Posted On: 2020-07-01
Rising demand for reliable power supply from several verticals including manufacturing, utilities and oil & gas segments would drive the Global Genset Rental Market-6WResearch.
Growing industrialization, projected growth in the construction sector coupled with various government initiatives to boost infrastructure development in emerging economies is anticipated to flourish the genset rental market growth over the coming years. Furthermore, increase in consumption, along with revival of demand after the severe blows faced by various economies globally during the recent coronavirus outbreak are expected to augment the growth of genset rental market during the forecast period.
According to 6Wresearch, Global Genset Rental Market size is projected to grow at a CAGR of 10.6% during 2020-26. Asia Pacific region accounts for the highest revenue share in the overall global genset rental market. China and India generate the majority of revenue in the Asia Pacific genset rental market. Growing population, rapid urbanization coupled with fastening developments at infrastructure front would drive the demand for genset rentals in Asia Pacific over the forthcoming years. Further, Africa has great potential and would present expansion opportunities for the growth of genset rental market owing to the continuous efforts taken by the several governments to boost infrastructure development and enhance domestic manufacturing, thereby raising the demand for genset rentals during the forecast period. Further, rapid expansion of power grids and terminals to cope up with the unreliable power supply and disruptions in the region would also positively impact the growth of genset rental market in Africa over the coming years.
According to Alpana Tyagi, Senior Research Analyst, 6WResearch, Based on Verticals, Manufacturing sector and Utilities segment are expected to generate the major revenues in the overall global genset rental market owing to the significant expansion in manufacturing activities along with gradual revival in demand after the recent coronavirus outbreak. Moreover, rapid urbanization and population expansion in remote areas is leading to enhancing electrification and grid infrastructure development, thus leading to a healthy growth in utilities segment over the forthcoming years.
Widening energy deficits along with unreliable power of supply in developing economies would further raise the demand for genset rentals which thereby would result in significant growth of genset rental market over the forthcoming years.
According to Yash Gupta, Research Analyst, 6WResearch, Diesel genset acquired the major revenue share in the overall genset rental market globally in the past years and the same trend is expected to continue in the coming years as well on account of wide applications across the various verticals and high operational efficiency. Further, easy availability of a wide range of power ratings makes it handy for the user to choose best according to its requirement. However, gas gensets are expected to show robust growth over the coming years mainly attributed to rising environmental awareness and concerns among the people, along with implementation of strict environmental norms by governments across several nations which would lead to increase in the demand for gas genset during the forecast period.
Global Genset Rental Market (2020-2026)" report provides an in-depth analysis with 498 figures with 230 tables covered in 669 pages.
The report estimates and forecast the overall Global Genset Rental market by Types, kVA Rating, Applications, Prime Applications, Verticals and Regions including Asia Pacific, Europe, North America, Latin America, Middle East and Africa. The report provides an unbiased and detailed analysis of the on-going trends, opportunities/high growth areas and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.