LONDON--(BUSINESS WIRE)--The new generator rental market research for oil and gas industry from Technavio indicates neutral growth in the short term as the business impact of COVID-19 spreads.
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"One of the primary growth drivers for this market is the Constant Demand for Oil and Gas,” says a senior analyst for the Industrials industry at Technavio.
Despite the decrease in crude oil prices, there is a rise in demand for oil and gas around the world. This will increase the need for oil and gas production and exploration activities, in turn, boosting the demand for rental generators from the oil and gas industry. The decline of easy oil across the globe will lead to increased investments from the oil and gas companies towards enhancing the efficiency of their exploration activities, which will consequently drive the growth of the market.
As the markets recover Technavio expects the generator rental market size for oil and gas industry to grow by USD 153.87 million during the period 2020-2024.
Generator Rental Market for Oil and Gas Industry Segment Highlights for 2020
- The generator rental market for oil and gas industry is expected to post a year-over-year growth rate of -2.57%.
- Technologies such as enhanced oil recovery (EOR) and fracking vertical drilling consume more power than the regular processes.
- With the industry adopting more of such technologies, the power consumption has increased. This has resulted in using multiple generators for supplying power to the equipment.
- Therefore, power-intensive technologies and the easy availability of diesel is driving the use of diesel-powered generators in the oil and gas industry.
- However, market growth in this segment will be slower than the growth of the market in the gas generator segment.
- 33% of the growth will originate from the MEA region.
- The increasing number of oil and gas activities will significantly drive generator rental market growth for oil and gas industry in this region over the forecast period.
- Saudi Arabia and Iran (Islamic Republic of Iran) are the key markets for generator rental for oil and gas industry in MEA. Market growth in this region will be faster than the growth of the market in Europe and North America.
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- The generator rental market for oil and gas industry size is expected to accelerate at a CAGR of almost 3% during the forecast period.
- The generator rental market for oil and gas industry is segmented by Product (Diesel generator and Gas generator), Geography (MEA, North America, Europe, APAC, and South America), and Application (Onshore and Offshore).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Aggreko Plc, APR Energy, Ashtead Group Plc, Atlas Copco AB, Caterpillar Inc., Cummins Inc., Doosan Corp., Generac Power Systems Inc., Herc Holdings Inc., and United Rentals Inc.
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