The global power rental servcies market is currently valued at USD 702 billion and is expected to reach around USD 802 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global power rental services market, under its energy storage portfolio. This market analysis discusses the major drivers and key emerging trends and offers an analysis of key vendors like Aggreko, APR Energy, Atlas Copco, and United Rentals.
According to Thanikachalam Chandrasekaran, a lead analyst for energy storage research at Technavio, “The destruction caused by natural calamities to the power grid is propelling the need for an alternative backup solution that can ensure continuous electric power supply. This, in turn, is spurring manufacturing companies to invest in rental power generators as a backup solution in the event of a planned outage by the utility or an unplanned outage.”
While companies invest in rental generators to ensure that there is a continuous power supply, both diesel and gas-powered generators are subject to timely maintenance for uninterrupted operation. As a result, power rental companies also offer services such as equipment testing, fuel management, pre-inspection, and remote monitoring.
Click here to request a free sample of this report
Increase in use of gas generators for rental power
Environmental reforms and stringent government regulations to reduce emissions are resulting in the development of new technology generators, which involve less fuel consumption while increasing the power output. Gas generators not only reduce emissions, but they are also capable of producing more energy, making them efficient and lowering the total cost of their ownership. Technological advances have allowed companies to leverage the use of Y-grade gas for direct use in power generators. Therefore, companies, such as Caterpillar and Cummins, are offering gas generators that can run on alternative fuels, such as Y-grade or flare gas.
Adoption of hybrid power generators
Hybrid generators are cost and fuel efficient compared with conventional generators. They emit fewer harmful substances, such as nitrogen oxide, carbon monoxide, and hydrocarbons, compared with diesel generators. The most common type of hybrid generator is the gas and diesel power generator. By switching to gas as a source of fuel, the generator emits 85% lesser emissions than a diesel generator. Cost wise, it is 35% less than a diesel generator.
This research report includes an in-depth analysis and market shares and sizes of the sub-segments and geography. An analysis of the key companies, including their market shares, business overview, key financials, etc. is provided in this study. This market study also provides a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Power Rental Services Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Lead-Acid Battery Aftermarket 2017-2021
- Global Hybrid Street Lighting Systems Market 2017-2021
- Global Three Phase UPS Systems Market 2017-2021
To read more press releases – click here
