Many companies that deal in a wide variety of industries are using power rentals to fulfill their temporary power requirements. These companies hire a wide range of power equipment and power services from rental companies to fulfill their power needs without investing huge amounts for such equipment and services. This helps these companies in reducing their overall cost of initial investment and saves them from making long term investments.
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Many companies are now coming forward to supply power on rent, thereby increasing the quality of service in power rentals, which is ultimately enhancing the confidence of buyers in purchasing energy on rent. Power rentals also help buyers in arranging their specific power equipment at a faster rate and at a very competitive price compared to purchasing the power equipment.
Due to the significant shortage of power supply in developing regions and due to the lack of infrastructure and grid stability, companies are choosing power rental based solutions. Many companies have at present very old distribution grids which need to be changed and this also provides an opportunity for power rentals to replace these old distribution grids, thereby increasing its market share.
At present, North America is the largest segment for power rental revenue, followed by the Middle East and the Asia-Pacific region. Power rentals are primarily used in construction, utility, oil and gas, quarrying, mining, and in the events industry.
In the construction industry, where there is a requirement for continuous power, power generators play an important role when grid power is not available due to the location or due to specific requirement constraints or when it is very expensive. On the basis of application, power rentals can be divided into base power, standby power, and seasonal peak.
Some of the companies which deal in the power rental market include Caterpillar Inc., Aggreko, Cummins Inc., Kohler Power, Rental Solutions & Services, APR Energy, Hertz, Power Electrics, Worldwide Power Products LLC, Speedy Hire, and Bredenoord Exploitatiemij B.V
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