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Overview of the global power rental services market
Market research analysts at Technavio predict that the global power rental services market will grow steadily during the forecast period and post a CAGR of more than 3% by 2021. This market research analysis identifies the increase in power purchase agreements as one of the primary growth factors for this market. Rapid urbanization and the growing number of commercial establishments have created the need for constant power supply since the deficit in power supply results in business loss. As a result, enterprises will start forming partnerships with power rental utilities that mobilize the equipment and carry out operations to offer continuous power supply. In addition to commercial establishments, government organizations of several countries are also preferring power rental services for the continuous supply of power. For instance, the Angolan Ministry of Energy and Water already awarded the power rental services provider HIMOINSA with a contract for supplying 25 MW of power during 2012.
The market research report identifies the adoption of hybrid power generators as one of the primary trends behind the growth of this market. With the increasing need for additional power sources, the coming years will witness an increased demand for technologies that will help manage multiple power sources, in turn, driving the adoption of hybrid power generators. Additionally, benefits such as low cost, reduced rate of emissions, and better performance will also fuel the demand for hybrid power generators.
Competitive landscape and key vendors
The market is highly fragmented due to the presence of several prominent vendors who offer a diverse range of products to cater to the different needs of the clients in various sectors. These players provide an extensive portfolio of services, which can be scaled based on the needs of customers, thus making it a competitive market. Additionally, the players also provide customized and turnkey solutions for consumer specific power requirements.
The leading vendors in the market are -
The other prominent vendors in the market are BPC Power Rentals, Cummins, Doosan Portable Power, Energyst, Generac Power Systems, Herc Rentals, HIMOINSA, J C Bamford Excavators, Kohler, Multiquip, PR POWER, Sunbelt Rentals, and Wacker Neuson.
Segmentation by end user and analysis of the power rental services market
During 2016, the utilities segment accounted for the major shares and dominated this market. Utilities primarily use rental power to peak load shaving in addition to bridge the demand-supply gap which arises due to the ever-growing power demand. Factors such as the high demand for power due to high urbanization and high population growth will contribute to the growth of this industry segment in the coming years.
Geographical segmentation and analysis of the power rental services market
This market study estimates that in terms of geographic regions, the Americas will be the major revenue contributor to the market throughout the forecast period. This is mainly due to the availability of a well-developed power network in this region. Since power outages result in huge financial losses, there is a high demand for backup power sources from organizations in this region, which will consequently drive the growth of the market.
Key questions answered in the report include
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Research Methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Geographical segmentation
PART 07: Market segmentation by end-users
PART 08: Decision framework
PART 09: Drivers and challenges
PART 10: Market trends
PART 11: Vendor landscape
PART 12: Key vendor analysis
PART 13: Appendix
Tags: diesel generator, portable generator, renewable energy, renewable energy companies, energy storage market outlook, energy market forecast,
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