Westford, USA, Aug. 21, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Power Rental Market will attain a value of USD 16 Billion by 2031, with a CAGR of 5.60% during the forecast period (2024-2031). Energy volatility forces businesses to investigate alternative power sources, which fosters innovation in the power rental market. In the industry, the adaptability of the generator fleets is crucial. Furthermore, power rental companies would meet the requirement for renewable fuels. Moreover, power rental will always depend on its ability to be flexible. Further propelling market expansion include global industrialisation, the need for a steady supply of energy, and the rising need for a reliable power source.
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Browse in-depth TOC on the " Power Rental Market "
- Pages - 157
- Tables - 122
- Figures – 77
Power Rental Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $9.8 Billion |
| Estimated Value by 2031 | $16 Billion |
| Growth Rate | Poised to grow at a CAGR of 5.60% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Rental Type, Power Rating, Fuel Type, Equipment and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Increasing power generation investments |
| Key Market Opportunities | Integration of renewable energy with power rental equipment |
| Key Market Drivers | High usage of rental power in mining industry |
Diesel Fuel Type to Dominate the Market Due to Efficient use Across Various Industries
The key reasons behind its predominance in the global power rental market include reasonably priced diesel, reliable diesel, and efficient diesel. Furthermore, it has high energy density, which allows for extended usage and universal availability that guarantees uninterrupted operations. In addition, the presence of a robust infrastructure for both diesel supply and maintenance support its widespread utilization by ensuring different kinds of energy needs are met across diverse sectors.
Standby Power Application is Largest Growing Sub-Segment Due to Uninterrupted Operations During Power Outages
As standby power applications are essential to maintaining continued operations during power outages, they dominate the global power rental market. There has been an increase in the number of natural calamities and grid failures, propelling this demand. Therefore, industries prioritize backup power options as they reduce operational interruptions and money loss during emergencies.
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Early Adoption of Advanced Technologies Helped North America to Dominate the Market
For a number of reasons, North America dominates the power renting business. Strong infrastructure and booming building and industrial sectors are driving high demand for temporary power solutions. Moreover, the presence of well-established rental corporations with large fleets of equipment and servicing networks has solidified North America’s dominance in this sector.
Power Rental Market Insight
Drivers:
- Increasing need for Electrification and Continuous Power Supply in Emerging Economies
- High Usage of Rental Power in Mining Industry
- Increasing Demand for Backup Power Solutions
Restraints:
- Rigorous Government Regulations to Restrict the Market Growth
- Challenges Associated with the Power Rental Market
- Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Prominent Players in Power Rental Market
The following are the Top Power Rentals Companies
- Aggreko (UK)
- Ashtead group plc (UK)
- United Rentals, Inc. (US)
- Herc Rentals Inc. (US)
- Generac Power Systems, Inc. (US)
- Wacker Neuson SE(Germany)
- Caterpillar (US)
- Atlas Copco AB (Sweden)
- Cummins Inc. (US)
- Briggs & Stratton (US)
Key Questions Answered in Global Power Rental Market Report
- By 2031, how much is the worldwide power rental market predicted to be worth, and what is the anticipated compound annual growth rate (CAGR) for this industry?
- Why does diesel fuel dominate the world market for power rentals?
- What are the reasons for North America's leadership in the power renting industry?
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This report provides the following insights:
- Analysis of key drivers (Increasing global industrialization, growing demand for a steady energy supply, high usage of rental power in the mining industry and rising frequency of natural disasters and grid failures), restraints (High operational costs associated with power rental equipment, competition from alternative power solutions such as renewable energy sources and fluctuating fuel prices affecting rental costs) opportunities (Technological advancements in power rental solutions, integration of renewable energy with power rental equipment and expansion into emerging markets with inadequate power infrastructure), and challenges (Managing logistical complexities in remote or challenging locations and addressing environmental concerns & reducing carbon footprint) influencing the growth of power rental market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the power rental market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the power rental market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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