The power rental market is fragmented on the basis of four categories. These include consumers, generators, applications and geographies. The consumers market is sub-divided into oil and gas, utilities, construction, industrial, events, quarrying and mining and shipping. Rising demand for power on rent from these consumer sectors is estimated to drive the demand for the power rental market.
The generators market is sub-segmented into gas generators and diesel generators. The applications power rental market is sub-fragmented into prime load, peak load and stand by. Growing demand for power on hire from the aforementioned applications is also predicted to steer the market ahead. The geographies market includes Asia Pacific, rest of the world, Europe and North America. The worldwide power rental market was predicted at about USD 7.3 billion in 2012.
It is projected to expand to around USD 20.5 billion by 2019. The market is anticipated to register a CAGR of around 16 percent from 2013 and 2019. Escalating population and rising electricity demand in developing regions of the world are the two prime factors, driving further demand for the power rental market. Apart from the factors mentioned above, growing network volatility and power spikes are the other factors causing escalating demand for consistent power rental installations around the world.
Augmented awareness regarding the restriction of energy utilization in peak hours, specifically in energy-concentrated industries is another component, steering the power rental market further. The market is also anticipated to profit from considerable demand for rental power in off-grid regions. However, the market is prevented from progressing smoothly owing to contracting regional policies administering the handling of diesel power generators.
This hindrance could be conquered by the coming up of developed power rental systems, which offers profitable prospects to market participants. The region of rest of the world dominated the power rental market in 2012.