SAN ANTONIO, Oct. 08, 2015 (GLOBE NEWSWIRE) -- Verify Markets' analysis of the Middle Eastern Power Rental Market shows that the market was valued at well over $500 million in 2014 (http://www.verifymarkets.com/products/middle-east-power-rental-market). The market for rental power is divided in two parts: project business and commercial power rental business. Power projects are mainly in Saudi Arabia, with small percentage in other Gulf Cooperation Council (GCC) Countries.
The power generation rental markets in the GCC countries are primarily driven by demand from utilities and the construction industry. Saudi Arabia emerged as the largest power rental market, constituting the vast majority of the total size of the Middle Eastern power rental market. Power project business, or temporary power plants, accounted for just over half of the total Middle Eastern power rental opportunity in 2014. However, according to Verify Markets, the power project business is expected to decrease in the next seven years due to the integration of the grid between the GCC countries and grid expansion in Saudi Arabia. Additionally, Saudi Arabia and other GCC countries will likely increase their power generation capacities in the next seven years. Kuwait’s power rental market is primarily driven by demand from the oil & gas industry. The power rental market in Bahrain is saturated and the growth rate is expected to be slow over the forecast period.
A majority of the power rental operations in GCC countries utilize diesel as a fuel; there are very few cases of natural gas-based operations. The reasons for few natural gas-based operations include limited availability, permanent power plants and insufficient customer supply infrastructure.
Solar energy-based power rental is expected to hold a promising future in the GCC countries, although the growth rate of this market is expected to be slow during the next seven years. There are only a few companies operating in this niche market, currently. However, some of the major players in the power rental market in the GCC countries are expected to start their operations in the solar energy-based power rental market. Increased technology use for remote monitoring and access to generators and associated equipment is expected to increase within the forecast period as well.
Overall, the Middle Eastern Power Rental Market is expected to grow steadily during the next seven years. The base year for the study is 2014 and revenue forecasts are provided up to 2021. Companies featured include Al Faris Equipment Rentals, Aggreko, Mohamed Abdulrahman Al-Bahar CAT (Al-Bahar), Altaaqa Alternative Solutions (Altaaqa), Rental Solutions and Services (RSS), Smart Energy Solutions (SES), Jassim Transport & Stevedoring Company (JTC), Bryne Equipment Rental, Cummins Olayan Energy, Enerwhere Sustainable Energy, Atlas Copco Rental, and Hertz Equipment Rental Solutions, among others. The countries include Saudi Arabia, Oman, Kuwait, United Arab Emirates, Qatar and Bahrain. A copy of the 2015 Middle Eastern Power Rental Market research report can be obtained at http://www.verifymarkets.com. Follow us for updates on LinkedIn and Twitter @verify_markets.
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Source: Verify Markets