New York, Sept. 26, 2023 (GLOBE NEWSWIRE) -- The global Power Rental Market is expected to witness significant growth at a remarkable CAGR of 5.2% during the forecast period of 2023-2031. Factors such as the increasing demand for electrification and continuous power supply, high usage of power rental services in the mining industry, and others are accelerating the demand for power rentals, which in turn is boosting the market growth. In addition, the increasing usage of power rentals in industrial as well as commercial electricity will further boost the market growth during the forecast period.
According to a recent report by Consegic Business Intelligence, the power rental market is poised for strong expansion and is expected to reach USD 15,855.94 Million by 2031. The market, which was valued at USD 9,991.86 million in 2023 and USD 9,476.00 million in 2022, is predicted to grow at a compound annual growth rate of 5.2% during the period 2023-2031. The report highlights the Increasing demand for electrification and continuous power supply, which is augmenting the global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the power rental market.
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Power rental is the leasing of electrical power from a third party to meet temporary or peak power needs. It is a viable option for businesses and organizations that need to increase their power capacity for a short period of time, such as during peak demand seasons or for special events. These power rental plants are equipped with generators, turbines, and all necessary equipment to produce electricity on demand. The growing frequency and severity of natural disasters, such as hurricanes, wildfires, and storms can lead to extended power outages. Power rental generators are crucial for disaster response and recovery efforts, ensuring essential services and keeping infrastructure such as medical facilities and other business operations.
Global Power Rental Market: Report Attributes
| Report Attributes | Report Details |
| Study Timeline | 2017-2031 |
| Market Size in 2031 (USD Million) | USD 15,855.94 Million |
| CAGR (2023-2031) | 5.2% |
| By Fuel Type | Diesel, Natural Gas, and Others |
| By Power Rating | Below 75 kVA, 75-375 kVA, 375-750 KVA, and Above 750 kVA |
| By Application | Standby Power, Peak Shaving, and Base Load/Continuous Power |
| By End User | Metal & Mining, Construction, Manufacturing, Oil& Gas, IT & Data Centers, Events, and Others |
| Report Coverage | Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more. |
| By Region | North America, Asia-Pacific, Latin America, Europe, Middle East & Africa |
| Key Players | Aggreko, Atlas Copco, Shenton Group, NIDS GROUP, Caterpillar Inc., Cummins Inc., Kohler-SDMO, Pump Power Rental, Sudhir Power Ltd., Modern Hiring Service, Global Power Supply, and FG Wilson |
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Global Power Rental Market Segmentation Details:
Based on Fuel Type, the diesel segment contributed the largest shares to the market growth in 2022. Diesel generators are known for their durability, as well as their versatility to handle projects of all types and sizes. The reason lies not only in the construction of the generator itself but the fuel type that helps power the generator to run in all sorts of situations. The high availability and economic prices of diesel as a fuel source are driving the segment's growth globally
Based on Power Rating, the above 750 kVA segment accounted for the largest market share in the year 2022. The benefits of a power rental include lower costs due to fewer materials, less preparation, and easy storage & disposal.
Based on Application, the load/continuous power segment accounted for the largest market share in the year 2022. Base load or continuous supply power rental provides a reliable and uninterrupted source of electricity. They automatically start and take over the load within seconds of detecting a power outage, minimizing downtime and disruption. For commercial and industrial applications, a continuous power supply is crucial for business continuity. Henceforth, the utilization of base load/continuous power is increasing in the remote area application, which, in turn, is fostering market growth.
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Based on End User, the mining segment accounted for the largest market share in the year 2022. Mining operations in these areas are majorly dependent on heavy-duty power rentals for a stable and continuous power supply. These generators run equipment like drills, conveyors, and ventilation systems in the mining sectors. Significant growth in the mining sectors is fulfilling the market growth across various countries worldwide.
Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. The significant growth in the industrial as well as commercial sectors across the region is fueling the market growth. For instance, according to the data published by the Ministry of Statistics and Programme Implementation (MOSPI), India's mining GDP increased from USD 8.98 billion in the fourth quarter of 2020 to USD 11.09 billion in the first quarter of 2021.
Competitive Landscape
Aggreko, Atlas Copco, Shenton Group, and caterpillar Inc., are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of power rentals. Further, the power rental market is expected to grow steadily due to the increasing usage of power rentals in industrial as well as commercial electricity, especially in regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of power rental players in the international market is expected to increase the competition in the industry.
Recent Developments
- In July 2022, Cummins Inc. launched a new 1MW twin-pack rental generator, the C1000D6RE, which offers a competitive power rental solution for a diverse range of applications throughout North America.
- In November 2021, Caterpillar Inc. announced a three-year project through a collaboration with Microsoft and Ballard Power Systems to demonstrate a power system incorporating large-format hydrogen fuel cells to produce reliable and sustainable backup power for Microsoft data centers. The project is supported and partially funded by the U.S. Department of Energy (DOE) under the H2@Scale initiative and backed by the National Renewable Energy Lab (NREL).
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Key Market Takeaways
- Asia Pacific accounted for the highest market share at 37.60% valued at USD 3,562.98 million in 2022 and USD 3,761.93 million in 2023, and is expected to reach USD 6,003.06 million in 2031. Moreover, in Asia Pacific, China accounted for the highest market share of 22.30% during the base year of 2022.
- Based on fuel type, the diesel segment accounted for the highest share contribution to the power rental market statistics in 2022.
- In the power rating, the above 750 kVA segment is expected to contribute significant shares to the growth of power rental market statistics during the forecast period.
- Based on application, the base load/continuous power segment accounted for the highest share contribution to the power rental market statistics in 2022.
- In the end user, the mining segment is expected to contribute significant shares to the growth of power rental market statistics during the forecast period.
- The Middle East & Africa is expected to boost the market demand for power rentals due to the increasing investments in building and construction projects in the region.
List of Major Global Power Rental Market:
- APR Energy
- Aggreko
- Atlas Copco
- Shenton Group
- NIDS GROUP
- Caterpillar Inc.
- Cummins Inc.
- Kohler-SDMO
- Pump Power Rental
- Sudhir Power Ltd.
- Modern Hiring Service
- Global Power Supply
- FG Wilson
Global Power Rental Market Segmentation:
- By Fuel Type
- Diesel
- Natural Gas
- Others
- By Power Ratings
- Below 75 kVA
- 75-375 kVA
- 375-750 KVA
- Above 750 kVA
- By Application
- Standby Power
- Peak Shaving
- Base Load/Continuous Power
- By End User
- Metal & Mining
- Construction
- Manufacturing
- Oil& Gas
- IT & Data Centers
- Events
- Others
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Frequently Asked Questions in the Power Rental Market Report
- What was the market size of the power rental industry in 2023?
- In 2023, the market size of power rental was USD 9,991.86 million.
- What will be the potential market valuation for the power rental industry by 2031?
- In 2031, the market size of power rental will be expected to reach USD 15,855.94 million.
- What are the key factors restraining the growth of the power rental market?
- Stringent government regulations for the use of diesel-powered generators is restraining the market growth at the global level.
- What is the dominating segment in the power rental market by end users?
- In 2022, the metal & mining segment accounted for the highest market share in the overall power rental market.
- Based on current market trends and future predictions, which geographical region is growing at the fastest CAGR over the forecast period in the power rental market?
- Middle East & Africa accounted for the highest market share in the overall power rental market.
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