19 Sep 2016 01:09:15
Power Rental Market to Grow at Strong CAGR of 16.2% till 2019 due to Increased Energy Demand
Power rental systems act as a supplementary source of power for industries and are beneficial during outages and blackouts. Power rental systems are essential and in demand globally due to the accelerating demand for energy during peak periods. Instability in grid systems is also aiding the market. Power rental systems help keep the production process continuous without interruptions and minimize idle times when power failures occur.
Grid instability and Increased Demand due to Shortages in Power Supply Drives Market
The market for power rental systems is expected to expand at a robust CAGR of 16.2% between 2013 and 2019 and reach a value of US$20.64 billion. Escalating energy demands and need for dependable power rental systems specifically for industries are driving the power systems market globally. Population density in emerging economies is propelling demand for power, which will in turn expand the overall power rental systems market globally in the next few years. Power rental systems will also be in demand due to increase in public celebrations of festivals, fairs, and events.
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The demand for electricity globally is anticipated to double by 2030 and this is another driving factor for the power rental systems market across the world. The escalation of power rental systems application for government and the petroleum industry is anticipated to propel the market over the next few years. Increase in demand from off-grid regions and regions where there are constant shortages in power supply is also foreseen as a key growth factor for the power rental systems market in the coming years.
Middle East and Africa Rapidly Growing Market due to Increase in Tourism
The Middle East and Africa regional segment of the global power rental market is predicted to be a rapidly growing market owing to increased tourism in the region and consequently rising energy demand. The Middle East and Africa held 31% of the market in terms of revenue in 2012 and Asia Pacific came second due to the energy deficit resulting from instability of traditional power grids. The demand for power rental systems from Asia Pacific is expected to witness growth over the next few years. In the Asia Pacific region, the Chinese power rental market is anticipated to grow owing to rising thermal power generation, which will bolster the market.
In North America, growing number of end-use applications in energy-intensive industries and governmental regulations that help the power rental industry are boosting the power rental systems market. The Europe power rental system market is driven by numerous industries that require substantial energy, increase in electricity prices, and penalties for high energy use during peak hours. The application-based segment of peak shaving is likely to grow in demand in this region during the next few years.
Products supplied by Aggreko, the leading player in the power rental market, are growing in popularity among consumers and Caterpillar also has a strong footprint in the U.S. Big players are set to establish a strong operation base in the Middle East and Africa, due to the new power projects that are being undertaken in this region.
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