Key Companies Covered in the Power Rental Market Research Report are Aggreko, Caterpillar Inc., Cummins Inc., Atlas Copco, Kohler Co., Shenton Group, NIDS Group, Pump Power Rental, United Power and Resources, APR Energy, Bredenoord, Generac Power Systems, Wacker Neuson Group, Wartsila, and other key market players.
PUNE, India, Sept. 4, 2019 /PRNewswire/ -- The global Power Rental Market is expected to gain momentum from the growing demand from those industries that receive very weak power supply from grids. According to a published report by Fortune Business Insights, titled, "Power Rental Market: Global Market Analysis, Insights, and Forecast, 2018-2026," the global Power Rental Market is projected to reach nearly US$ 20 Bn by the end of 2026, thereby exhibiting a CAGR of 8.24% during the forecast period. Fortune Business Insights further states that the global market was valued at approximately US$ 10.6 Bn in 2018. Additionally, the number of events around the globe has increased. These events require power supply temporarily. This is another major factors that will contribute to a rise in the global market revenue in the coming years.
Increasing Mining Activities to Boost Market Growth in the Middle East and Africa
The global Power Rental Market is geographically divided by North America, Europe, the Middle East and Africa, Asia Pacific, and Latin America. Amongst these regions, The Middle East and Africa had accounted for a notable global Power Rental Market share in the year 2018. Fortune Business Insights predicts that it will remain one of the fastest developing regions during the forecast period. This growth is attributed to the expansion of the oil and gas industry as well as the increasing number of construction activities occurring in the region. Moreover, a rise in the mining activities in Africa, increasing demand for mining and rental power from off-grid gas and oil wells, and unavailability of grid structure are expected to contribute to the Power Rental Market growth in this region during the forthcoming years.
Aggreko Plc. Bags Contract to Power 2020 Tokyo Olympic and Paralympic Games
Aggreko Plc., a leading supplier of temperature control equipment and power generation equipment, based in the U.K., awarded a contract to the 2020 Tokyo Olympic and Paralympic Games in December 2018. The contract was given to the company for providing a temporary electricity system to support the Athletes' Village, the Main Press Centre, and the International Broadcast Centre. The contract is estimated to be of worth around US$ 200 Million and it will also support operations, such as sports lighting, technology, and broadcast in approximately 43 venues.
Caterpillar Inc., an U.S.-based company that designs, manufactures, and sells engines, insurance, financial products, and machinery, announced the launch of National Accounts VIP Rental Program in March 2018. The main aim of the program is to fulfill the demand for temporary power of larger enterprises that are operating in various regions. The program will provide customized services and superior resources expertly, conveniently, and quickly. Furthermore, the program is developed to offer consumers a well-organized approach to rental goods by using a single-agreement and single-point-of-contact policy. The company has promised to provide a 24/7 representative in the Caterpillar Customer Interaction Center to maintain a smooth relationship between the dealer rental locations and consumers.
In January 2018, Aggreko Plc. announced that it has partnered up with Shanghai Yude, a power rental company, headquartered in China. This new joint venture will trade as Shanghai Yude Aggreko Energy Equipment Rental Co Ltd. According to the company, this acquisition will aid Aggreko in expanding their presence in China with the help of Shanghai Yude, its local partner. It would also be beneficial for both the companies as they can bring joint expertise and reliable power to a rapidly growing market. The renowned market players are focusing more on joint ventures and new service launches to gain competitive edge in the global Power Rental Market.
Fortune Business Insights has profiled some of the prominent market players operating in the global Power Rental Market. They are Aggreko, Caterpillar Inc., Cummins Inc., Atlas Copco, Kohler Co., Shenton Group, NIDS Group, Pump Power Rental, United Power and Resources, Sudhir Power Ltd., Modern Hiring Service, Newburn Power Rental Ltd, Global Power Supply, FG Wilson, ProPower Rental, United Rentals, Ashtead Group Plc, APR Energy, Bredenoord, Generac Power Systems, Wacker Neuson Group, Wartsila, Speedy Hire PLC, Multiquip Inc., and other key market players.
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