Power Rental Market to Cross $ 20 Billion by 2024
Rising global population
coupled with growing demand for power to drive global power rental market
growth through 2024
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.
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.
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“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.
“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.
About
TechSci Research
TechSci Research is a leading
global market research firm publishing premium market research reports. Serving
700 global clients with more than 600 premium market research studies, TechSci Research
is serving clients across 11 different industrial verticals. TechSci Research
specializes in research-based consulting assignments in high growth and
emerging markets, leading technologies and niche applications. Our workforce of
more than 100 fulltime Analysts and Consultants employing innovative research
solutions and tracking global and country specific high growth markets helps
TechSci clients to lead rather than follow market trends.
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