Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a TMR study, the generator rental market was valued at US$ 4.7 Bn in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2031.
Generators are products which are used to ensure consistent supply of electricity during a power outage. Generators are available in four different power ratings- below 100 kVA, 100-500kVA, 501-1000kVA, and above 1000kVA.
However, not all enterprises globally can afford to purchase generators and as a result are likely to seek rental generators to meet their needs. Some of the benefits associated with renting generators are low maintenance costs, zero installation expenditure, easy scalability, and improved flexibility.
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New generator launches are helping leading market players in generating revenue and in gaining an edge over other companies. In 2023, Caterpillar launched a new portable generator set for standby power applications. Additionally, companies are collaborating with other players to expand their presence and increase revenue share.
Key Findings of Market Study
- Increase in Demand for Diesel Generators: In terms of fuel type, the market has been trifurcated into diesel, natural gas, and others. The diesel segment held dominant share in 2022. Rise in demand for diesel generators due to their reliability and durability in emergency situations is driving the segment. Additionally, diesel generators break down less compared to other generators, which is triggering their demand and augmenting the segment. The natural gas segment is expected to witness strong growth during the forecast period since natural gas generators are a more cost-effective source of power than diesel alternatives.
- Rise in Need for Continuous Load: In terms of application, the global market has been classified into standby load, peak load sharing, and continuous load. The continuous load segment held dominant share in 2022 and is likely to maintain its dominance in the next few years. Increase in need for continuous power supply in locations without grid network and growth in the infrastructure sector are factors boosting the segment. The standby load segment is expected to account for significant share in the next few years. Renting generators that function on standby loads can prove to be a cost-effective solution as compared to buying a generator, especially for businesses and organizations which do not generally need a generator
- Surge in Demand for Rental Generators from Utilities Sector: Based on end-use, the global market has been classified into oil & gas, mining, construction, events, utilities, and others. The utilities sector held major share of the market in 2022. The utilities sector is key to maintaining services such as hospitals, communication networks, and emergency services. In case of power failure, rental generators can ensure these services remain operational. Rise in demand for rental generators from utility services is fueling industry growth. The construction end-use segment is expected to witness strong growth in the next few years due to infrastructure development in leading countries worldwide
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Generator Rental Market- Key Drivers
- Surge in construction activities, fueling the need for consistent electricity supply, is triggering the demand for generator rentals
- Growth in need for temporary power solutions, particularly in remote locations, is fueling the need to rent generators and helps in market development
Generator Rental Market- Regional Insights
- The market in Asia Pacific is projected to hold dominant share during the forecast period. Continuous expansion in different end-use industries such as mining, utilities, and construction, in countries such as India and China is likely to increase the need for generator rentals and propel the market. Leading companies are expected to establish generator production units in countries such as India due to easy availability of land and labor.
- The market in North America is anticipated to witness significant growth in the next few years due to increase in demand for natural gas generators on rent and rise in investment in the oil and gas industry in countries such as the U.S. and Canada
- The market in Middle East & Africa is likely to witness strong growth in the next few years due to rise in demand for electricity in developing economies of Africa such as Ethopia
Generator Rental Market- Key Players
The global generator rental market is considerably consolidated with few leading players who account for dominant market share.
Some of the key players operating in the market are Kohler Company, AKSA Power Generation, Cummins Inc., Caterpillar Inc., and Herc Rentals Inc.
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The global market has been segmented as follows:
By Power Rating
- Below 100kVA
- 100kVA-500kVA
- 501kVA-1000kVA
- Above 1000kVA
By Fuel Type
- Natural Gas
- Diesel
- Others
By Application
- Peak Load Sharing
- Standby Load
- Continuous Load
By End-use
- Oil & Gas
- Mining
- Construction
- Events
- Utilities
- Others
Region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- Latin America
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