Technavio analysts forecast the global power rental market for utilities to grow at a CAGR of nearly 3% during the forecast period, according to their latest market research report.
The introduction of industry 4.0 is one of the major trends being witnessed in the global power rental market for utilities 2018-2022. The introduction of industry 4.0 acts as a major trend, which will impact the growth of the market. Industry 4.0 is the fourth industrial revolution and includes connected devices through IoT, cloud computing, and others. The adoption of industrial 4.0 will encourage the development of smart and automated cities, leading to increased power consumption across the world. Thus, this has increased the demand for power management and the efficient use of power in the market. Considering the additional functional load, these industries will require continuous, reliable, and high-quality power.
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According to Technavio analysts, one of the key factors contributing to the growth of the global power rental market for utilities is the infrastructural activities across the globe:
Global power rental market for utilities: Infrastructural activities across the globe
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The demand for power rental in infrastructure activities is rising due to the focus of the governments of various countries on infrastructural development. The latter is the basic requirement of countries and is considered one of the determinants of the trade and developments index, which describes the quantitative representation of the development of a country. As the performance of a country is associated with the TDI, emerging countries focus on infrastructural development, thereby driving infrastructural activities over time.
According to a senior analyst at Technavio for research on power, The operations associated with infrastructure requires a continuous power supply, and since these infrastructural activities are governmental activities, power is demanded from the utilities. Generators are rented by the utilities to ensure uninterrupted power to these big projects, thereby accelerating the growth of the power rental market across the globe.
Global power rental market for utilities: Segmentation analysis
The global power rental market for utilities research report provides market segmentation by product (diesel generator and gas generator) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The diesel generator segment held the largest market share in 2017, accounting for nearly 70% of the market. This product segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of nearly 43%. This region is expected to dominate the market through 2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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