The new mobile power generation equipment rentals market research from Technavio indicates Negative growth in the short term as the business impact of COVID-19 spreads.
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Technavio has announced its latest market research report titled Global Mobile Power Generation Equipment Rentals Market 2020-2024 (Graphic: Business Wire)
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“One of the primary growth drivers for this market is the Demand for Emergency Power during Natural Disasters,” says a senior analyst for the Industrials industry at Technavio.
The increasing demand for emergency power during natural disasters is also a significant factor influencing mobile power generation equipment rentals market growth. Rising incidence of natural disasters owing to global warming has been significantly contributing to grid failures, which results in power outages in affected regions. Vendors have capitalized in this scenario and have started providing mobile power generation equipment on rent. During such events, mobile power generation equipment plays a crucial role as backup solutions for continuous power supply, especially to hospitals and safe resort centers. Such factors will contribute to the growth of the market during the forecast period.
As the markets recover Technavio expects the mobile power generation equipment rentals market size to grow by USD 1.50 billion during the period 2020-2024.
Mobile Power Generation Equipment Rentals Market Segment Highlights for 2020
- The mobile power generation equipment rentals market is expected to post a year-over-year growth rate of 5.04%.
- Customers widely outsource rental mobile generators. The growth of the generator segment can be attributed to increased public infrastructure constructions, the expanding industrial base, the requirement for large volumes of power during events and activities, and power supply to remote and distant areas.
- Market growth in this segment will be faster than the growth of the market in the turbine segment.
- 23% of the growth will originate from the APAC region.
- Rapid economic growth and the need to reduce the country’s dependence on coal for power generation due to the growing concerns over pollution and CO₂ emissions are some of the factors that will significantly influence mobile power generation equipment rentals market growth in this region.
- China and Japan are the key markets for mobile power generation equipment rentals in APAC. Market growth in this region will be faster than the growth of the market in MEA, North America, and South America.
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- The mobile power generation equipment rentals market size is expected to accelerate at a CAGR of about 6% during the forecast period.
- The mobile power generation equipment rentals market is segmented by Product (Generator and Turbine) and Geography (APAC, Europe, MEA, North America, and South America).
- The market is fragmented due to the presence of many established vendors holding significant market share.
- The research report offers information on several market vendors, including Aggreko Plc, APR Energy, Ashtead Group Plc, Atlas Copco AB, Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Herc Holdings Inc., Siemens AG, and United Rentals Inc.
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