The demand for power in emerging economies is increasing rapidly. This can primarily be attributed to the surging population in countries such as India and China. In addition to this, countries including South Korea, Qatar, Thailand, Brazil, and Turkey are witnessing technological advancements. Furthermore, the investments in the construction is also increasing, which is further predicted to drive the demand for power in these countries in the years to come. This is resulting in the growing demand for rental power in emerging economies.
European and North American enterprises have acknowledged the potential in these countries and are increasingly trying to establish their footing. Owing to these factors, the global power rental market is projected to generate a revenue of $16,855.5 million in 2023, increasing from $9,167.6 million in 2017, progressing at a 10.3% CAGR during the forecast period (2018–2023). Other than the rising demand for power, outdated permanent power plants are also creating need for rental power in developing countries.
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Diesel generators are available at low cost, in addition to which, their maintenance cost is low as well. Power rental systems are being used in a number of sectors including mining, utilities, construction, oil gas, events, and industrial. The utilities sector is expected to make considerable use of rental power in the coming years. The ageing network of thermal power plants is predicted to drive the demand for rented power in the utilities sector in the coming years.
Apart from this, the construction sector is projected to create considerable demand for rental power in the coming years as well. The major applications of rental power are continuous power, prime power, and standby power, out of which, the need for continuous power was the highest in the past. These generators are being utilized at an extensive range of settings such as industrial sites, mines, oil gas plants, and construction sites. Other than this, the demand for standby power is also expected to increase considerably in the near future.
Geographically, the Middle East and African (MEA) region emerged as the major power rental market during 2013–2017, and the region is further predicted to create high demand for rental power in the near future as well. The surging demand for electricity in the construction sector and requirement for supplying power at outdated power plants are creating need for power rental systems in the MEA region.
In conclusion, the surging demand for energy and outdated power plants in emerging economies are driving the growth of the market.
