What is the global market size of Power Rental Market?

Power Rental Market size was valued at USD 9.28 billion in 2021 and is poised to grow from USD 9.8 billion in 2022 to USD 16 billion by 2030, growing at a CAGR of 5.60% in the forecast period (2023-2030).

Who are the key vendors in the Global Power Rental Market?

The global power rental market is fragmented, with a prominent market player acquiring a sizable portion. Some of the market's leading companies such as Atlas Copco (India) Ltd, Cummins Inc., Ashtead Group PLC, Modern Hiring Service, United Rentals Inc., Herc Rentals Inc., Generac Power Systems, Wacker Neuson Group, and Wartsila Corporation, among others are forming multiple strategic alliances in order to increase their market share and get a competitive edge. 'Aggreko plc', 'Cummins Inc.', 'Caterpillar Inc.', 'United Rentals Inc.', 'Atlas Copco AB', 'APR Energy', 'Ashtead Group plc', 'Hertz Global Holdings Inc.', 'Herc Holdings Inc.', 'Sunbelt Rentals Inc.', 'Kohler Co.', 'Rental Solutions & Services LLC', 'Speedy Hire plc', 'Trinity Power Rentals', 'Generac Power Systems Inc.', 'Wärtsilä Corporation', 'Altaaqa Global Caterpillar Rental Power', 'Bredenoord Exploitatiemij B.V.', 'Byrne Equipment Rental LLC', 'Diamond Environmental Services'.

What is the key driver of Global Power Rental Market?

According to the Energy Information Administration's (EIA) International Energy Outlook 2021, global power demand is predicted to rise by 1.4 percent per year on average until 2040. Non-OECD countries such as China and India are likely to contribute significantly to growth. However, as a result of COVID-19 and the resulting economic crisis, short-term power consumption in 2020 fell by 5%.

What is the key market trend for Global Power Rental Market?

Increasing Power Generation Investments: China, India, and South Korea have emerged as key power plant investment hubs in Asia Pacific. Continuous emphasis on manufacturing, tourism, and the establishment of key offices by numerous MNCs has resulted in a significant expansion in the Asia Pacific region's construction and commercial sectors.

Which region accounted for the largest share in Global Power Rental Market?

Based on region global power rental market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2021, Asia Pacific is expected to have the largest market share worth US$ 2.20 billion. China now enjoys a considerable market share in Asia Pacific in terms of value in the global market. China is one of the most important mining countries.

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 News

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.

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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).

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. '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)'

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.

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.

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.

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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

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What is the global market size of Power Rental Market?

Who are the key vendors in the Power Rental Market?

What is the key driver of Power Rental Market?

What is the key market trend for Power Rental Market?

Which region accounted for the largest share in Power Rental Market?

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