LONDON–(Business Wire)–The global power rental accessories market size is expected to grow by USD 10.60 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 1%. Request Free Sample Report on COVID-19 Impacts
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Technavio has announced its latest market research report titled Global Power Rental Accessories Market 2020-2024 (Graphic: Business Wire)
Read the 120-page report with TOC on “Power Rental Accessories Market Analysis Report by Product (Power accessories and Fuel accessories) and Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts, 2020-2024”.
The market is driven by the increased use in infrastructural activities. In addition, the presence of mandates on load bank testing is anticipated to boost the growth of the Power Rental Accessories Market.
The governments of several countries are focusing on improving their infrastructure by making significant investments. They are initiating several short-term and long-term projects related to the engineering, maintenance, management, and development of infrastructure. For instance, the Government of India launched a project to transform 99 cities in the country into smart cities. In February, it allocated a budget of USD 31.42 billion to complete the project. Such projects require temporary power solutions. Hence, rental power solutions, including accessories, are preferred as they are reliable, flexible, and cost-effective for short-term projects. Therefore, the development of infrastructure in several countries will drive the growth of the global power rental accessories market during the forecast period.
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Major Five Power Rental Accessories Companies:
ABM Investama Tbk
ABM Investama Tbk has business operations under three segments: mining contractor and coal mining, services, and fabrication. The company offers a wide range of power tool accessories on a rental basis.
Aggreko Plc operates its business through two segments: rental solutions and power solutions. The company offers a wide range of power tool accessories on rental basis.
Atlas Copco AB
Atlas Copco AB has business operations under various segments such as compressor technique, vacuum technique, industrial technique, and power technique. The company offers a wide range of power tool accessories on rental basis.
Caterpillar Inc. operates its business through four segments: resource, construction, energy and transportation, and financial products. The company offers a wide range of power tool accessories on rental basis.
Cummins Inc. has business operations under various segments such as engine, distribution, components, power systems, and new power. The company offers a wide range of power tool accessories on rental basis.
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Power Rental Accessories Market Product Outlook (Revenue, USD mn, 2020-2024)
- Power accessories – size and forecast 2019-2024
- Fuel accessories – size and forecast 2019-2024
Power Rental Accessories Market Regional Outlook (Revenue, USD mn, 2020-2024)
- North America – size and forecast 2019-2024
- Europe – size and forecast 2019-2024
- APAC – size and forecast 2019-2024
- MEA – size and forecast 2019-2024
- South America – size and forecast 2019-2024
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