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. Power rental systems are back-up systems that are facilitated to several industries in the course of power suspension in order to keep operations running.
New York, Dec. 17, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Power Rental Systems Market By Application, By End User, By Region, Industry Analysis and Forecast, 2020 - 2026" - https://www.reportlinker.com/p05998620/?utm_source=GNW
Power rental systems are mostly used as a substitute power provider during low power supply. In addition to it, these rental systems also provide peak shaving that allows industries to distribute the electrical load equally during peak and non-peak hours. These systems are mainly used in incipient countries because power consumption is more due to the rising population and the growing adoption of smart grid systems.
The growing demand for power-based systems in both commercial and industrial applications is a prime factor that is likely to drive the growth of the market across the world in the coming years. In addition to it, increasing awareness of restricted power consumption all through non-peak and peak hours is another factor anticipated to support the growth of the market. Furthermore, increasing demand for a temporary supply of power source especially at the time of festivals, fairs, and other events is likely to drive the market growth in the near future. Moreover, growing focus towards declining peak power consumption to decrease electricity cost is the major factor that is anticipated to support the growth of the market.
Moreover, these systems also act as a stand-in power supply in periods of unplanned power losses. Enticements and schemes by the authorities of government, such as feed-in-tariff, in the regions like the Asia Pacific, and North America are likely to boost the demand for DEG systems. Schemes announced by the government are aiming to validate the setting up of such rental systems in the commercial, industrial, and residential applications. These power rental systems can also function off-grid as well as on-grid contingent on their locations and also the applications. Numerous benefits of circulated energy generation compared to conventional sources of power generation are likely to boost the market.
The economy of the world has been hit hard by the outbreak of the novel coronavirus. The virus was first acknowledged in China in December 2019 and ever since it has become a health threat for the world. As per the World Health Organization (WHO), the COVID-19 has affected 140 countries and has also begun lockdowns in a few countries this has resulted in limiting industrial growth. Though, the constant demand for new projects in order to answer the crisis such as the healthcare sector will certainly have an impact on the market outlook.
Based on Application, the market is segmented into Continuous Power, Peak Shaving and Standby Power. Based on End User, the market is segmented into Government & Utilities, Construction, Event Management, Oil & Gas, Industrial and Others. Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa.
The major strategies followed by the market participants are Acquisitions and Partnerships. Based on the Analysis presented in the Cardinal matrix; Atlas Copco AB, Cummins, Inc., and Caterpillar, Inc. are the forerunners in the Power Rental Systems Market. Companies such as Aggreko PLC, Kohler Co., and United Rentals, Inc., Herc Holdings, Inc., and Ashtead Group PLC are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
Strategies deployed in Power Rental Systems Market
Partnerships, Collaborations, and Agreements:
May-2020: Caterpillar’s ERS (Energy Rental Solutions) collaborated with Texada Software, a wholly-owned subsidiary of Noble Iron Inc. Under this collaboration, Caterpillar selected Texada Software as its equipment rental software provider. ERS Cat deployed Texada’s SRM (Systematic Rental Management), FleetLogic mobile field service and logistics application, and GateWay e-commerce suite in all of its locations.
Dec-2019: Kohler Co. got distribution rights in New York City, Long Island, New Jersey, and Metro Philadelphia to Kinsley Power Systems. The distributorship has serviced and rented power systems in this area for years and now immediately began selling Kohler products. The company has been providing Kohler sales, service, and rentals in New England and upstate New York.
Jun-2019: Aggreko signed a cooperation agreement with Wartsila, a company that manufactures and services power sources and other equipment. The agreement was focused on launching a completely new concept for the power market built around the Wartsila Modular Block solution. This is a prefabricated, modular, and expandable enclosure that features medium-speed Wartsila 32 and 34 family engines that can run on a variety of fuels.
Jun-2019: Cummins Arabia Collaborated with Speedy International. Following the collaboration, the companies announced the development of two C440D5 units enclosed in a customized soundproof and weatherproof container, bespoke power generation solution.
Acquisition and Mergers:
Jul-2018: United Rentals, Inc. acquired BakerCorp International, a company that provides tanks, pumps, trench shoring, and filtration systems. The acquisition augmented United Rentals’ bundled solutions for fluid storage, transfer, and treatment. It also expanded the strategic account base and grabbing the opportunity to increase revenue and enhance customer service by cross-selling to its broader customer base.
Jun-2018: Aggreko acquired Generator Hire Service (“GHS”), an Australian Rental company. The acquisition expanded Aggreko’s businesses in Local markets. The companies combined their operations in Australia. Following this combination, the companies have been providing niche distribution offerings.
Feb-2018: Aggreko took over A Contact Electric Rentals, LP, a provider of specialized medium and high voltage electrical distribution and transformer rental equipment. The acquisition enabled Aggreko to be on the top position in specialty power solution providers.
Product Launches and Product Expansions:
May-2020: Caterpillar introduced the Cat GC diesel generator sets, a new line of standby power solutions. These solutions are configured with an optimized mix of common features that provide excellent customer value by delivering performance with a minimal footprint. The line includes eight new models with standby power ratings from 250 kW to 600 kW, and is designed to Caterpillar’s high standards for reliability and productivity, with best-in-class support from the Cat dealer network.
Apr-2020: Kohler Co. launched the KD Series 4500kVA diesel-powered generator sets to cater to the market response and increasing demand for power in mission-critical applications.
Jul-2019: Caterpillar released the XQP1100, a 50/60 Hz switchable rental generator set under Cat Rental power. The generator was aimed to fulfill the needs of the modern rental market, such as switchable configurations. The product offers class-leading Brake Specific Fuel Consumption (BSFC) for reduced environmental impact.
Scope of the Study
• Continuous Power
• Peak Shaving
• Standby Power
By End User
• Government & Utilities
• Event Management
• Oil & Gas
• North America
o Rest of North America
o Rest of Europe
• Asia Pacific
o South Korea
o Rest of Asia Pacific
o Saudi Arabia
o South Africa
o Rest of LAMEA
• 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
• Kohler Co.
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• Assured post sales research support with 10% customization free
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