Power Rental Market

Market Leaders - Power Rental Market

The global power rental market is projected to reach USD 21.2 billion in 2023 from an estimated USD 14.5 billion in 2018 growing at a CAGR of 7.89% from 2018 to 2023. The North American market is estimated to be the largest market for power rental, followed by Africa in 2018. This trend is expected to continue till 2023. The growth of the power rental market is driven by increasing power demand, lack of power infrastructure, revamping of old T&D infrastructure.

The power rental market is dominated by a few major players that have a wide 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.), Cummins, Inc. (U.S.), United Rentals, Inc. (U.S.), and APR Energy, PLC (U.S.).

Major strategies adopted by the players include contracts & agreements, new product launches, expansions & investments, mergers & acquisitions, and joint ventures & collaborations. Contracts & agreements was the most commonly adopted strategy from 2015 to October 2018. Industry players also adopted new product development, which was the second most widely followed strategy, during the same period. A key integrated solution provider has been highlighted in the paragraphs below.

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APR Energy offers fast-track cost-efficient power generation solutions to independent utilities, industrial customers, and government institutions. The company offers power generation solutions through turnkey and customized approaches. APR Energy offers power solutions to mitigate power outages, improve grid optimization, and increase stabilization. The solutions offered by the company are used for a range of applications, including supplemental base load capacity, natural disasters, seasonal peak shaving, backup for scheduled or unscheduled outages, dedicated industrial power, and grid stability and support. For instance, in September 2018, APR Energy, completed installation and 100-hour testing of 300 MW (megawatt) power project for Bangladesh Power Development Board. The company will operate as an independent power producer for a term of five years. This project is a part of Bangladesh Power Development Board supplement power plan.

Aggreko, PLC 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 and 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 January 2018, Aggreko entered in a joint venture with power rental company Shanghai Yude. This development is in line with Aggreko’s long-term strategy to grow its business in China with experienced and respected local partners.

Related Reports:

Power Rental Market by Fuel (Diesel & Gas), Power Rating, Equipment, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application (Peak Shaving, Base Load, Standby), Region - Global Forecasts to 2023

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Report Code
EP 3534
RI Published ON
11/1/2018
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