New York, United States , Sept. 13, 2023 (GLOBE NEWSWIRE) -- The Global Generator Rental Market Size is to grow from USD 4.72 Billion in 2022 to USD 7.76 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 5.1% during the forecast period.
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Generator rental is a service that provides temporary power solutions for various applications. It offers a cost-effective and flexible alternative to purchasing a generator outright. Whether for emergency power during outages, remote locations, construction projects, or events, generator rental companies offer a range of generator sizes and fuel options. These rentals typically include delivery, installation, and maintenance services, ensuring smooth operations. By opting for generator rental, individuals and businesses can access reliable power without the upfront costs, customize their power solutions, and rely on professional support throughout the rental period.
Browse key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on, "Global Generator Rental Market Size, Share, and COVID-19 Impact Analysis, By Power Rating (Below 100 kVA, 100 kVA -500 kVA, 501 kVA -1000 kVA, and Above 1000 kVA), By Fuel Type (Diesel, Natural Gas, and Others), By Application (Continuous Load, Standby Load, and Peak Load Shaving), By End-Use (Utilities, Oil & Gas, Mining, Construction, Events, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032." Get Detailed Report Here:
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The natural gas segment is expected to grow at a CAGR of around 4.9% during the forecast period.
Based on fuel type, the global generator rental market is segmented into diesel, natural gas, and others. The natural gas segment is projected to experience significant growth in the forecast period in the generator rental market. Several factors contribute to this expected growth because increasing focus on environmentally friendly power solutions drives the demand for natural gas generators due to their lower emissions compared to diesel or gasoline alternatives. Additionally, the availability and accessibility of natural gas as a fuel source make it an attractive option for generator rentals. Moreover, advancements in natural gas generator technology, such as improved efficiency and reliability, further contribute to the growing adoption of natural gas generators. These factors combined make the natural gas segment a promising and high-growth market in the forecast period.
The continuous load segment held the largest market share with more than 35.3% in 2022.
Based on the application, the global generator rental market is segmented into continuous load, standby load, and peak load shaving. The continuous load segment has secured the largest market share in the generator rental industry. This can be attributed to several factors. Continuous load applications, such as critical infrastructure, data centers, and healthcare facilities, require a constant and uninterrupted power supply. Generator rentals provide a reliable solution to meet their power needs during both planned and unplanned outages. These applications typically have high power demands and require long-term usage, making continuous load rentals essential. Additionally, businesses in this segment prioritize the reliability and efficiency of power solutions, and generator rentals offer customized options to meet their specific requirements. The continuous load segment's dominance is a result of its critical power needs, long-term usage, and the reliability provided by generator rentals.
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Asia-Pacific is predicted to grow at a higher CAGR of around 5.3% over the projected period.
Based on region, Asia-Pacific is projected to experience significant growth in the forecast period in the generator rental market. This can be attributed to several factors such as rapid economic development, infrastructure expansion, and urbanization drive the demand for temporary power solutions. The increasing frequency of natural disasters in Asia-Pacific necessitates reliable backup power sources, further boosting the market. Additionally, the rising number of construction projects and the flourishing event industry in the region contribute to the growth. The availability of advanced generator technologies and the growing adoption of sustainable power solutions also drive the market forward. These factors combined make Asia-Pacific a promising and high-growth market for generator rental services in the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global generator rental market include 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, Wartsila, Generac Holdings Inc., and Cooper Equipment Co. and Among Others.
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