Pune, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Market Size & Overview of the Power Rental Market:
The Power Rental Market size was valued at USD 11.00 Billion in 2023. It is projected to reach USD 19.28 Billion by 2032, growing at a CAGR of 6.45% from 2024 to 2032.
The power rental sector is quickly growing because of the increasing worldwide demand for dependable and adaptable power options. Expansion of infrastructure, rapid urbanization, power failures, and a demand for uninterrupted power supply in several different sectors are some of the factors boosting this market. Construction projects, industrial operations, and events are essential drivers of the power rental market. Significantly, construction projects in undeveloped areas require their power solutions at many stages of the project. In 2023, the U.S. government allocated substantial funding for power solutions at construction sites, focusing on sustainability and efficiency. The Infrastructure Investment and Jobs Act allocated around USD 1.2 trillion, intending to enhance energy efficiency and incorporate renewable energy solutions in the construction industry. An approximate USD 100 million was invested for the construction of renewable energy projects, such as solar and battery installations, while tax perks and incentives were given to electric construction machinery. This is expected to save construction businesses close to USD 500 million as a whole, due to reduced fuel expenses.
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Dominant Industry Players Listed in this Research Report are:
- Aggreko (Diesel Generators, Gas Generators)
- Caterpillar Inc. (Diesel Generator Sets, Mobile Power Modules)
- Cummins Inc. (Mobile Generator Sets, Power Command System)
- United Rentals, Inc. (Diesel Generators, Load Banks)
- Herc Holdings Inc. (Mobile Power Generators, Portable Light Towers)
- APR Energy (Mobile Gas Turbines, Fast Power Solutions)
- Atlas Copco AB (QAC Mobile Generators, QES Portable Generators)
- Ashtead Group plc (Mobile Power Generators, Standby Generators)
- Generac Power Systems (Mobile Generators, Natural Gas Generators)
- JCB Power Products (Diesel Generators, Rental Generators)
- Wartsila Corporation (Mobile Gas Power Plants, Containerized Gas Generators)
- Kohler Co. (Mobile Diesel Generators, Gas-Powered Generators)
- Speedy Hire Plc (Temporary Power Generators, Portable Power Units)
- Altaaqa Global (Temporary Power Plants, Hybrid Energy Solutions)
- Himoinsa (Rental Generators, Hybrid Power Solutions)
- Trinity Power Rentals (Temporary Power Systems, Load Banks)
- Pramac (Mobile Diesel Generators, Portable Generators)
- Generac Mobile Products (Mobile Light Towers, Mobile Power Generators)
- Energy International (Portable Power Plants, Temporary Diesel Generators)
- Bredenoord (Battery Hybrid Generators, Temporary Power Installations)
Power Rental Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 11.00 Billion |
| Market Size by 2032 | USD 19.28 Billion |
| CAGR | CAGR of 6.45% From 2024 to 2032 |
| Key Segments | • By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, above 750 KVA) • By Fuel Type (Diesel, Gas, Others) • By Application (Continuous Load, Standby Load, Peak Load) • By End User (Mining, Construction, Utility, Events, Manufacturing, Oil & Gas, and Others) |
| Key Drivers | • Ensuring consistent supply for various industries during power outages and climate issues. • The increasing need for rental power solutions in the global construction industry. |
“Comprehensive Segment Analysis: Understanding Market Opportunities”
By Power Rating:
The above 750 kVA segment held 36% market share in 2023 and is projected to dominate the market because applicable in industries that demand high-power capacities like oil & gas, mining, and large construction projects. This category provides high-power solutions to meet the basic demands of critical infrastructure, which will be crucial for peak energy consumption, emergencies, or scheduled maintenance across the industry.
By Fuel Type:
The diesel segment led the market with a 50% market share in 2023 due to its abundance, performance, and reliability. Diesel generators, mainly because of their ability to deliver consistent power for extended periods, were the prime choice of power rentals in the construction industry, other than industrial and emergency backup tasks. Caterpillar and Generac have efficiently utilized diesel generators in significant ventures, such as large construction sites and mining, where consistent power is critical.
By Application:
In 2023, the continuous load segment dominated the market with more than 41% market share because there was a consistent demand from industries. This section is necessary for activities that need a steady power supply, such as building, mining, and large gatherings.
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"From North America to Asia-Pacific: A Detailed Regional Market Overview and Future Outlook"
In 2023, North America held a 38% revenue share and dominated the market. Leading positions of this region are supported by infrastructure growth and a low, but increasing need for temporary power solutions in different industries. One of the market’s leaders, Caterpillar Inc. and United Rentals, provides a variety of generators and rental equipment specifically designed to meet particular customer requirements. The strict regulations, as well as the high technological growth of rental options, make North America the most attractive region for industries, that are in constant need of safe and reliable power distribution for emergency solutions or regularly scheduled downtime.
The Asia-Pacific region is accounted to grow and have the fastest CAGR during 2024-2032. The expansion is expected due to the fast urbanization and industrialization and the development of infrastructural projects in countries such as India, China, and Australia. The increase in natural calamities also caused a need for temporary power solutions, and the need for rental services spiked.
Recent Developments:
- In January 2024, United Rentals introduced new hybrid and fully electric portable power units, which can be used to generate power without any harmful emissions. The innovation was created in response to the increasing demand for more environmentally friendly rental solutions in particular U.S. and European markets.
- In June 2024, Ashtead Group introduced new smart monitoring systems for their rental power units. The monitoring system ensures that any performance decreases or other maintenance needs can be monitored in real time and allow for predictive maintenance solutions to be employed.
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Key Takeaways:
- The Power Rental Market is expected to grow at a CAGR of 6.45% from 2024 to 2032, driven by the demand for reliable, flexible, and scalable power solutions across various industries.
- Diesel generators dominate the market due to their reliability, but gas-powered generators are rapidly gaining traction due to their environmental benefits.
- North America leads the market, while Asia-Pacific is the fastest-growing region, thanks to rapid industrialization and urbanization.
- Key players are increasingly focusing on sustainable solutions, driven by stricter environmental regulations and the growing need for clean energy alternatives.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Power Rental Utilization Rate (2023)
5.2 Power Rental Duration Trends
5.3 Power Rental Sustainability Metrics (2023)
5.4 Supply Chain Metrics
5.5 Maintenance and Downtime Metrics
6. Competitive Landscape
7. Power Rental Market Segmentation, by Power Rating
8. Power Rental Market Segmentation, by Fuel Type
9. Power Rental Market Segmentation, by Application
10. Power Rental Market Segmentation, by End User
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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