Wilmington, Delaware, United States, Jan. 29, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The power generator rental industry was valued at US$ 173.5 million in 2022. A CAGR of 5.8% is projected between 2023 and 2031. The power generator rental market is expected to reach US$ 287.4 million by 2031. Renewable energy solutions may become increasingly popular as the global push toward sustainable energy intensifies.
Increasing the popularity of hybrid solutions or generators that work alongside renewable energy sources could significantly impact the power generator rental industry. Generator technology is constantly advancing, so it might improve the efficiency and environmental friendliness of generators in the future. Enhanced fuel efficiency, remote monitoring, and predictive maintenance are all likely to become more common.
Energy storage solutions, including batteries, may become more common. Temporary power solutions incorporating these technologies can be more reliable and flexible, especially with intermittent grid access. Internet of Things (IoT) technologies will enable remote monitoring and management of power generators. Costs can be reduced and efficiency improved by reducing downtime, implementing real-time diagnostics, and performing proactive maintenance.
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Customers may prefer environmentally friendly power solutions as awareness and demand for sustainability grows. As a result, cleaner and more fuel-efficient generators may become more popular. Business and organization decisions may be influenced by government policies and incentives supporting the use of clean energy solutions, affecting the demand for generators of certain power.
Key Findings of the Market Report
- The rise of outdoor events and construction activities has created a need for flexible, temporary power solutions.
● Power generator rentals are growing in popularity as temporary power solutions become more popular
- Diesel generators are leading the market for the power generator rental market.
- In 2022, the Middle East and Africa comprised the largest percentage of the market.
Global Power Generator Rental Market: Growth Drivers
- The susceptibility of electricity infrastructure has been brought to light by the rising frequency and intensity of natural disasters, including hurricanes, earthquakes, and floods. In the aftermath of such occurrences, there is an increased demand for temporary power solutions that can swiftly restore power. Renting a power generator is a great option since it can provide an instant and adaptable energy source, assist with emergency response, and keep vital services running.
- The increasing need for backup and reliable power in various industries drives generator rentals. Power interruptions are crucial to maintaining operations and safeguarding against financial loss for modern businesses. Power outages may disrupt production processes and have substantial economic consequences, whether caused by grid failures or maintenance activities. Companies often rent generators to cover unplanned and planned downtime to maintain operational continuity and minimize losses.
- Events and projects involving temporary power sources, such as construction sites, festivals, and outdoor concerts, have increased generator rental markets. These events often need scalable, portable, and tailored power sources. Organizers and project managers can configure the generators easily to meet the needs of temporary activities by renting generators, which is a cost-effective and efficient solution. When a permanent power infrastructure is not cost-effective or practical, power generator rentals are an ideal choice.
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Global Power Generator Rental Market: Regional Landscape
- Asia Pacific region is expected to lead the power generator rental market. Urbanization, industrialization, and infrastructure development are driving rapid growth in power demand in Asia-Pacific. Due to this, rental prices for power generators are likely to rise significantly. Several Asian countries have incorporated renewable energy sources into their energy mix. Power solutions for temporary and reliable use are continually needed as the region develops infrastructure and construction projects.
- Asia-Pacific is experiencing advancements in the technology of power generators similar to other regions. Smart technologies like remote monitoring and better fuel efficiency are integrated. Knowing and complying with the different regulatory environments is essential for power generation companies operating in the Asia-Pacific region. Fuel consumption, emissions, and safety standards may differ depending on the state.
Global Power Generator Rental Market: Key Players
Power generator rental companies invest heavily in developing advanced industrial generators and renting large ones. A strong position in the industry is maintained by close collaborations within the industry, as well as mergers and acquisitions.
- APR Energy
- Atlas Copco AB
- Aggreko
- Caterpillar Inc.
- Cummins Inc.
- Kohler Co.
- Reddy Generators
- Sunbelt Rentals Inc.
- Xinchang Machinery Engineering Co. Ltd.
- United Rentals Inc.
Key Developments
- In January 2024, United Rentals Stamford, Conn., will acquire HIPOWER SYSTEMS' EHR solar battery generators. By integrating photovoltaic solar panels and a propane generator, United Rentals offers the first mobile microgrid solution for boosting project sustainability.
- In November 2023, Aggreko Glasgow, UK, released Canada's newest Tier 4 final generator. The company offers low-emission technology to Canadian customers with CSA-certified options ranging from 100kW to 500kW.
Global Power Generator Rental Market: Segmentation
By Generator Rating
- Up to 100 KVA
- 101-500 KVA
- 501-1000 KVA
- Above 1000 KVA
By Fuel Type
- Diesel
- Natural Gas
By End User
- Utilities
- Oil & Gas
- Mining
- Construction
- Events
- Others
By Region
- North America
- Latin America
- Asia Pacific
- Europe
- Middle East & Africa
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