LONDON–(BUSINESS WIRE)–#GeneratorRentalMarketforOilandGasIndustry–The global generator rental market for oil and gas industry is expected to grow by USD 153.87 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of 3%.
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Read the 120-page report with TOC on "Generator Rental Market for Oil and Gas Industry Analysis Report by Product (Diesel generator and Gas generator), Geography (MEA, North America, Europe, APAC, and South America), Application (Onshore and Offshore), and the Segment Forecasts, 2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/generator-rental-market-for-oil-and-gas-industry-analysis
The generator rental market for oil and gas industry is driven by the need for consistent power. In addition, the increasing focus on unconventional oil and gas E&P activities is anticipated to boost the growth of the generator rental market for oil and gas industry.
Many oil and gas E&P companies are shifting to smaller, deep or ultradeep reserves, and unconventional reserves due to depleting conventional oil gas reserves. This has increased the use of power tools and additional tools and technologies as extracting oil from such reserves requires more power. In addition, processes such as production, processing, and refining in the oil and gas industry are energy-intensive and require a continuous supply of power. Any downtime in these processes will lead to significant monetary losses for oil and gas E&P companies. Hence, oil and gas E&P companies are exhibiting high demand for rental power as it serves as a backup to assist them during emergency and maintenance. It also helps them reduce downtime, operational costs, and ensures the safety of crew members. All these factors are positively influencing the growth of the global generator rental market for oil and gas industry.
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Major Five Generator Rental for Oil and Gas Industry Companies:
Aggreko Plc operates its business through segments such as Rental Solutions, Power Solutions Industrial, and Power Solutions Utility. The company provides diesel and natural gas rental generators ranging from 20 kVA to 1,375 kVA.
APR Energy operates its business through segments such as Power solutions and Mobile technology. The company provides mobile containerized generators and diesel and natural-gas power module packages.
Ashtead Group Plc
Ashtead Group Plc operates its business through segments such as Sunbelt US, A-Plant, and Sunbelt Canada. The company offers rental power generators under the Sunbelt Rentals brand for industrial applications.
Atlas Copco AB
Atlas Copco AB operates its business through segments such as Compressor Technique, Vacuum Technique, Industrial Technique, and Power Technique. The company offers a wide range of mobile diesel generators and rental power generator models.
Caterpillar Inc. operates its business through segments such as Resource Industries, Construction Industries, Energy and Transportation, and Financial Products. The company offers rental generators to oil and gas industry through its subsidiary, Energyst.
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Generator Rental Market for Oil and Gas Industry Product Outlook (Revenue, USD Million, 2020-2024)
- Diesel generator
- Gas generator
Generator Rental Market for Oil and Gas Industry Geography Outlook (Revenue, USD Million, 2020-2024)
- North America
- South America
Generator Rental Market for Oil and Gas Industry Application Outlook (Revenue, USD Million, 2020-2024)
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