Power rental market forecast to reach US$17 billion by 2017
24 September 2014
Global revenues from the power rental market are forecast to grow from US$6.4 billion (€4.9 billion) in 2011 to US$17 billion (€13.2 billion) by 2017, with a combined annual growth rate of 17%, according to a report by global market research and consulting company MarketsandMarkets.
The report defined the power rental market as revenues earned either through renting generators or from a temporary power plant.
It said global demand for electricity was expected to increase 26% between 2007 and 2030; with commercial sector demand forecast to increase 38% and residential demand 20%.
It said the market for temporary rental power would be driven by countries in Asia-Pacific, the Middle East and Africa, and Central and South America, due to a shortfall in capital expenditure and poor planning.
According to the report, the Asia-Pacific region was expected to continue its dominance on the global power rental market, with high demand for rental power in India, the Philippines, Indonesia and Bangladesh.
In the next five years, it said the regions with the most potential for the power rental market included the Middle East and Africa, Asia Pacific and North America. The infrastructure, power utilities, oil and gas, and residential and commercial sectors were expected to be the core drivers of the market.
In Europe, the report said the power rental industry saw an increase from 2011 to 2012 as economies started to recover, with the London, UK, Olympics in 2012 boosting revenues. It said the events industry in Europe was expected to see further recovery in the years ahead.
The full report can be accessed here: www.marketsandmarkets.com/Market-Reports/rental-power-generation-market-744.html