USD 9.28 billion
Power Rental Market Size, Share, Growth Analysis, By Power Rating(Upto 50 KW, 51-500 KW, 501 to 2500 KW, Above 2500 KW), By Fuel type(Diesel, Natural Gas and Others), By Application(Peak Shaving, Standby Power and Base Load/Continuous Power), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG55A2030 |
Region:
Global |
Published Date: July, 2024
Pages:
157
|Tables:
122
|Figures:
77
Power Rental Market Insights
Global Power Rental Market was valued at USD 9.28 billion in 2022 and is expected to rise from USD 9.8 billion in 2023 to reach a value of USD 16 billion by 2031, at a CAGR of 5.60% during the forecast period (2024–2031).
Renting generator sets that run on petrol, diesel or any other fuel is known as power rental. It provides numerous scalable components deployed in power plants along with operational power equipment. Also, it provides organizations with cost-effectiveness, speed, flexibility, and dependability to handle temporary power outages. The purpose of the power rental services is to help communities and industry by supplying more energy and stabilizing utility power networks. As a result, it is widely used in the mining, oil and gas, and construction industries. Lack of power supply is probably going to make people utilize power rental equipment more frequently, which is going to fuel the global market's expansion.
Power rental systems are designed to meet various industries' demands in case of power outage by providing a backup power source to sustain operations. Every day, there is an increased demand for power due to rising population rates and emerging economies. The primary drivers of the market expansion are the global industrialization trend and the rise in need for a steady supply of electricity. Additionally, the need for rental generators in the manufacturing and utility sectors has increased due to a rise in the unpredictability of power supplies produced by small-scale power grids and restricted access to the main transmission network.
Market Snapshot - 2024–2031
Global Market Size
Largest Segment
Commercial
Fastest Growth
Residential
Growth Rate
5.60% CAGR
Country Share for North America Region (%)
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Power Rental Market Segmental Analysis
The global power rental market is segmented based on Fuel Type, Application, Power Rating, Region. In terms of Fuel Type, the market is trifurcated into Diesel, Natural Gas and Others. Based on the Application, the market is grouped into Peak Shaving, Standby Power and Base Load/Continuous Power. Based on the Power Rating, the market is segmented into Up to 50 KW, 51 to 500 KW, 501 to 2500 KW and Above 2500 KW. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.
Analysis by Fuel Type
As per categorization by fuel type, the market is classified as diesel, natural gas and others. Among these, diesel earned the largest share and continues to dominate the market. The diesel fuel type is the industry leader in the global power rental market as it is dependable, economical, and efficient in supplying short-term power solutions to various industries. The most recent advancements revolve around enhancing fuel economy and reducing emissions thereby ensuring that diesel will always remain as the first choice for weighty and critical operations which demand power stability.
Due to its lower emissions, affordability, and increased availability, natural gas is the market segment in the global power rental market that is expanding the quickest in the world. Natural gas is experiencing rapid market expansion due to companies switching to it for temporary power solutions as environmental restrictions tighten and demand for greener energy rises.
Analysis by Application
The global power rental market is dominated by base load/continuous power due to its vital function in supplying reliable, continuous energy for vital processes. The developments in this field revolve around making fuel use more efficient and integrating cleaner energy sources for reliable operation in different industries, including but not limited to mining sites, construction sites and remote regions that require constant supply of electricity.
The fastest growing part of the global electricity rental market is peak shaving, which helps to reduce energy expenses by managing demand during the high load times. With the aim of minimizing power consumption and escaping through heavy bills, there is a rising urge for these rental solutions that are flexible and available on demand.
Global Power Rental Market By Fuel Type (%)
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Power Rental Market Regional Insights
Since there are many natural disasters, a strong industrial base, and a high demand for dependable temporary power solutions, North America leads the global power rental market. Rental electricity is necessary to maintain operations due to the region's massive infrastructure projects, which include mining, oil and gas extraction, and building. This growth in demand for emergency power solutions can also be attributed to increasing occurrences of wildfires, storms and grid blackouts. Other market drivers include presence of big electricity leasing companies that offer many different services to meet the needs of various sectors, patriotic policies from the government as they concern energy conservation and prioritization of energy efficiency.
The fastest growing region in the global power rental market is Asia Pacific, owing to accelerated industrialization, urbanization and infrastructural development. The rising construction sector of this region, coupled with power outages and natural calamities has led to a high demand for reliable and temporary power solutions. The high energy needs of nations such as China and India have led to a need for more flexible power rentals to cater for big projects and emergencies. Consequently, power leasing services have increased tremendously, with Asia Pacific emerging as a key growth region in the industry on account of enhanced focus on renewable energy source integration and the expansion of the manufacturing sector.
