LONDON--(BUSINESS WIRE)--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%.
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
The top three segments for the global power rental services market are discussed below:
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.
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:
- APR Energy
- Atlas Copco
- United Rentals
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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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