According to a new report Global Power Rental Systems Market, published by KBV research, The Global Power Rental Systems Market size is expected to reach $32 billion by 2026, rising at a market growth of 8.9% CAGR during the forecast period.
The government and utility segment has the largest share in the year 2019. The use of power rental systems is helpful for these industries to distribute power loads during the peak and non-peak hours, thus decreasing the electrical power cost significantly. The oil & gas segment is likely to grow at a significant CAGR in the coming years. Because it is one of the largest power consumers across the globe. The use of power rental systems helps the industries to allot power loads at times especially during the non-peak and peak hours, thus reducing the electric power cost significantly.
The market was dominated by the on-premise segment in 2019. Various organizations still prefer to deploy solutions on-premise. A few organizations also want to manage their data centers in-house. These organizations opt to deploy solutions on-premise to help in overseeing employees' activities and maintain control over all frameworks and information. The cloud-based segment is foreseen to enlist the highest CAGR over the forecast period. The development can be ascribed to the developing adoption of cloud-based software by an expanding number of advertising, marketing, shopper electronics, and real-estate organizations, among others.
The continuous power application segment has the largest share in the year 2019 and is likely to grow at a substantial rate in the foreseeable period. Power rental systems are increasingly finding uses in the construction, oil and gas, and mining sectors. The peak shaving application segment is likely to grow at a prominent CAGR in the coming years. Peak saving is a method that is able to cut power bills by restrictive the electricity consumption in peak hours since power rates are costly.
The Asia Pacific has the largest share in the year 2019. The region is projected to show a substantial growth rate over the coming years due to the increasing awareness of electricity consumption for industrial applications in developing countries, such as China and India. The market is expected to show significant growth in terms of revenue in North America, followed by Europe, due to the increasing demand for power rental systems especially by the end-user segments in several countries in these regions. The market in the Middle East and Africa region is likely to show significant growth in the future because of the combined demand for power rental units in the construction, oil and gas, and industrial sectors in countries, like Qatar, Iraq, Saudi Arabia, and UAE.
Structural Insights: https://www.kbvresearch.com/power-rental-systems-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Caterpillar, Inc., Atlas Copco AB, Hertz Global Holdings, Inc., Ashtead Group PLC, Cummins, Inc., United Rentals, Inc., Herc Holdings, Inc. (Herc Rentals, Inc.), Aggreko PLC, AI Faris Group and Kohler Co.
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