Power Rental Market Size is valued at USD 10.48 Bn in 2022 and is predicted to reach USD 17.92 Bn by the year 2031 at a 6.2% CAGR during the forecast period for 2023-2031.
Key Industry Insights & Findings from the Report:
- The rapid industrialization, urbanization & infrastructure development in these economies have created a growing demand for dependable and widely accessible power to support economic growth, enhance living standards, and accommodate expanding populations.
- Growing need for backup power solutions to support market expansion.
- North America dominated the market and accounted for a global revenue share in 2023.
- The market might be restrained by strict government laws pertaining to generators in a number of ways.
The temporary provision of power-producing equipment and services to meet immediate or temporary power needs is referred to as power renting. Renting generators, transformers, distribution panels, and related accessories from power rental firms or service providers are required. Increasing faults in transmission and distribution lines, equipment failure in power generation, unexpected grid problems, natural calamities, and a variety of other reasons are constantly disrupting power supply around the world. Various governmental and commercial agencies are quickly implementing measures to shorten the duration of power outages to allow consumers to continue with their operations.
However, the COVID-19 epidemic caused delays in building projects, industrial operations, and other industries that rely on temporary power solutions. Lockdown measures, social distance requirements, and workforce constraints resulted in project delays or temporary shutdowns, leading to lower demand for power leasing services.
Competitive Landscape
Some major key players in the Power Rental Market:
- Aggreko (UK)
- Caterpillar (US)
- Herc Rental (US)
- Ashtead Group (UK)
- Atlas Copco (Sweden)
- Cummins (US)
- Bredenoord (UK)
- Kohler (US)
- Multiquip (US)
- SoEnergy (US)
- Allmand Brothers (US)
- Generac Power (US)
- Wacker Neuson (Germany)
Market Segmentation:
The Power Rental Market is segmented on the basis of Fuel Type, Application, Equipment, Rental Type, Power Rating And End-Users. The market segmentation is as diesel, natural gas, and others based on fuel type. The application segment includes standby power, peak shaving, and base load/continuous power. By equipment, the market is segmented into generators, transforms, load banks, and others. The power Rating segment consists of Up to 50 kW, 51 kW – 500 kW, 501 kW – 2500 kW, Above 2500 kW. The end-users segment includes utilities, metal & mining, oil & gas, construction, manufacturing, IT and data centres, corporate & retail, events, etc.
Based On Fuel Type, The Natural Gas Segment Is Reported As A Major Contributor In The Power Rental Market
The natural gas segment is expected to hold a major share of the global Power Rental Market in 2022. Natural gas powers emergency and portable generators and is regarded as an efficient nonrenewable energy source. Furthermore, gas generators are less expensive and more environmentally beneficial than diesel generators since gas minimizes hazardous air pollutants and carbon emissions when compared to diesel. Natural gas generators run on LPG, compressed gas, propane, and other fuels and come in a variety of sizes ranging from portable to industrial. These generators are less expensive and more environmentally friendly than diesel generators with less than 150 KVA capacities.
The Rental Type Segment Witnessed Growth At A Rapid Rate
The Rental Type segment is projected to grow at a rapid rate in the global Power Rental Market. Due to the demand for power increasing over the world, the generation must increase to compensate. This demand is especially high during the day in the summer and at night in the winter. Peak demand is the instantaneous increase in the level of needed power, and it is a prevalent problem where utilities fall short of this requirement, particularly in growing nations. During peak operational hours, peak demand charges are levied. Peak shaving generators assist businesses with high electricity use lower their utility expenses during peak hours. These fees vary according to geography as well as season, with off-peak rates being the most common.
In The Region, The North America Power Rental Market Holds A Significant Revenue Share
The North American, Power Rental Market, is likely to register the maximum market share in terms of revenue in the near future as a result of factors such as increased investment in the oil and gas, building, and mining industries. The North American region's fastest-growing markets are the United States and Canada. North America has a population of about 530 million people and an economy that accounts for more than 25% of global GDP. It is one of the world's most industrialized regions. Furthermore, growing investments in mining and related exploratory activities in the region are pushing the need for power leasing equipment over the projection period.
Recent Developments:
- In March 2023, Cummins Inc. has set a target to allocate USD 1.5 billion towards the development of innovative clean-energy technologies by the year 2027. The New Power division underwent a name change to Accelera and maintained its provision of battery electric and alternative fuel products, including engines, generators, and power systems, in order to achieve its objective of achieving net-zero carbon emissions.
Power Rental Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2022 |
USD 10.48 Bn |
|
Revenue Forecast In 2031 |
USD 17.92 Bn |
|
Growth Rate CAGR |
CAGR of 6.2% from 2023 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Fuel Type, By Application, By Equipment, By Rental Type, By Power Rating, By End-User |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Aggreko (UK), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), Atlas Copco (Sweden), Cummins (US), Multiquip (US), Bredenoord (UK), Kohler (US), SoEnergy (US), Allmand Brothers (US), Wacker Neuson (Germany), Generac Power (US). |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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