Power Rental Market to Grow at Strong CAGR of 16.2% till 2019 due to Increased Energy Demand

Power rental systems act as a supplementary source of power for industries and are beneficial during outages and blackouts. Power rental systems are essential and in demand globally due to the accelerating demand for energy during peak periods. Instability in grid systems is also aiding the market. Power rental systems help keep the production process continuous without interruptions and minimize idle times when power failures occur.

Grid instability and Increased Demand due to Shortages in Power Supply Drives Market

The market for power rental systems is expected to expand at a robust CAGR of 16.2% between 2013 and 2019 and reach a value of US$20.64 billion. Escalating energy demands and need for dependable power rental systems specifically for industries are driving the power systems market globally. Population density in emerging economies is propelling demand for power, which will in turn expand the overall power rental systems market globally in the next few years. Power rental systems will also be in demand due to increase in public celebrations of festivals, fairs, and events.

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The demand for electricity globally is anticipated to double by 2030 and this is another driving factor for the power rental systems market across the world. The escalation of power rental systems application for government and the petroleum industry is anticipated to propel the market over the next few years. Increase in demand from off-grid regions and regions where there are constant shortages in power supply is also foreseen as a key growth factor for the power rental systems market in the coming years.

Middle East and Africa Rapidly Growing Market due to Increase in Tourism

The Middle East and Africa regional segment of the global power rental market is predicted to be a rapidly growing market owing to increased tourism in the region and consequently rising energy demand. The Middle East and Africa held 31% of the market in terms of revenue in 2012 and Asia Pacific came second due to the energy deficit resulting from instability of traditional power grids. The demand for power rental systems from Asia Pacific is expected to witness growth over the next few years. In the Asia Pacific region, the Chinese power rental market is anticipated to grow owing to rising thermal power generation, which will bolster the market.

In North America, growing number of end-use applications in energy-intensive industries and governmental regulations that help the power rental industry are boosting the power rental systems market. The Europe power rental system market is driven by numerous industries that require substantial energy, increase in electricity prices, and penalties for high energy use during peak hours. The application-based segment of peak shaving is likely to grow in demand in this region during the next few years.

Products supplied by Aggreko, the leading player in the power rental market, are growing in popularity among consumers and Caterpillar also has a strong footprint in the U.S. Big players are set to establish a strong operation base in the Middle East and Africa, due to the new power projects that are being undertaken in this region.

Preventive Measures to Address Industrial Power Outages will Provide Abundant Opportunities for Power Rental Market,reports TMR

Companies in a fragmented global power rental market, such as Aggreko, Caterpillar, APR Energy, Cummins Power, and Hertz, have prioritized acquisitions to remain relevant and competitive. The market features numerous large, medium and small sized companies, with the local players competing fiercely with top players, observes Transparency Market Research.

“Strategic acquisitions is one of the key growth models that top players in the global power rental market are focused on,” says the author of the report. For example, in December 2012, Sunbelt Rentals acquired JMR Industries, the latter being an energy rental specialist.

Investments in cutting edge technologies to develop innovative products is also what key players in this market are contending for. With innovative products, players in this market are driven for gaining a competitive edge. Contract-based alliances for transnational services is also a major expansion criterion that leading players in the power rental market are adopting.

Public Sporting Events to Hand Out Fresh Opportunities to Power Rental Companies

“The ever-increasing electricity demand that remains unfulfilled due to the grid instability of conventional grids is the prime factor driving the global power rental market,” says TMR analyst. The increasing grid insecurity leads to power outages, which in turn, halts industrial processes and daily operations.

The rising number of alternating power spikes and an increasing number of events are augmenting the growth of this market. The use of power rented units act as an alternative during complete shutdown of a power grid to circumvent blackouts. Large public events such as the Football World Cup and Olympic Games rely on power rental products to prevent power supply disruptions. Moreover, an increasing awareness among consumers about curtailing energy demand during peak hours is also augmenting the growth of the power rental market.

