LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global standby rental power market is projected to grow to USD 3.75 billion by 2021, at a CAGR of more than 3% over the forecast period.
This research report titled ‘Global Standby Rental Power 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.
A standby rental power system is a secondary electrical system that can automatically supply power when the grid power fails by utilizing resources available at the source. The need to provide uninterrupted power is a major factor that drives the growth of the global standby rental power market.
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Based on the end-user, the report categorizes the global standby rental power market into the following segments:
- Oil and gas sector
- Industrial sector
- Utility sector
- Other sectors
The top three revenue-generating end-user segments in the global standby rental power market are discussed below:
Oil and gas sector
“The oil and gas industry deploys standby rental power systems across the entire value chain, making them the largest end-user market, occupying more than a third of the overall shares,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for power research.
For the oil and gas industry, power generators are an important necessity, since they provide key power sources, particularly to assist with drilling and digging. The rise in the number of drilling activities such as production, processing, and refining in the oil and gas sector drives the major demand for standby rental power companies.
The standby rental power market by the industrial sector is projected to be worth USD 0.74 billion by 2017, and continue to grow faster than other end-user segments in the market. The growth of the market segment is expected to be driven by the need to ensure an uninterrupted working of all the equipment to ensure maximum efficiency. Thus, the demand for standby rental power is expected to witness an increase in demand during the forecast period. Swiftly developing economies such as China, Brazil, and India are expected to create the highest demand for standby rental power systems.
“The power utility sector is expected to grow significantly during the forecast period, driven by the increased usage of generators as well as the maintenance and upgrading of power plants,” says Thanikachalam.
Utilities worldwide use rental power as a backup whenever a power plant undergoes repowering or restructuring to meet the base demand from end-users. Most countries belonging to the Gulf Cooperation Council experience seasonal power shortages, to counter which they adopt standby rental power systems.
The top vendors highlighted by Technavio’s research analysts in this report are:
- APR Energy
- Atlas Copco
- United Rentals
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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, resellers, and end-users.
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