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Dynamics of the North American Power Rental Equipment Market : Understanding the Needs of the Customer Propels Industry Growth

  • November 2014
  • 54 pages
  • Frost & Sullivan
Report ID: 2470294

Summary

Table of Contents

Key Findings

•The power rental equipment market is expected to grow at a compound annual growth rate (CAGR) of x% from 2013 to 2018.
•A key driving force is the growing energy demand increasing the pressure on the aging power infrastructure, thereby boosting the demand for power equipment.
•The power rental equipment market has gained a renewed push for growth from developments in the oil and gas sector, in addition to its overall demand in other sectors.
•Key restraints on the market combine several factors from strict regulatory frameworks to the lack of adequate expertise in the industry.
•An overabundance of small vendors and understanding the needs of the customer will likely pose significant challenges to the industry during the forecast period.
•The revenue for the rental generators segment was estimated to be $xmillion in 2013 and will likely reach $x million by 2018.
•Prime power applications was identified to dominate the market. This sector accounts for approximately x% of the overall generators segment.
•The pumps segment accounted for almost x% of the total power rental equipment market in 2013, and this trend is projected to remain stable.
•The pumps segment is expected to gain from increased investments in both the power generation and the water and wastewater treatment industries.
•Additionally, the power rental equipment market has witnessed increased demand from the utilities and the unconventional oil and gas industries, mainly from shale and oil sands.
•The upgrading of transmission and distribution infrastructure to meet the current load demands and to maintain the energy efficiency mandate will likely boost the demand for rental distribution transformers.
•Electricity grids are expected to become more modern with smart grid developments and higher integration of renewable energy, thereby driving the demand for rental power transformers.
•Testing equipment using load banks are now an integral part of the operation and maintenance practice.
•Resistive load banks account for approximately x% of the overall load banks segment.

Overabundance of Small Vendors

The North American power rental equipment market has witnessed prolific growth of rental competitors in the past couple of years, creating an additional tier of competition that significantly lacks the knowledge and quality of service provided by Tier I companies. From the customer standpoint, a single bad experience influences future decision making, thereby creating an illusion that experiences would be similar with all rental companies. To tackle this growing challenge head on, Tier I competitors are actively creating awareness and building their brand equity to help alleviate misconceptions and fears about rental companies among customers.

Understanding Customer Needs
In a service-oriented market such as the power rental equipment market, participants are required to understand customer needs and use that information to augment smooth customer interactions proactively. Such a process is even more valuable in a market landscape crowded by stringent regulations and financial constraints on spending. Some of the best ways of overcoming this challenge include providing well-suited rental packages by customer, increasing value-added offerings to raise the value of the relationship, and providing tangible and attractive discounts to faithful customers.

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