Power Rental Accessories Market Size , Share , Analysis and Forecasts To 2021
Market Research Analysts forecast global power rental accessories market to grow at a CAGR of 3.18 % during the period 2017-2021 .
According to the report , one driver in market is growing demand from utility and industrial sectors . The need for temporary power supply across utilities and industrial sectors is increasing because of the demand-supply gap in electricity . Though the governments of various countries are commissioning new power plants to meet the growing demand , shortfalls persist in the short run as constructing a power plant would require 3-5 years , depending on its capacity . In addition , delays in power plant completion due to lack of investment will extend the construction period . However , many industries require a constant power supply to achieve optimum operational capacity and avoid financial losses due to outages . Apart from facing financial losses , continuous industrial development is required for sustaining the economic development of the country . This has resulted in utilities and industries resorting to the use of rental power where grid power is unstable for backup or in situations where grid power is not available .
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Further , the report states that one challenge in market is slow growth in oil and gas industry . Earlier , power rental companies benefitted from increased onshore and offshore oil and gas exploration and production . However , the plunge in global oil and gas prices , which have fallen by almost 40 % -50 % in the last two years ( 201-2016 ) limits the confidence of new investors in the industry , posing a serious challenge to power rental companies . The rig count acts as a barometer for the oil and gas drilling industry and its suppliers worldwide . There has been an almost 35 % drop in the rig count between 2014-2015 . This is an indicator of the weak demand for the equipment used by the oil and gas industry . Therefore , lower oil prices and reduction in activities means lower equipment rentals , which is a challenge for the growth of the rental accessories industry .
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry . The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors .
About Power Rental Accessories
Rental power is used to meet peak load demand , base load supply , or as a standby . The need to provide uninterrupted power is a major factor driving the growth of the global power rental accessories market . Power rentals are more economical than maintaining a reserve plant . Thus , this factor has increased the demand for rental power over time .