A need for temporary power supply across utilities and industrial sectors is increasing because of the demand-supply gap in electricity. New power plants are being commissioned to meet the growing demand, but construction can take anywhere from 3-5 years.
The power rental accessories market has stepped up to meet this demand. The global power rental accessories market is forecasted to increase at a CAGR (compound annual growth rate) of 3.18 percent during the period 2017 until 2021.
A rising trend in the market is demand from Southeast Asian countries. Southeast Asia consists of 10 emerging economies that have extensively contributed to the economic growth of the region. This increase can be attributed to rising disposable incomes and foreign direct investment (FDI) in various sectors in these countries, leading to the amelioration of poverty and growth of the manufacturing sector. In 2014, this region accounted for 3 percent of the global economy, but attracted more than 8 percent of global FDI flows.
A driver in the market is growing demand from utility and industrial sectors. One challenge in the market is slow growth in the oil and gas industry. Power rental companies benefitted from increased onshore and offshore oil and gas exploration and production.