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“Increasing environmental concerns and limited product differentiation are major impediments to the growth of this market,” says TMR. The Environmental Protection Agency (EPA) has laid out stringent regulations regarding diesel power generators. Government regulatory agencies in several countries such as the U.S. take strict action against violation of harmful emission levels. The increasing focus on renewable energy and payment issues pertaining to power rental units in developing and underdeveloped nations is further challenging the growth of the power rental market.

Asia Pacific Represents Significant Market for Power Rental Systems

The global power rental market is expected to reach a valuation of US$20.64 bn by 2019. Continuous power dominates the application segment of the global power rental market. However, peak shaving is expected to emerge as a significant application segment displaying a CAGR of 16.8% between 2013 and 2019. The Middle East and Africa (MEA) held more than 31% of the market in 2012. In the MEA, Saudi Arabia will emerge as a significant market for power rental due to the expanding infrastructure, increasing construction undertakings, and the need to fulfill energy needs in remote areas. Asia Pacific is expected to display a significant growth rate in the power rental market due to surging industrialization and urbanization in this region.

The information presented in this review is based on the report, “Power Rental Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2019.”

Key segments of the Global Power Rental Market

Power Rental Market: Application Analysis

• Peak Shaving
• Continuous Power
• Standby

Power Rental Systems Market: End User Analysis

• Government and Utilities
• Oil, Gas and Mining
• Construction
• Industrial
• Events

Power Rental Market Segment Forecasts up to 2019, Research Reports:TMR

Power rental systems provide instantaneous power supply to several industries during power outages. They provide backup to power grids which thereby acts as a supplementary source. Growing global energy demand, increased grid instability and rising awareness to curtail energy demand during peak hours is expected to drive the market growth over the coming years. Rising stringent environmental regulations owing to harmful emission and limited product differentiation are some of the key challenges confining the market growth. However, development of evolutionary power rental systems is expected to overcome the challenge. Emergent markets including the Middle East and Africa (MEA) and Asia Pacific are some of the key regions that are paving the way for market growth. Increasing electricity consumption in off grid areas is likely to create new opportunities for the market.

Peak shaving, continuous power and standby are key applications that attribute to the market growth. Continuous power dominated the market and is expected to continue its dominance over the coming years. The growing awareness amongst energy intensive industries to curb the penalty charged over high energy demand during peak hours is likely to boost the peak shaving application market over the forecast period. Significant shortage of power supply in developing regions and lack of infrastructure are encouraging companies to choose power rental based solutions. Several companies have old distribution grids which require renovation and are expected to provide new opportunities for power rental manufacturers.

Chinese power rental market is expected to grow due to rising thermal power generation that is likely to fuel the power rental systems demand in Asia Pacific region. The market comprises of key end user segments including government and utilities, oil, gas and mining, construction, industrial, events market. The market for power rental systems has increased significantly over the past years, replacing old conventional grids which were insufficient in supplying adequate energy. Power rental market is likely to grow rapidly in the Middle East and African countries owing to rising energy demand and growing tourism. Recently, establishment of Altaaqa Global provides temporary power solutions to Dubai and nearby regions has bolstered power rental market in MEA.

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MEA dominated the market in 2012 and accounted for over 31% of the global annual revenue. It was followed by Asia Pacific which faces huge energy deficit due to unstable conventional power grid. As a result, increasing energy demand in Asia Pacific is expected to drive the power rental market in this region. American Rental Association (ARA) implemented several regulatory interventions structuring the power rental market in North America. This is supplemented by growing end user applications in several energy intensive industries that has helped sustain the power rental industry in North America. Europe has several industries that generate substantial energy demand. Growing electricity prices and penalized bills owing to generation of high energy demand during peak hours is likely to enhance peak shaving application market. This in turn is expected to fuel overall product demand significantly in the coming years.

Aggreko was one of the leading players of the market in 2012 and is likely to continue its dominance over the coming years. Customized products supplied by Aggreko are adding to its popularity amongst several consumers. Structured distribution network and strong brand equity in power rental market assists it in acquiring additional customer base. Caterpillar succeeds Aggreko and has strong presence in the U.S. APR energy is one of the leading participant in North America catering to its consumers efficiently. Emerging local players provide power rental units at low price tightening the competitive conditions. New power projects in Africa and MEA are encouraging market players to establish their manufacturing bases in the regions.

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