The global power rental market is projected to grow from an estimated $12.88 billion in 2016 to $21.25 billion by 2021, registering a CAGR of 10.7 per cent, a report said.

Factors such as lack of electricity access, aging T&D infrastructure and the rise in global construction and infrastructural activities are driving the global market for power rental solutions, added the report entitled  "Power Rental Market" "Power Rental Market by Fuel (Diesel, Gas, Duel Fuel & HFO), Power Rating, End User (Utilities, Oil & Gas, Events, Construction, Mining, Manufacturing, Shipping), Application (Peak Shaving, Base Load, Stand by), by Region - Global Trends & Forecast to 2021" from MarketsandMarkets, a global market research firm.

Utilities are the major end-users of power rental solutions. In 2015, utilities constituted the largest segment of the power rental market, and accounted for the largest share of the total market. Increasing power demand, lack of grid stability & support and low electrification rates are the major driving factors of the power rental market in the utilities segment.

Standby power segment expected to grow at the highest CAGR in the power rental market.

The market on the basis of application has been segmented into standby, peak shaving, and base load/ continuous power. Rapidly growing demand for power across different industries is the primary growth driver of this segment.

In this report, the power rental market has been analyzed with respect to six regions namely, North America, Africa, Asia-Pacific, South America, Europe, and the Middle East. North America is estimated to dominate the market, owing to factors such as aging grid infrastructure and natural calamities, which causes frequent power outages.

Furthermore, the construction and manufacturing industry is gradually recovering from the slowdown in 2016 and is also expected to drive the demand for rental power solutions.

The report includes profiles of some of the leading players in the power rental market. These players are trying to penetrate developing economies and are adopting various methods to increase their market share.

Contracts & agreements was the strategy most commonly used by top players in the market, followed by, expansions, and other developments. – TradeArabia News Service