Power Rental Market By Geography
- Largest
- Fastest
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Power Rental Market Dynamics
Drivers
An Increasing need for Electrification and Steady Supply of Power:
- It is projected that one of the main drivers of the market's growth for power rentals will be the rising demand for electrification and steady power supplies in developing countries. Dependable and widely available power supply is becoming more crucial as these economies are undergoing urbanization, industrialization, and infrastructure development. These transformations are accompanied by economic growth, improved standards of living and population growth.
Combining Renewable Energy Sources with Power Renting Machinery:
- There are several reasons that suggest that the combination of renewable energy sources like solar and wind power with power rental equipment will bring huge benefits to the market for such rentals. Renewable energy sources are now being adopted widely and at a lower cost as part of efforts aimed at reducing carbon emissions and moving toward an energy future based on sustainability.
Restraints
Competition from Alternative Energy Solutions:
- The power renting industry faces challenges owing to the expanding employment of green power generation methods like photovoltaics and windmills in addition to emerging storing technologies that are cheaper as well as cleaner.
Dependency on Economic Conditions:
- Demand for power rental services is greatly affected by the state of the economy and investments in infrastructure. Therefore, market development could be hindered by economic depression, lower capital expenditures or delays in large projects that would reduce the need for temporary power solutions.
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Power Rental Market Competitive Landscape
The competitive landscape of the global power rental market is characterized by several important multinational corporations that offer temporary power solutions for various industries. Some of the leaders in the sector include Aggreko, Caterpillar Inc, Atlas Copco and United Rentals which have extensive service networks and cutting-edge technologies. To remain competitive and meet the growing demand for reliable power solutions globally, these firms emphasize on innovation, fuel efficiency as well as enhancing their rental fleet.
Top Players in the Global Power Rental Market
- Aggreko (UK)
- Ashtead group plc (UK)
- United Rentals, Inc. (USA)
- Herc Rentals Inc. (USA)
- Generac Power Systems, Inc. (USA)
- Wacker Neuson SE (Germany)
- Caterpillar (USA)
- Atlas Copco AB (Sweden)
- Cummins Inc. (USA)
- Briggs & Stratton (USA)
- Shenton Group (UK)
- Saini Diesel Power Service Pvt Ltd. (India)
- Multiquip Inc (USA)
- Allmand Bros. (USA)
- Koher (USA)
Power Rental Market Recent Developments
- In July 2024, additional Investments were allocated to work on Hybrid technology and innovation to develop highly efficient hybrid energy systems whose carbon emissions will be much lower than those of pure diesel Generators. This move is meant to satisfy the needs of industries focused on sustainability while lowering fuel consumption and carbon footprints from power leasing services.
- In May 2024, the modern portable diesel generators, which are the latest development by Caterpillar Inc., come with improved fuel efficiency and less harmful emissions. Designed to meet environmental regulations, these generators ensure a reliable power source for construction sites, mines and industries. With this innovation, Caterpillar strengthens its position in the global power rental market.
- In March 2024, the most recent modular power rental units from Atlas Copco are now available, with customizable and adaptable configurations to suit a range of industry requirements. Also easy to carry and fast to set up, these units are meant for work where the amount of energy needed changes often. This program shows Atlas Copco is dedicated to delivering adaptable and client-centered options for the electrical hire sector.
Power Rental Key Market Trends
- Construction Industry's Expanding Demand for Power Rentals Drives Market: The construction industry's growing need is one of the key factors driving the market's overall expansion for power rentals. The infrastructure sector is strategically responding to economic issues and financial concerns, which is why it is given such prominence in the contemporary scene.
- Infrastructure Investment Fuels Economic Growth and Modernization: Governments over the world are realizing the importance of infrastructure development and placing an increasing amount of attention on it to stimulate the economy. Proactively funding construction projects accomplishes two things: it solves the need for updated infrastructure and promotes economic growth at the same time.
Power Rental Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in summary, growing industrialization, the expansion of infrastructure, and the growing demand for dependable power solutions across a range of industries are driving the robust growth of the global power rental market. Many causes, including technical advancements, environmental laws, and economic pressures, are driving up the need for power leases.
Although there are various hindrances due to other forms of energy and economic instability, fuel efficiency innovations and versatile power usage are bracing the market. Thus, large corporations such as Aggreko, Caterpillar Inc., and Atlas Copco have their creative way of approaching things to drive this shift and ensure that power leasing services will always be a solution to the worldwide energy requirement.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 9.28 billion |
| Market size value in 2031 | USD 16 billion |
| Growth Rate | 5.60% |
| Base year | 2023 |
| Forecast period | 2024–2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Power Rental Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Power Rental Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Power Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Power Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Power Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Power Rental Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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