Global Power Rental Accessories Market 2017-2021
About Power Rental Accessories
Rental power is used to meet peak load demand, base load supply, or as a standby. The need to provide uninterrupted power is a major factor driving the growth of the global power rental accessories market. Power rentals are more economical than maintaining a reserve plant. Thus, this factor has increased the demand for rental power over time.
Technavio’s analysts forecast the global power rental accessories market to grow at a CAGR of 3.18% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global power rental accessories market for 2017-2021. To calculate the market size, the report considers the revenue generated from the retail sales of haircare products to individual consumers and salons.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Power Rental Accessories Market 2017-2021
Technavio recognizes the following companies as the key players in the global power rental accessories market: Aggreko, Aggreko, Caterpillar, Energyst, and Sunbelt Rentals.
Other Prominent Vendors in the market are: Altaaqa Global, APac Energy Rental, APR Energy, Ashtead Group, BPC Power Rentals, Byrne Equipment Rental, Crestchic, Cummins Power Generation, Herc Rentals, HIMOINSA, Kohler, Red-D-Arc, PT Sumberdaya Sewatama, and United Rentals.
Commenting on the report, an analyst from Technavio’s team said: “One trend in market is rising demand from Southeast Asian countries. Southeast Asia consists of 10 emerging economies that have extensively contributed to the economic growth of the region. This increase can be attributed to rising disposable incomes and FDI in various sectors in these countries, leading to the amelioration of poverty and growth of the manufacturing sector. In 2014, this region accounted for 3% of the global economy but attracted more than 8% of global FDI flows.”
According to the report, one driver in market is growing demand from utility and industrial sectors. The need for temporary power supply across utilities and industrial sectors is increasing because of the demand-supply gap in electricity. Though the governments of various countries are commissioning new power plants to meet the growing demand, shortfalls persist in the short run as constructing a power plant would require 3-5 years, depending on its capacity. In addition, delays in power plant completion due to lack of investment will extend the construction period. However, many industries require a constant power supply to achieve optimum operational capacity and avoid financial losses due to outages. Apart from facing financial losses, continuous industrial development is required for sustaining the economic development of the country. This has resulted in utilities and industries resorting to the use of rental power where grid power is unstable for backup or in situations where grid power is not available.
Further, the report states that one challenge in market is slow growth in oil and gas industry. Earlier, power rental companies benefitted from increased onshore and offshore oil and gas exploration and production. However, the plunge in global oil and gas prices, which have fallen by almost 40%-50% in the last two years (201-2016) limits the confidence of new investors in the industry, posing a serious challenge to power rental companies. The rig count acts as a barometer for the oil and gas drilling industry and its suppliers worldwide. There has been an almost 35% drop in the rig count between 2014-2015. This is an indicator of the weak demand for the equipment used by the oil and gas industry. Therefore, lower oil prices and reduction in activities means lower equipment rentals, which is a challenge for the growth of the rental accessories industry.
Aggreko, Aggreko, Caterpillar, Energyst, Sunbelt Rentals, Altaaqa Global, APac Energy Rental, APR Energy, Ashtead Group, BPC Power Rentals, Byrne Equipment Rental, Crestchic, Cummins Power Generation, Herc Rentals, HIMOINSA, Kohler, Red-D-Arc, PT Sumberdaya Sewatama, United Rentals.
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