Overview of the global standby rental power market
Technavio’s market research report predicts that the global standby rental power market size will grow at a CAGR of above 3% during the forecast period. The standby rental power market analysis, the increase in natural disasters such as winter storms, wind events, earthquakes, leads to issues such as power, communication, and water services creating a hazardous environment had propelled the market growth. Moreover, lack of communication will make it difficult for emergency response crews to coordinate with service providers to carry out the restoration work. High winds arise in many types of storms and tornadoes with speeds varying from 5 mph to over 25 mph. This affects the largest sections of electrical lines. The destruction caused by natural calamities to power grids compels the need for an alternative backup solution to ensure a constant electric power supply, subsequently driving the growth of the standby rental power market.
According to one of our standby rental power trend, the rising use of gas generators for standby rental power will gain traction in the market during the forecast period. The utilization of gas produces cleaner power than diesel. It is more efficient, produces 30% lesser emissions, and has lower noise levels than diesel generators. It is also comparatively cheaper to operate than a diesel generator and costs lesser than a diesel generator. Moreover, gas power generators not only have lower emission levels but also produce more energy, that makes them more efficient and lowers the overall cost of ownership. These benefits raise the adoption of gas power generators. For instance, one of the manufacturers HIMOINSA launched these generators for rental purposes in April 2016. Gas power generators have an LPG storage capable of 24 hours of continuous operation without refueling and also have an external tank for extended use thus eliminating the need for a constant gas pipeline connection. Moreover, the use of such generators for rental purposes and targeting the oil and gas sector have offered exceptional opportunities for rental companies.
What's your takeaway?
Technavio's industry research report titled - Global Standby Rental Power Market will help you-
- Identify latent opportunities and explorative solutions in the standby rental power market
- Identify your key competition, and what's making them tick?
- Help you build a comprehensive marketing plan, all permutations and combinations inclusive
Next step: Download FREE sample report | Talk to us
Competitive analysis and key vendors
The standby rental power market consists of numerous prominent vendors that provide generators. Vendors in the market provide an extensive variety of products with constant support and maintenance. The requirement for continuous power supply along with a wide range of products and services assists the established players in the enhancing their geographical reach.
Key vendors in the market are:
- Aggreko
- APR Energy
- Atlas Copco
- Energyst
- United Rentals
Other prominent vendors include Altaaqa Global, APac Energy Rental, Ashtead Group, Byrne, Cummins, Doosan, Hertz Equipment Rental, HIMOINSA, Kohler Power, Modern Hiring Service, Sumberdaya Sewatama, and Wacker Neuson.
Segmentation by end-user and analysis of the standby rental power market
- Oil and gas
- Industrial
- Utility
During 2016, the oil and gas segment dominated the standby rental power market and is expected to continue its dominion over the next four years. The oil and gas sector is the major end-user of rental power generators for standby applications since the power generators are an important requirement. Generators in the oil and gas industry are mainly used as power sources in drilling and digging applications.
Geographical segmentation and analysis of the standby rental power market
In terms of geography, the Americas accounted for the majority of shares of the standby rental power market during 2016 and the region will continue the dominance during the standby rental power market forecast period as well. The US was the major market for standby rental power services and a key revenue contributor to the market in this region. Moreover, power shortages due to the shortage of rainfall and minimum reservoir levels also increase the dependence on rental generators in countries such as Brazil creating growth opportunities for vendors in the standby rental power market.
Key questions answered in the report include
- What will the market size and the growth rate be in 2021?
- What are the key factors driving the global standby rental power market?
- What are the key market trends impacting the growth of the global standby rental power market?
- What are the challenges to market growth?
- Who are the key vendors in the global standby rental power market?
- What are the market opportunities and threats faced by the vendors in the global standby rental power market?
- Trending factors influencing the market shares of the Americas, APAC, and EMEA.
- What are the key outcomes of the five forces analysis of the global standby rental power market?
Technavio also offers customization on reports based on specific client requirement.
It’s a known fact that uninterruptible power is the utmost necessity in this industrial age. But it’s not always the case that a dedicated backup power or mainline power be provided always. In some cases, such as natural disasters, providing power-on-demand is critical. To closely monitor the recent developments in the standby rental power market, Technavio’s reports for the energy industry covers related markets such as smart grid and water and waste management.
To develop a comprehensive report on the standby rental power market, Technavio uses extensive primary and secondary research to offer an analysis of industry insights, market growth potential, and demand across different geographical regions to help clients make informed decisions on pricing, product innovations, important markets, and promotions. The upcoming report on the global standby rental power market also considers the growth of related markets such as the power rental market in the Americas and transmission and distribution equipment market in Europe, which are expected to grow at a CAGR of 3% and 4%, respectively, during the forecast period of 2017-2021. Due to the rapid increase in construction activities across the globe, the need for standby power is expected to increase.
This upcoming report on the standby rental power market also considers factors such as market size, key drivers, emerging trends, technological advancements and challenges faced by the industry. This report also borrows insights from oil and gas and energy storage industry to map the market’s future direction.