Aggreko, PLC (UK) and Caterpillar (US) are the Major Player in the Europe Power Rental Market
The Europe power rental market is estimated to be USD 1.6 billion in 2019 and is projected to reach USD 2.3 billion by 2024, growing at a CAGR of 7.1%, from 2019 to 2024. This market growth is driven primarily by the increasing power demand, lack of power infrastructure, and revamping of old T&D infrastructure. Expansion of IT and data center projects are also expected to fuel the growth of the Europe power rental market during the forecast period.
The Europe power rental market is dominated by major players that have a broad regional presence and are established brand names. Leading integrated solution providers in the power rental market include Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Atlas Copco (Sweden), Bredenoord (Netherland), and Loxam (France).
The market growth strategies adopted by key players in the Europe power rental market include new product launches, contracts & agreements, expansions & investments, mergers & acquisitions, joint ventures, and partnerships & collaborations. Mergers & acquisitions are the most commonly adopted strategy by market players in 2019. Industry players also adopted investments & expansions as one of the business strategies in 2019.
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Aggreko, PLC (UK) provides rental power generators and temperature control solutions. The company operates through two business units, namely, power solutions and rental solutions. The power solutions segment serves utility and industrial customers. The industrial power solutions subsegment operates in various sectors such as oil & gas, petrochemical & refining, and mining. The utility power solutions subsegment serves in emerging markets as a power provider and installing and operating modular and mobile power plants. The company’s rental solutions segment provides solutions and equipment for customers as well as contractual turnkey solutions, including servicing and maintenance. For instance, in March 2019, Aggreko won the contract to supply power generation equipment for meeting the need for temporary power during the 2019 Solheim Cup, to be held from 9th to 15th September 2019.
Caterpillar (US) is one of the leading manufacturers of construction & mining equipment, diesel & natural gas engines, industrial gas turbines, and diesel-electric locomotives. The company operates through four segments, namely, construction industries, resource industries, energy and transportation, and financial products, through which it also provides financing and related services. In 2002, the company formed a subsidiary called Energyst, which has three distributors namely, Barloworld Equipment, FINNING, and Pon Power & Pon Equipment. Energyst was created to provide turnkey rental solutions for power and temperature control products. The company offers products and services for the construction, transportation, mining, forestry, energy, logistics, electronics, financing, and electric power generation sectors. For instance, in March 2019, Caterpillar introduced digital services for its rental customers. The company made an online facility for product research and buying. This platform helps in enhancing the digital capabilities of the company and provide seamless, convenient solutions for customers to get products and services
Related Reports:
Europe Power Rental Market by Type (Diesel, Gas), Power Rating, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application (Peak Shaving, Base Load, StandBy ), Country - Forecasts to 2024
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