San Francisco, January 20, 2014 – 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.
The report “Power Rental Industry Trends And Market Segment Forecasts To 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/power-rental-systems-industry
Further Key findings from the study suggest:
•The key applications of power rental systems include peak shaving, continuous power and standby power. However, use of these systems for peak shaving is expected to be the critical factor for the development of this market and is expected to grow at a CAGR of over 15% over the next seven years.
•Power rental systems are primarily used for power shaving, continuous power or as standby power device. The global market was dominated by continuous power systems which accounted for more than 45% of the overall share in 2012. It is expected that this substantial share will decrease by 2020, as demand for peak shaving systems is.