The global power generation rental market at US$4,131.28 mn in 2016. Exhibiting a CAGR of 6.27% between 2017 and 2025, the market is expected to reach US$7,087.40 mn by the end of 2025.
Albany, NY -- (SBWIRE) -- 04/09/2018 -- The global market for power generator rentals is expected to grow on account of the voluminous requirements for power across several industries. Power cuts can be a severe hindrance for the smooth functioning of industrial units, which necessitates the need for a backup in the form of power generators. Moreover, power generators are extremely useful for commercial and residential units in areas of irregular power supply. In recent times, the rental option on power generators has enabled several medium and small-scale industries to keep power generators as backups. Previously, the heavy costs of power generators made it impossible for several industrial and commercial units to buy power generators. Adoption of rental power generators has been extremely swift because they serve dual benefits; one, the industrial or commercial units are assured of power at all times, and secondly, the expenses incurred on maintaining a power back up relatively low. A report by added by Market Research Reports (MRR) to its repository presents key factors that are expected to contribute to the growth of the market. The researchers of the report have followed a multifaceted approach to ensure that every aspect of the market is covered while estimating the key performance indicators.
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The reliance of industrial and commercial units on electricity for some of their most vital operations has necessitated the need for power generators. Furthermore, with the advent of new gadgets and technologies, several daily tasks and activities of the population are powered by electricity. Power outages are a serious issue across many geographical regions, which makes it imperative for the governments to work towards ensuring continuous power supply. Owing to the aforementioned factors, the market for power generator rental is expected to clock in heavy revenues over the coming years. Despite the seemingly affluent progress of the market, the heavy cost of buying equipment for power generator rentals could hamper demand. The report elucidates a number of factors that have played a pivotal role in driving and restraining the market over the past years. It is anticipated that the fettle of multiple industries would play a major role in deciding the progress of the market.
Amongst all the regional segments, the market in North America is tending towards fruition on account of the prominence of multiple industries. Furthermore, the initiatives of the governments to aid the industrial sector has given a mark of excellence to the market in Europe. Other regional segments are Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA).
Caterpillar Inc., Atlas Copco AB., Cummins Inc., and United Rentals, Inc. are amongst the key players listed in the report.
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