The Europe power rental market is projected to grow at a CAGR of 7.1%, from 2019 to 2024
NEW YORK, Jan. 29, 2020 /PRNewswire/ --
The Europe power rental market is projected to grow at a CAGR of 7.1%, from 2019 to 2024.
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The Europe power rental market is projected to reach USD 2.3 billion by 2024, from an estimated USD 1.6 billion in 2019, at a CAGR of 7.1%. Power rental equipment is used for standby, prime, continuous, and peak shaving applications in various end-use sectors such as utilities, oil & gas, construction, mining, manufacturing, shipping, data centers, and events. The main driver for the Europe power rental market is primarily due to increasing power loss due to aging infrastructure, and limited access to electricity in rural areas. The slowdown of economies and uncertainty in raw material prices can hinder the growth of the market.
The 501-2,500 kW segment is expected to grow at the fastest CAGR from 2019 to 2024.
The 501-2,500 kW segment is expected to be the fastest growing market during the forecast period.These range generators are used in the mining, oil & gas, manufacturing, shipping, and utility sectors.
These generators required to provide standby power as well as power during peak shaving. 501 kW-2,500 kW are used in remote locations where emergency power is needed. Thus, these range generators are used when there is high demand for electricity. Above 501-2,500 kW generators are economical and can be deployed for continuous power applications. The adoption of natural gas and other renewable gases for the 501-2,500 generators is the major reason for the fastest growth projection of the segment during the forecast period.
The standby power segment is expected to be the largest segment in Europe power rental market during the forecast period.
The standby power segment is expected to be the largest market during the forecast period. The standby generator is an emergency generator which is used when there is a power outage. 501 kW-500 kW and 501 kW-2,500 kW power rating is used as a standby generator. The generator is required for oil & gas, mining, construction, and manufacturing, among others. The demand for the standby power application will increase as in some regions, due to the aging infrastructure and less access to electricity. 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.
UK": The largest market for Europe Power Rental.
Russia is currently the largest market within the Europe power rental industry, followed by UK and Germany.Russia accounted for the maximum share of the market in Europe in 2018.
Germany is projected to grow at the highest CAGR, from 2019 to 2024.Growth of the construction, mining, and manufacturing sectors in countries such as Russia, UK, Germany, Netherland, Italy, and Belgium are expected to drive the Europe power rental market during the forecast period.
The frequent power outage, unstable power supply, and aging power infrastructure are resulting in mine operators inclining towards power rental solutions to meet their power requirement.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1– 70%, Tier 2– 20%, and Tier 3–10%
• By Designation: C-Level- 50%, Director Level- 20%, and Others- 30%
By Region: North America- 40%, Asia Pacific- 21%, Europe- 15%, The Middle East & Africa- 13%, and South America- 11%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: >USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The leading players in the Europe power rental market include Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Atlas Copco (Sweden), Bredenoord (Netherland), and Loxam (France).
Research Coverage:
The report defines, describes, and forecasts the Europe power rental market by fuel type, application, power rating, end-user, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Europe power rental market.
Key Benefits of Buying the Report
The report will provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall Europe power rental market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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