The global market for power rental systems is expected to reach USD 24.08 billion by 2020, according to a new research report by Grand View Research, Inc. Increasing grid instability coupled with power spikes in times of peak demand is expected to be a key driver for the development of the market. In addition, the increased focus towards reduction of peak power consumption in order to reduce electricity cost is expected to augment the growth of the market.
Power rental systems are used in a variety of industries where there is high demand for continuous power. Key end-use markets for these systems were government, oil and gas and construction, which together accounted for over 60% of global revenues in 2012. High dependency on power for daily operation of these industries is a key driver for substantial use of power rental systems. The use of these systems in events, wherein there is high demand for temporary power, was a small segment in 2012 but is expected to grow at a CAGR of over 16% from 2013 to 2020.
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Further Key findings from the study suggest:
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