With 7.1% CAGR, Power Rental Market Size to Reach USD 14.2 billion by 2028

According to Exactitude Consultancy the Global Power Rental Market value is expected to reach USD 14.2 billion by 2028, growing at a 7.1% CAGR of Between Forecast Period 2023 and 2028.

PUNE, India, March 27, 2023 /PRNewswire/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Power Rental Market.

The Global Power rental market size is expected to grow at 7.1% CAGR from 2023 to 2028. It is expected to reach above USD 14.2 billion by 2028 from USD 7.66 billion in 2022. Power rental, also known as power on hire comes with numerous advantages over the other counterparts. The rental generators are useful over the purchased generators as they provide flexibility in the power rating required, negligible maintenance and installation costs, readily available on short notice, and lower initial costs among other features. The manufacturers generally prefer hiring generators in case of maintenance of the existing power supply system, lack of availability of grid infrastructure, and requirement of power for a temporary time period. The rental power is a popular concept for the events that are organized across different parts of the world.

Industry Developments

• In November 2021, Caterpillar Inc. announced a three-year project through collaboration with Microsoft and Ballard Power Systems to demonstrate a power system incorporating large-format hydrogen fuel cells to produce reliable and sustainable backup power for Microsoft data centers.
• In June 2021, the first hydrogen power generation units piloted at the Aggreko Plc depot in Moerdijk, Netherlands for use in temporary power applications.

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Power Rental Market Overview

The power rental market involves the renting or leasing of temporary power solutions to meet the power needs of various industries, such as construction, manufacturing, oil and gas, events, and healthcare. The power rental solutions include generators, distribution panels, transformers, load banks, and other accessories.

The construction and mining industries are the largest users of power rental solutions, as they require reliable and efficient power sources for various applications such as lighting, heating, ventilation, and air conditioning (HVAC), and powering heavy machinery. The oil and gas industry is also a significant user of power rental solutions, as it requires reliable and efficient power for drilling and exploration activities in remote locations.

The power rental market is highly fragmented, with several regional and global players operating in the market. Major players in the market include Caterpillar Inc., Aggreko plc, United Rentals Inc., Atlas Copco AB, and Cummins Inc.

Overall, the power rental market is expected to continue to grow in the coming years, driven by the increasing demand for temporary power solutions in various industries. The market presents significant opportunities for companies operating in the sector, as well as for investors looking to capitalize on the trend.

Driving Factor:

Demand for the Diesel Generators to Remain High Over the Forecast Period

The market potential is dependent on the demand and sales of rental diesel generator sets across different industries. Diesel generators are widely preferred by the players involved in the mining, oil and gas and manufacturing sectors. The surplus availability and economical price of the diesel fuel are among the key factors for the high demand for diesel generators sets for temporary power demand. Additionally, regions such as Latin America, Asia Pacific, and the Middle East and Africa have a weak infrastructure for gas and liquefied petroleum gas pipelines which adds to the growth of demand for diesel generators in these regions.

However, regions such as Europe and North America that are focused on reducing carbon emissions are strengthening regulations related to the use of diesel fuel. This is expected to retard the global diesel generator rental market growth marginally over the forecast period. The gas generators, on the other hand, have environment-friendly characteristics and are used mostly in Europe and North America region where there is a good infrastructure for gas pipelines. The global power rental market potential for the gas generators is expected to grow marginally over the forecast period owing to increasingly strict regulations and environmental policies in different regions.

Mining Industry Is Projected to Dominate Across the Global Market by End-Use

Rental generator sets are mostly used for supplying power in the areas with deficient grid connectivity. Mining activities are among the key consumers of the energy from generators as most of the mining activities are carried out in the areas located on the outskirts of cities or towns where the power supply through the grid is not available. Mining activities are not long-lasting and are for a temporary period of time so, the players involved in the mining industry prefer rental power to meet their daily energy demand. The mining activities generally demand higher power rating generator sets for the high power rated equipment.

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Companies Covered in Power Rental Market Report:

• Aggreko (UK)
• United Rentals (US)
• Caterpillar (US)
• Herc Rental (US)
• Ashtead Group (UK)
• Atlas Copco (Sweden)
• Hire (UK)
• Cummins (US), Bredenoord (UK)
• Kohler (US)

Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Power Rental Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Power Rental Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

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Report Coverage

The power rental equipment provides a cost-effective energy supply for the continuous and peak demands for power across different industries. The inclination of various players towards using temporary power is increasing, which is more prevalent in developing countries with poor grid infrastructure. The frequency of events such as Olympic games, world cup tournaments, entertainment events, and sports tournaments has also increased in the recent past which has been a positive influence for the global market growth.

The growing population has boosted the growth of infrastructure development projects across the globe. The infrastructure projects generally last for shorter time duration and require temporary power which is mostly rented. Diesel generators have a higher penetration in the global market as compared to the other types such as fuel cells or gas generators which are in the introduction and growth phase of the market respectively.

Global Power Rental Market, By Region

Asia-Pacific accounted for a major share in 2022, owing to rapid expansion of commercial spaces comprising malls, hotels, and retail stores, which, in turn, has significantly boosted the demand for stable power supply, thereby augmenting the utilization of power rentals. Southeast Asian countries such as Thailand and Indonesia are witnessing mega commercial infrastructure development on account of increase in government expenditure on public establishments. Moreover, rapid digitization coupled with prevailing Industrial Revolution 4.0 are likely to impart substantial impetus to the industry expansion.

Frequently Asked Questions About This Report

• How big is the Power Rental Market?
• What is the Power Rental Market growth?
• Which segment accounted for the largest Power Rental Market share?
• Who are the key players in the Power Rental Market?
• What are the factors driving the Power Rental Market?

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About Exactitude Consultancy

Exactitude Consultancy is a market research & consulting services firm which helps its client to address their most pressing strategic and business challenges. Our market research helps clients to address critical business challenges and also helps make optimized business decisions with our fact-based research insights, market intelligence, and accurate data.

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SOURCE Exactitude Consultancy

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