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A recent report found on Qualiket research reports provides a comprehensive overview of the industry with a brief explanation. This overview deals with the definition of the product / service, the main applications of this product or service in different end-use industries. It also indicates the production and management technology used for the same. The Global MEA Electricity Rental Market The report has provided in-depth analysis of some recent and notable industry trends, competitive landscape, and specific regional segment analysis for the forecast period 2021-2027.
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The electricity rental market is defined as the income generated either from the rental of generators or from a temporary power plant. In the previous model, an electricity rental company can rent a generator set, the maintenance of which is the responsibility of the company itself, and the income generated by the rental of the generator set falls under the electricity rental market. Whereas in the latest model, an electric rental company builds and maintains a temporary power plant and bills the user based on the duration, capacity increase and units of electricity supplied.
The MEA electricity rental market is experiencing strong growth due to increased construction activity and the trend to lease equipment instead of buying. Most of the demand comes from utilities in the region. Poor planning on the part of the government has left the region with huge demand which has exceeded supply by several times. Distribution / utility companies are heavily dependent on electricity rental companies to meet demand; the share of utilities in the electricity rental revenue market will decline significantly due to the region’s stringent electrification.
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Rental generators allow users to use the machine without spending thousands of dollars to buy one. Renting a generator lowers maintenance costs, eliminating expensive service shops, maintenance tools and spare parts. Leasing eliminates repair and inventory costs. People usually rent generators because they offer a choice of generator brand, type, and rental price. Renting or leasing helps maintain cash reserves, which can be used for more essential expenses. A generator requires a huge investment and the value of the equipment depreciates over time. In the case of short-term projects, most companies prefer to keep cash rather than a capital investment in a high-value product. Therefore, the tendency to rent a generator set rather than buy is a major factor driving the rental market.
Generators degrade after prolonged use. This degradation is due to the dust and heat of the desert region of Saudi Arabia, in addition to the maintenance undertaken by the rental companies.
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Dependence on electricity is also sometimes very high due to weather conditions, as generators are needed either for primary purposes or for standby purposes, depending on the availability of electricity from the grid. network. However, factors such as increasing diesel price and variable diesel prices and subsidies for different sectors of the country are restraining the growth of this market.
Challenges: Increasing focus on solar power plants
The growing attention to alternative sources such as solar power has hampered the demand for diesel generators. The growing presence of foreign manufacturers is intensifying competition in the region, thus reducing the profit margins of locally established players.
Opportunities: Growing Trends in Industrial Sectors
Tax incentives and reduced rents for industrial zones are offered throughout the region to attract foreign direct investment. Most of the incentives in recent years have been offered to manufacturing and industrial companies; especially in petrochemical production. To meet the temporary and sudden demand for electricity in these industries, rental of electricity is necessary.
Market segmentation
The MEA electricity rental market is segmented into fuels such as diesel, gas and dual fuel, by rated power such as 11-50 KW, 51-200 KW, 201-500 KW, 501-1000 KW, 1501-2000 KW and more 2000 KW. Further, the market is segmented into end users such as utilities, oil and gas, events, construction, mining, and shipping.
Further, the MEA electricity rental market is segmented into various countries such as Saudi Arabia, United Arab Emirates, Egypt, Kuwait, and South Africa.
Key market players
Various key players are discussed in this report, such as
- Aggreko,
- Byrne LLC Equipment Rental,
- Location Solutions & Services LLC,
- Altaaqa.,
- Al Faris LLC Equipment Rental,
- Nour Energy Co. Ltd.,
- Peax Equipment Rental,
- Atlas, and
- Apr Energy PLC
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