350.1-750 kVA acquired the largest revenue share in the Saudi Arabia Genset Rental Market – 6Wresearch.
There has been a rise in the construction and industrial sector of the country due to initiatives such as Saudi Vision 2030 and National Transformation Program which has increased the demand for rental gensets, thereby causing a rise in the Saudi Arabia genset rental market in the recent past. Further, the market is expected to grow this year, with events and facilities opening up again, and construction projects getting back on track.
According to 6Wresearch, the Saudi Arabia Genset Rental Market size is projected to grow at a CAGR of 7.7% in terms of revenue during 2021-2027. In 2020, Covid-19 pandemic caused a decline in the market revenues due to low requirement of rental gensets as construction projects were halted and events were cancelled. Closing down of factories and construction sites gave rise to lesser needs for power supply, causing a decrease in demand for rental gensets in Saudi Arabia. However, With government initiatives such as Saudi Vision 2030, the government is investing in multiple sectors like construction and manufacturing due to which, demand for genset rentals will also increase.
By types, diesel genset rental segment dominated the Saudi Arabia genset rental market in 2020 and this trend is expected to continue during the forecast period as diesel gensets are highly preferred in the country on the back of their high lifespan and high fuel efficiency in comparison to gas gensets. Gas gensets occupied least market share in the Saudi Arabia genset rental market owing to their high deployment cost, as a dedicated gas pipeline is needed to supply natural gas to these gensets. This is a major reason that gas gensets are least preferred across commercial and industrial sector.
According to Srajan Yadav, Research Analyst, 6Wresearch, “By kVA ratings, 350.1 – 750 kVA rating segment captured the largest market revenue share in the Saudi Arabia genset rental market, and this trend is expected to continue during the forecast period due to the high utilization of the aforementioned rating in the industrial and logistics sector for supplying backup power. Above 1,000 kVA rating gensets are highly preferred in supplying power for heavy-duty applications and contributed the second highest revenue share in the Saudi Arabia genset rental market in 2020 and this trend is expected to follow in the coming years owing to rising heavy industries in the country.”
“Saudi Arabia Genset Rental market (2021-2027F)” report provides an in-depth analysis with 16 figures and 02 tables, covered in 77 pages. The report estimates and forecast the Saudi Arabia genset rental market by types, kVA ratings and appplications. Saudi Arabia genset rental market report provides an unbiased and detailed analysis of the on-going market 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.