Wilmington, Delaware, United States, March 05, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global generator rental market is projected to flourish at a CAGR of 5.2% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 7.4 billion is anticipated for the market in 2031. As of 2023, the demand for generator rental is expected to close at US$ 4.9 billion.
Industries such as healthcare, telecommunications, data centers, and manufacturing rely heavily on continuous power supply to maintain operations. Generator rentals provide a reliable backup solution during grid outages or fluctuations, driving demand.
Growing urbanization and infrastructure development projects worldwide require temporary power solutions for construction sites, roadwork, and building projects. Generator rentals offer flexibility and scalability to meet varying power needs, fueling market growth.
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The proliferation of music festivals, sporting events, corporate gatherings, and outdoor exhibitions necessitates temporary power solutions. Generator rentals cater to the power requirements of these events, contributing significantly to market expansion.
Despite the shift towards renewable energy sources, intermittent generation from solar and wind power necessitates backup power solutions. Generator rentals complement renewable energy systems, ensuring a reliable power supply during periods of low or no renewable generation.
Companies are increasingly turning to rental solutions to avoid the high upfront costs associated with purchasing generators. Rental options offer flexibility in terms of scalability, maintenance, and upgrades, appealing to businesses seeking cost-effective power solutions.
Key Takeaways from the Market Study
- As of 2022, the generator rental market was valued at US$ 4.7 billion
- Based on fuel type, the diesel segment is expected to dominate the global market during the forecast period.
- Based on power rating above 1000 KVA segment to generate high revenue in the market.
Competitive Landscape
Generator rental suppliers are presenting an extensive selection of generator sizes and models, tailored to meet the varied requirements of their clientele. They're ensuring round-the-clock customer assistance to promptly resolve any equipment-related concerns. With a focus on competitive pricing strategies, these vendors aim to enhance their market presence in the generator rental industry. The following players are active in the global generator rental industry landscape:
- Cummins Inc.
- Caterpillar Inc.
- Himoinsa S.L.
- AKSA Power Generation
- Atlas Copco AB
- Aggreko PLC
- Kohler Co.
- United Rentals, Inc.
- AGCO Corporation
- APR Energy
- Herc Rentals Inc.
- Ashtead Group plc
- Wärtsilä
- Generac Holdings Inc.
- Cooper Equipment Rentals
Key Developments
- Caterpillar introduced the Cat XQ330 portable diesel generator set in February 2023, offering a cutting-edge power solution compliant with the stringent U.S. EPA Tier 4 Final emission standards. This generator serves both standby and prime power applications, addressing the need for reliable and environmentally friendly power solutions.
- In October 2022, POWR2 launched the POWRBANK MAX, a high-capacity portable power solution designed specifically for construction sites. With a rating of 500 kVA or higher, this generator caters to extended use cases and provides ample power to support heavy-duty equipment and operations at construction sites.
Generator Rental Market: Key Trends and Opportunistic Frontiers
- With increasing environmental concerns, there is a growing demand for sustainable power solutions in the generator rental market.
- The adoption of the Internet of Things (IoT) and smart technologies is revolutionizing the generator rental industry.
- Hybrid generators, combining traditional fuel-powered generators with renewable energy sources like solar or wind, are gaining traction in the market.
- Rental companies are increasingly focused on optimizing their fleet management processes to maximize utilization rates, minimize idle time, and improve overall efficiency.
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Generator Rental Market – Regional Analysis
- North American region is witnessing significant growth in the generator rental market. Ongoing infrastructure projects, including construction, roadworks, and utilities maintenance, are driving the demand for generator rentals across the region. The need for reliable power solutions to support these projects in both urban and remote areas is fueling market growth.
- The Asia Pacific region is projected to dominate the generator rental market from 2023 to 2031, driven primarily by growth in the mining, construction, and utilities sectors. China stands out as a significant center for mining activities, hosting substantial reserves of metals and minerals.
- Consequently, there's a growing demand for power solutions, particularly in remote mining sites, to support operations. This trend underscores the increasing need for reliable and portable power generation solutions to meet the energy demands of mining activities across the country.
Generator Rental Market –Key Segments
By Power Rating
- Below 100 kVA
- 100 kVA -500 kVA
- 501 kVA -1000 kVA
- Above 1000 kVA
By Fuel Type
- Diesel
- Natural Gas
- Others
By Application
- Continuous Load
- Standby Load
- Peak Load Shaving
By End Use
- Utilities
- Oil & Gas
- Mining
- Construction
- Events
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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