Sarasota, FL, Aug. 18, 2016 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Power Rental Market by End-User (Oil & Gas, Industrial, Construction and Others) For Peak Shaving, Base Load/ Continuous Power and Standby Power Applications: Global Industry Perspective, Comprehensive Analysis and Forecast, 2014 - 2020”. According to the report, The global power rental market was valued at approximately USD 10.02 billion in 2014 and is expected to reach approximately USD 20.30 billion by 2020, growing at a CAGR of over 13.0% between 2015 and 2020.
Power is generated by burning fossil fuels such coal, oil or gas to generate steam that drives large turbines that produce electricity. Power rental is referred as plant hire which provide flexibility, reliability, speed and cost-effectiveness. Power on rent can deliver complete operating power packages as well as provide scalable components within large power station installations to various industrial applications.
Browse 41 Market Tables and 21 Figures spread through 80 Pages and an in-depth TOC on "Power Rental Market - Global Size, Shares, Trends, Segment & Forecast to 2020”
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The global power rental market is expected to witness significant growth over the forecast period on account of increasing demand for power across the globe. The increasing power consumption, development of power infrastructure, and increasing construction & development is anticipated to boost the demand for power rental in the coming years. Furthermore, increasing demand for power from oil & gas industry is also a major driving force of the power rental market. However, the presence of stringent regulations coupled with rising environmental awareness may hamper the market growth in the near future. Nonetheless, increasing demand for power in emerging economics is expected to open up new growth avenues for the power rental market in the years to come.
Oil & gas, industrial, construction, and others are the key end-users of the power rental market. Industrial segment emerged as the leading application segment by accounting for over 22 % of the total revenue generated by the power rental market in 2014. Construction is another key outlet of power rental market and it held over 20% share of the overall market in 2014. This is mainly due to grow infrastructural development in the emerging economics. Oil & gas is also expected to exhibit substantial demand within the forecast period.
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Based on application, the power rental market can be segmented into peak shaving, base load/continuous power and standby power. Base load/continuous accounted for 45.56% share of total revenue generated in 2014. Base load/continuous segment are expected to exhibit a significant rise in light of the increasing demand from various sectors such as oil & gas, mining and construction and others. Peak shaving is another leading application segment owing to rising awareness among energy-intensive industries in order to control the charged over high energy demand during peak hours.
In terms of revenue, Middle East & Africa held the largest share of the power rental market and is set to continue to dominate the world marketplace within the forecast period. This growth is mainly attributed to the growing construction and developmental activities in this region. The continuous power producers’ inability to meet the power demand especially during extremely hot weather conditions are expected to open up new growth opportunities for the Middle East and Africa power rental market.
Middle East & Africa region was followed by North America in terms of revenue in 2014. North America accounted for over 21% share of total market in 2014 and is expected to exhibit significant growth within the forecast period. This is mainly due to increasing demand of power, aging infrastructure, and need of constant power, demand coming from the oil-and-gas market, recovering economy and infrastructure projects.
Asia Pacific is another leading regional market and is expected to witness significant growth in near future. The need for temporary power supply across the emerging economics especially in China and India is increasing due to high demand from construction and oil & gas industry. Thus, the growing demand for power rental from various industries in turn is expected to fuel the growth of power rental market.
Latin America is estimated to witness significant growth in the forecast period. Some of the key industries in the Latin America are located in the remote areas which have poor technological power infrastructure and low power production. This shortage of electricity drives the need for power rental in this region.
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Some of the key players include in power rental market such as Atlas Copco, United Rental, Cummins Inc, APR Energy Inc, Caterpillar Inc and Power Electrics.
This report segments the global power rental market as follows:
Global Power Rental Market: End-Users Segment Analysis
- Oil & Gas
Global Power Rental Market: Application Segment Analysis
- Peak shaving
- Base load/ Continuous power
- Standby power
Global Power Rental Market: Regional Segment Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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