The demand for power from the emerging economies, including
Qatar, Turkey, India, China, South Korea, Brazil, and Thailand, is surging at
the present time due to their swift transformation in terms of
industrialization, acceptance of mixed economy, and technological advancements.
In addition to this, these countries are continuously witnessing a surge in
infrastructure and construction-related activities, which is further supporting
their economic growth. All these developmental activities need electricity for
the smooth functioning of operations. But many of these countries are devoid of
utility services and are completely dependent on rental power for commercial and
residential power applications, which is resulting in increasing demand for
rental power.
Rental power is basically temporary power generated by
rental systems in order to meet the power requirements and is primarily
utilized by industries which are located remotely and do not have access to
permanent electricity. According to a study conducted by P&S Intelligence,
the power rental market generated a revenue of $9,167.6 million in 2017
and is expected to register a 10.3% CAGR during the forecast period
(2018–2023). The two major fuel types utilized by power rental generators are
gas and diesel. Other fuel types include hydrogen, solar, and gasoline. Among
these, the largest demand during 2013–2017 was created for diesel generators.
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Several sectors make use of rental power: oil & gas,
construction, mining, utilities, industrial, events, and others (which include
military, manufacturing, shipping, and residential & commercial buildings).
Out of these, the highest demand for rental power was created by the utilities
sector and the situation is projected to remain the same during the forecast
period as well. The reason for this is the conversion of aging thermal power
plants into natural gas-fueled plants in order to fill the power supply demand
gap during the conversion, which is why utility companies are renting power
generators. The fastest growth in demand is predicted to be witnessed by the
construction sector in the coming years.
Among different regions, namely Europe, Latin America
(LATAM), Middle East & Africa (MEA), North America, and Asia-Pacific
(APAC), the highest demand for rental power was created by the MEA region
during 2013–2017 and the situation is expected to remain the same during the
forecast period as well. This is ascribed to the surging requirement for rental
power from various end users, including construction, oil & gas, utilities,
and events, swift industrialization, outdated power plants, and ongoing
infrastructural development.
A key trend being witnessed in the power rental market
is the rising popularity of gas and hybrid generators. Gas-based generators are
considered pocket and environment-friendly because they are more affordable
than conventional fuel-based generators, release less emissions, and create
negligible noise. Apart from this, hybrid generators which work on bi-fuel
operation mode, using random combinations of diesel, gas, and solar energy,
have also been developed. These generators are sustainable, clean, and easily
available. It is due to these factors that different companies and consumers
have started preferring hybrid generators over diesel generators.
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