Overview and Scope
Power rental refers to a service that allows leasing equipment that temporarily provides prime or standby power as and when needed. Generator sets, load banks, and an electrical distribution system are commonly rented for power.
Sizing and Forecast
The power rental market size has grown rapidly in recent years. It will grow from $10.99 billion in 2023 to $12.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The growth in the historic period can be attributed to construction and infrastructure development, utility power shortages, events and entertainment industry, remote and off-grid locations, increased mining operations.
The power rental market size is expected to see strong growth in the next few years. It will grow to $17.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to smart cities development, healthcare infrastructure expansion, military operations, data center construction, global events and exhibitions. Major trends in the forecast period include rental generator technologies, mobile and modular power units, flexible rental contract models, energy efficiency and emissions reduction, remote monitoring and telematics integration.
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Segmentation & Regional Insights
The power rental market covered in this report is segmented –
1) By Equipment: Generators, Transformers, Load Banks, Other Equipments
2) By Application: Standby Power, Peak Shaving, Base Load/Continuous Power
3) By Fuel Type: Diesel, Natural Gas, Other Fuel Types
4) By End-Users: Utilities, Oil And Gas, Construction, Manufacturing, Metal And Mining, IT And Data centers, Corporate And Retail, Events, Other End-Users
Asia-Pacific was the largest region in the power rental market in 2023. North America is expected to be the fastest-growing region in the power rental market share during the forecast period. The regions covered in the power rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Rapid industrialization is driving the growth of the power rental market. Rapid industrialization refers to the process of rapidly transforming an economy from a focus on agriculture to a reliance on manufacturing. There has been a development in various sectors which include, information technology, manufacturing, and construction. Each of these sectors requires a continuous supply of power to carry on their operations smoothly. For instance, in October 2021, India’s Prime Minister Narendra Modi unveiled a $1.3 trillion master plan for multimodal connectivity to construct infrastructure to reduce logistic costs and boost the Indian economy. The $1.3 trillion plan also includes a $130.57 billion allocation to the infrastructure sector. Therefore, demand for power rental will rise as the prevalence of rapid industrialization and increased spending on infrastructure development in major developing nations.
Key Industry Players
Major companies operating in the power rental market report are Caterpillar Inc., Cummins Inc., Atlas Copco AB, United Rentals Inc., Ashtead Group plc, Kohler Co, Wärtsilä Oyj, Generac Power Systems Inc., Herc Rentals Inc., Hertz Equipment Rental Corporation, Wacker Neuson SE, Aggreko plc, Multiquip Inc., APR Energy Ltd., FG Wilson (Engineering) Ltd., Smart Energy Solutions Ltd., Modern Hiring Service Ltd., Speedy Hire plc, Power Electrics Bristol, Rental Solutions & Services, Bredenoord Exploitatiemij B.V., Pump Power Rental, Global Power Supply Ltd., Jassim Transport & Stevedoring Co K.S.C.C., Newburn Power Rental Ltd., ProPower Rental, Shenton Group plc, So Energy Trading Limited
The power rental market report table of contents includes:
- Executive Summary
- Power Rental Market Characteristics
- Power Rental Market Trends And Strategies
- Power Rental Market – Macro Economic Scenario
- Global Power Rental Market Size and Growth
- Power Rental Market Segmentation
- Power Rental Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Power Rental Market
- Power Rental Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Power Rental Market, Segmentation By Equipment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Power Rental Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Power Rental Market, Segmentation By Fuel Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 75: Caterpillar Inc. Financial Performance
Table 76: Cummins Inc. Financial Performance
Table 77: Atlas Copco AB Financial Performance
Table 78: United Rentals Inc. Financial Performance
Table 79: Ashtead Group plc Financial Performance
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