Technavio analysts forecast the global power rental accessories market to grow at a CAGR of over 3% during the forecast period, according to their latest market research report.
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Technavio forecasts the global power rental accessories market to grow at a CAGR of over 3% by 2022. (Graphic: Business Wire)
Transition to gas generators is one of the major trends being witnessed in the global power rental accessories market 2018-2022. The low cost of natural gas leads to a reduction in operating expenses. In large cities, natural gas is also commonly delivered through pipelines. Hence, this eliminates the need for storage. When compared with non-renewable resources of energy, gas generators use natural gas as fuel, which is affordable and effective. Only coal is cheaper than natural gas. When compared to diesel generators, gas generators are cleaner as they do not produce air pollutants or residuals such as ash or soot. Thus, the adoption of gas generators is increasing.
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According to Technavio analysts, one of the key factors contributing to the growth of the global power rental accessories market is the presence of mandates on load bank testing:
Global power rental accessories market: Presence of mandates on load bank testing
Load banks are used in engine generators, ground power units, and battery systems to test the running efficiency of the power source. During power failures and in other applications, they provide an understanding of the performance of generators and other devices. The use of load banks prevents power cuts during testing. For example, user networks can be disrupted by power cuts at the beginning and the end of testing. Load banks solve the issue by making the user’s network unavailable if the generator cannot recover power.
According to a senior analyst at Technavio for research on power, “The use of load banks is crucial in nuclear testing, data centers, and hospitals. Load banks are expensive to acquire, maintain, and store. Hence, for short-term projects, renting is the preferred option. Various countries have imposed regulations that require the continuous supply of power for a fixed period of time during national power breakdowns.”
Global power rental accessories market: Segmentation analysis
The global power rental accessories market research report provides market segmentation by product (power accessories and fuel accessories) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The power accessories segment held the largest market share in 2017, accounting for over 60% of the market. This product segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with a market share of over 41%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 2%.
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Market Landscape
- Market ecosystem
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- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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