Market Trends of Middle-East and Africa Power Rental Industry
This section covers the major market trends shaping the MEA Power Rental Market according to our research experts:
Utility Segment to Dominate the Market
- The utility sector is expected to dominate the power rental market during the forecast period.
- This can be attributed to the supply of rented power by utility companies for conversion or redevelopment process with the aging network of thermal power plants across the region, the demand for rented power is projected to grow in the utility sector.
- Expanding power utilities and manufacturing sectors in the Middle-East region would also play an important role in the Middle-East power rental market revenue as the majority of the countries in the region are diversifying their economies and strengthening the non-oil sectors.
- Therefore, based on the above-mentioned facts, the utility segment is expected to dominate the power rental market in the Middle-East & Africa region over the forecast period.
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Increasing Power Demand to Drive the Market
- The Middle-East is one of the largest markets for power rental industry. The region which showed decent growth in the last 10 years accounted for more than 50% of the global market in 2018.
- Growing population, urbanization, and customized standards of living are seen improving in the Middle Eastern countries which, in turn, are likely to increase the demand for power in the coming years. Grid networks being poor in certain areas, power rentals would emerge as a feasible option to meet end-user requirements.
- After the 2015 oil crash, many countries in the Middle East region have started focusing on diversifying the economy towards non-oil sectors and during this pandemic, this provides an opportunity for construction and manufacturing sectors.
- Such developments would surge the demand for diesel generators and would thereby impact the growth of the power rental market in the Middle East region positively.
- Additionally, government initiatives such as Saudi Vision 2030, UAE Vision 2021, Bahrain Vision 2030 and Turkey Vision 2030 would lead to growth in demand for power rental in the Middle-East region.
- Therefore, based on the above-mentioned facts, Middle-East is expected to witness significant growth for power over the forecast period.
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