
12.3.5 Mergers & Acquisitions

13 Company Profiles
13.1 Benchmarking
13.2 Caterpillar
13.3 Atlas Copco
13.4 Cummins
13.5 United Rentals
13.6 Ashtead Group
13.7 Aggreko, PLC
13.8 APR Energy
13.9 Bredenoord Exploitatiemij B.V.
13.10 Kohler Co.
13.11 Rental Solutions & Services
13.12 Herc Holdings Inc
13.13 Generac Power Systems
13.14 Wacker Neuson SE
13.15 Wartsila Corporation
13.16 Speedy Hire PLC
13.17 Smart Energy Solutions
13.18 Soenergy International
13.19 Multiquip Inc.

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