Power rental market has grown at a rigorous pace in the past few years citing increased power demand. Focused Market reports connected to the energy and power sector among others lately have been made available by Market Research Future which publishes a report on this sector. The industry is anticipated to achieve USD 21,765.1 million in revenues while growing at a CAGR of 9.06 percent from 2017 to 2023.
Power rental market will continue its upward growth phase in the forecast period as well because of increased power demand in urban and rural areas. Heavy inflow of investments into this sector will boost the growth of the market to a higher level. Shortage of power supply in countries around the world is expected to be the key factor for industry growth through the forecast period.
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Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product’s value. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. This situation has created prospects for portfolio improvements along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
The power rental industry globally comprises of companies such as Aggreko Plc. (U.K.), Cummins, Inc. (U.S.), Caterpillar Inc. (U.S.), Herc Rentals Inc. (U.S.), Bredenoord Exploitatiemij B.V. (The Netherlands), United Rentals, Inc. (U.S.), APR Energy (U.S.), Speedy Hire Plc. (U.K.), Ashtead Group Plc. (U.K.), L.M. Generating Power Co. Ltd. Ltd (Canada) and others.
The industry for power rental market globally comprises of segments such as application, fuel type and end-user. The Fuel Type segment of the power rental industry includes segments such as Gas, Diesel and Others. On the basis of Application the market comprises of segments such as Stand by Power, Base Load and Peak Shaving. The End User segment comprises of Utilities, Shipping, Oil & Gas, Construction, Manufacturing, Mining and Others. The region wise segment of the market includes regions such as Asia Pacific, North America, Europe and rest of the world.
Detailed Regional Analysis:
The regional analysis of the power rental market includes regions such as Europe, Asia Pacific and North America to name a few of the regions. The North American region controls the power rental market globally. The North American region accounted for the major market share of 31.60 percent in 2016, with a market value of USD 3,773.9 million. Old grid infrastructure and natural calamities, which are the root cause for frequent power outages and growing demand for the industrial sector which is increasing the development of the market in the region. The Asia-Pacific region was the second largest market in 2016 which was valued at USD 2,663.2 million in that year is now projected to grow at a CAGR of 8.98 percent during the forecast period.
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Feb 2018 A Contact Electric Rentals has finalized its acquisition recently by Aggreko. A Contact Electric Rentals which is a supplier of specialized high and medium voltage electrical distribution and transformer rental equipment, for an unrevealed amount. The company which is headquartered in Texas, A Contact has a strong incidence in many of the markets. The acquisition of A Contact will strengthen Aggreko’s position as an important supplier of specialty power solutions. A Contact’s achievements has been made on its ability to supply electrical equipment such as I-line panels, switches, highly specialized medium or high voltage gear, starters, transformers and variable frequency drives, to quickly meet customer demands.
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