Power is generated by burning fossil fuels such coal, oil or gas to generate steam that drives large turbines that produce electricity. Power rental is referred as plant hire which provides flexibility, reliability, speed, and cost-effectiveness. Power on rent can deliver complete operating power packages as well as provide scalable components within large power station installations to various industrial applications.
The global power rental market is expected to witness significant growth over the forecast period on account of increasing demand for power across the globe. The increasing power consumption, development of power infrastructure, and increasing construction & development is anticipated to boost the demand for power rental in the coming years. Furthermore, increasing demand for power from oil & gas industry is also a major driving force in the power rental market. However, the presence of stringent regulations coupled with rising environmental awareness may hamper the market growth in the near future. Nonetheless, increasing demand for power in emerging economies is expected to open up new growth avenues for the power rental market in the years to come.
Oil & gas, industrial, construction and others are the key end-users of the power rental market. Industrial segment emerged as the leading application segment by accounting for over 22 % of the total revenue generated by the power rental market in 2014. Construction is another key outlet for power rental market and it held over 20% share of the overall market in 2014. This is mainly due to growing infrastructural development in the emerging economies. Oil & gas is also expected to exhibit substantial demand within the forecast period.
Based on application, the power rental market can be segmented into peak shaving, baseload/continuous power, and standby power. Baseload/continuous accounted for 45.56% share of total revenue generated in 2014. Baseload/continuous segment is expected to exhibit a significant rise in light of the increasing demand from various sectors such as oil & gas, mining and construction and others. Peak shaving is another leading application segment owing to raising awareness among energy-intensive industries in order to control the charged over high energy demand during peak hours.
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