SAN FRANCISCO, CA, January 22, 2014 /24-7PressRelease/
-- The global market for power rental systems is expected to reach USD 24.08 billion by 2020, according to a new research report by Grand View Research, Inc. Increasing grid instability coupled with power spikes in times of peak demand is expected to be a key driver for the development of the market. In addition, the increased focus towards reduction of peak power consumption in order to reduce electricity cost is expected to augment the growth of the market.
Power rental systems are used in a variety of industries where there is high demand for continuous power. Key end-use markets for these systems were government, oil and gas and construction, which together accounted for over 60% of global revenues in 2012. High dependency on power for daily operation of these industries is a key driver for substantial use of power rental systems. The use of these systems in events, wherein there is high demand for temporary power, was a small segment in 2012 but is expected to grow at a CAGR of over 16% from 2013 to 2020.
The report "Power Rental Industry Trends And Market Segment Forecasts To 2020," is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/power-rental-systems-industry
Further Key findings from the study suggest:
- The key applications of power rental systems include peak shaving, continuous power and standby power. However, use of these systems for peak shaving is expected to be the critical factor for the development of this market and is expected to grow at a CAGR of over 15% over the next seven years.
- Power rental systems are primarily used for power shaving, continuous power or as standby power device. The global market was dominated by continuous power systems which accounted for more than 45% of the overall share in 2012. It is expected that this substantial share will decrease by 2020, as demand for peak shaving systems is rising to overcome the outages of grid connection and curbing power bills. By 2020, it is estimated that peak shaving systems will account for close to 34% of the market.
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- Middle East and Africa (MEA) was the largest regional market for power rental systems in 2012, accounting for 33.9% of global revenues in 2012. The dominance of this region with regards to the presence of oil and gas and construction industry was the key factor for relatively high share and similar trend is expected over the next seven years
- Asia Pacific and North America were the other major regions in the market and together accounted for over 40% of the market in 2012. However, North America and Europe being mature markets are expected to lose share over the forecast period in light of extensive environmental regulation in these regions. Asia Pacific is expected to witness significant growth owing to the development of economies such as India, China and Indonesia.
- The power rental systems market was fragmented with the top 5 players accounting for just over 50% of the market in 2012. Companies are targeting the Asia Pacific and Middle East market in light of the vast opportunities in these regions due to industrial growth of various economies and the presence of a large oil and gas industry. Aggreko, Caterpillar and APR Energy are some of the key participants of the market.
- For the purpose of this study, Grand View Research has segmented the global Power Rental market on the basis of application, product and region:
Power Rental End-use Outlook
- Oil and Gas
- Others (Residential and telecommunications off grid areas)
Power Rental Application Outlook
- Peak Shaving
- Continuous Power
- Standby Power
Power Rental Regional Outlook
- North America
- Asia Pacific
- Latin America
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Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit http://www.grandviewresearch.com