According to a report published by TechSci Research on “Global Power Rental Market By Fuel Type, By Power Rating, By End-User, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024”, global power rental market is projected to surpass $ 20 billion by 2024, on the back of rising demand for electricity, in addition to power cuts, a typical issue in developing and underdeveloped countries. The existing gap between power supply and demand is expected to result in lucrative growth opportunities for players operating in power rental system market, globally, during the forecast period.
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By power rating, 51 kW – 500 kW category accounted for the largest share of global power rental market in 2018 and is anticipated to continue its dominating market position during the forecast period as well. Rising demand for rental generators of power rating 51 kW – 500 kW for various commercial and residential purposes is the primary factor driving the segment.
By application, the standby category dominates global power rental market, followed by the prime power category. The continuous power segment in global power rental market is anticipated to grow at a steady rate during the forecast period, owing to the capacity of continuous power generators to provide electricity at constant loads for an unlimited time period. North America emerged as the largest demand generating region for power rental across the globe in 2018, primarily on account of growing infrastructure development and rising demand for power from oil & gas, utilities, industrial, construction and mining sectors. Moreover, increasing demand for power supply from emerging nations in Africa is aiding the market’s expansion in the Middle East & Africa region.
“Globally, power requirement is on the rise and same trend is expected during the forecast period. As the demand for uninterrupted power is growing at a robust pace, power rental market would register significant growth over the course of next five years. Increasing industrial and construction activities across the globe are also expected to have a positive impact on the market growth.”, said, Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.
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“Global Power Rental Market By Fuel Type, By Power Rating, By End-User, By Application, By Region, By Company, Competition, Forecast & Opportunities, 2024,” has evaluated the future growth potential of the global power rental market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global power rental market.