Articles
Power Rental Industry Trends, Leading Players and Future Analysis
by Vijay K. Web MarketingIn contemporary times, the demand for power has substantially increased in developing countries, such as Thailand, Brazil, China, Qatar, and India, owing to the rapid industrialization and urbanization in these nations. These countries are witnessing immense technological developments and heavy investment in the construction sector that will lead to higher adoption of rented power equipment. In addition to this, numerous European and North American companies are expanding their presence in these countries to meet the escalating demand for electricity.
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Moreover, rising number of obsolete power plants is augmenting the demand for rented power, across the globe. These plants are inefficient in operations and lead to high pollution levels. Governments across the world are legislating several policies to enforce the shutdown of these outdated power plants to curtail environmental pollution. Owing to these factors, the market for power rental is expected to accelerate at a CAGR of 10.3% during the forecast period (2018–2023). The market stood at $9,167.6 million in 2017 and it is projected to reach $16,855.5 million by 2023.
Geographically, the Middle East and Africa (MEA) region registered the highest deployment of power generators on rent in 2017. This is due to the escalating demand for electricity from the construction industry and the rising need to supply power at older power plants. Additionally, the increasing investment in the infrastructure sector in Saudi Arabia, the U.A.E., and Oman is expected to intensify the usage of rented power devices in the coming years, which, in turn, will drive the market in the region.
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Keeping up with the trend, the MEA power rental market is also expected to exhibit the fastest growth during the forecast period, globally. This can be attributed to the soaring electricity demand from end-use industries in the region, on account of a rising number of events, utility services, and construction activities. Moreover, the market is gaining momentum in the region, due to the rapid infrastructure development and urbanization in countries, such as Saudi Arabia and the U.A.E.
Thus, due to the rising need for power in times of reducing the capacity of thermal power plants and increasing number of outdated plants, the demand for rented power will surge in the coming years.
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About Vijay K. 
Web Marketing
211 connections, 3 recommendations, 864 honor points.Joined APSense since, May 17th, 2016, From New York, United States.
Created on Mar 17th 2021 04:41. Viewed 195 times.
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