With the presence of a large pool of participants, the global power rental market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Caterpillar Inc., Atlas Copco, Power Electrics, APR Energy Inc., and Cummins Inc. are some of the key vendors of power rental across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the power rental market study.
Citing an instance, in August 2018, Kuwait based Jassim Transport & Stevedoring Company, a key player across power rental industry, declared that its power rental segment procured 102 new units of Cummins diesel generator, thereby raising its fleet tally to over 700 units with capacities falling in the range of 100 kVA to 1,250 kVA. Analysts predict that the strategic move is likely to further enhance the scope of its power rental business over the next few years.
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Extensive Power Consumption Across the Globe To Boost Market Growth
“Massive power consumption, rise in construction activities, and improvement in power infrastructure is anticipated to generate a profitable roadmap for power rental market in the years ahead,” says the author of this power rental market study. Apart from this, burgeoning need for power supply across the oil & gas sector is expected to stimulate the power rental market growth.
Implementation of strict legislations for reducing pollution as a result of rising ecological concerns, however, is predicted to impede the power rental market’s surge over the coming years. Nevertheless, escalating power requirement witnessed in developing nations owing to scarcity of power supply will create lucrative opportunities for power rental market over the next few years, thereby normalizing the impact of hindrances on the power rental market, reports the study.
Increasing Product Demand In Industries To Help MEA Dominate Market
Regionally, Middle East & Africa (MEA) has been leading the worldwide power rental market and is anticipated to continue on the dominant position in the years to come, states the power rental market study. For the record, MEA accounted for nearly 31.63% of overall power rental market revenue in 2014. The presence of power & energy infrastructure facility and skilled professionals is the main factor behind the dominance of the Middle East & Africa power rental market. Rise in the construction & developmental activities in the region are the main factors behind the dominance of the MEA power rental market. Humungous demand for power rentals, owing to swift industrialization witnessed in countries such as Saudi Arabia is likely to support the regional growth.
The global power rental market is segmented as follows:
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