CHICAGO, June 5, 2019 /PRNewswire/ -- According to the new market research report "Europe Power Rental Market by Type (Diesel, Gas), Power Rating, End Users (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping, Data Center), Application (Peak Shaving, Base Load, Standby, Others), Country - Forecasts to 2024", published by MarketsandMarkets™, the Europe Power Rental Market is expected to grow from an estimated USD 1.6 billion in 2019 to USD 2.3 billion by 2024, registering a CAGR of 7.1% from 2019 to 2024. The Europe power market is witnessing significant growth, which is driven by an increase in power loss due to aging infrastructure, and limited access to electricity in rural areas.
Based on the fuel type, the diesel segment is expected to hold the largest share of the market.
The diesel segment is expected to dominate the Europe Power Rental Market during the forecast period. Long-running life, easy availability of parts & fuel, capacity to handle varying loads, and quick response time have helped the diesel generator market to acquire the largest share. This segment is driven primarily by the increasing demand for standby power from data centers, IT facilities, and healthcare infrastructure.
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The utility segment is expected to be the fastest market for Europe Power Rental Market during the forecast period
The Europe Power Rental Market in this report has been classified based on end-user, into utilities, oil & gas, mining, construction, manufacturing, events, shipping, data center, and others. Utility includes power plants that are owned and operated by multiple utility companies or by the government. Utilities, with the help of distribution lines, deliver energy from power plants to homes and businesses across various countries. Unreliable supply from a local grid or limited access to the main transmission network, prohibit the delivery of electricity required for commercial and residential users. In such cases, there is a high demand for power rental solution, utility companies use rental solution mainly during the peak demand period, to meet power deficit, during natural disaster and maintenance of power plant. Utility companies use rental generators mostly during the peak demand period. Hence, there is a constant demand for Europe power rental from power plants to ensure continued power supply.
Russia: the leading Europe Power Rental Market
In this report, the Europe Power Rental Market has been analyzed with respect to 10 countries, namely, UK, Russia, Germany, France, Italy, Turkey, Netherland, Belgium, Denmark, Luxemburg. Russia is expected to lead the Europe Power Rental Market during the forecast period. The growth of the IT and healthcare sectors in Russia play a significant role in the growth of the Europe Power Rental Market in Europe. The power rental market in Russia is driven by growing oil & gas exploration and production activity coupled with construction industry growth in the nonresidential sector. The power rental solutions are required in the construction and oil & gas industry to meet the fluctuating power requirement of the project. The major end-users driving the power rental market in the region are utilities, oil & gas, and construction.
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The report includes the profiles of some of the top players in the Europe Power Rental Market to enable an in-depth understanding of the competitive landscape. The key players in the Europe Power Rental Market include Caterpillar, Inc. (U.S.), Aggreko, PLC (U.K.), Atlas Copco (Sweden), Bredenoord (Netherland), and Loxam (France). The leading players are adopting various strategies to increase their share in the Europe Power Rental Market.
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