The Power Rental Market revenues were estimated at US$ 9.1 Bn in 2021 and is anticipated to grow at a CAGR of 6% from 2022-2032, according to a recently published Future Market Insights report. By the end of 2032, the market is expected to reach a valuation of US$ 9.7 Bn.
Due to the necessity for continuous energy consumption and peak and continuous power requirements, generators have become an essential element of industrial and domestic equipment. Growing urbanization and rising infrastructure expenses are likely to drive up the size of the generator sales industry.
Strong economic development, along with harsher winters and warmer summers, raised global electricity consumption by more than 6% in 2021, the highest increase since the recovery from the financial crisis in 2010.
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Natural catastrophes, transmission line failure, distribution line failure, and equipment concern at power producing facilities or substations throughout the world have increased the number of days with power outages in recent years. This is expected to assist the global generator rental business. Leasing generators is a typical method to acquire power from transmission and distribution lines.
Owing to the power outages that occur often in rural parts across the world, manufacturing enterprises in these regions rely largely on rental power services, such as rental generators. This boosts the generator rental industry. Power fluctuations may seriously damage electrical equipment. The persons who use the equipment or device may also be harmed.
Key Takeaways from the Market Study
- Global Power Rental Market is expected to reach a market size of US$ 9.7 Bn by 2022.
- The Diesel segment, is expected to have the highest CAGR rate of 5.8% during the forecast period.
- United States to remain the most dominant market with absolute dollar growth opportunity of US$ 2.3 Bn during 2022 – 2032.
- The market United States is set to experience the highest CAGR of 5.3% during the 2022-2032 forecast period.
“During the projected period, the new product launches in the Power Sector and rise in the industrial activities will benefit the Power Rental industry trends in the coming years.” comments a Future Market Insights analyst.
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Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused to obtain a competitive advantage. The key companies in the Power Rental Market are focused on R&D to produce innovative technological solutions.
- In October 2021, the SD 20 commercial diesel generator set has been introduced by Cummins Inc. Disaster relief, mobile medical, mobile command centers, ambulances, food trucks, utility boom trucks, and many more applications are possible with the SD 20 trailer and vehicle. The new SD 20 is serviceable and long-lasting, with right-hand servicing access and a 400-hour minimum replacement interval.
- In June 2021, Aggreko is increasing its expenditures on hydrogen technologies. This move is part of the company’s Net Zero strategy and will increase its ability to provide emission-free temporary electricity everywhere. Throughout H2 / 2021, Aggreko will have ten 50 kVA hydrogen combustion gensets available for commercial installation in Europe. Additionally, a fuel cell will be combined with battery storage to make a 45 kVA hybrid system.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Power Rental Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Power Rental Market across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
Table of Content
- Executive Summary
1.1. Global Market Outlook
1.2. Summary of Statistics
1.3. Key Market Characteristics & Attributes
1.4. Analysis and Recommendations
- Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
- Market Risks and Trends Assessment
3.1. Risk Assessment
3.1.1. COVID-19 Crisis and Impact on Power Rental Demand
3.1.2. COVID-19 Impact Benchmark with Previous Crisis
3.1.3. Impact on Market Value (US$ Mn)
3.1.4. Assessment by Key Countries
3.1.5. Assessment by Key Market Segments
3.1.6. Action Points and Recommendation for Suppliers
3.2. Key Trends Impacting the Market
3.3. Componentulation and Product Development Trends
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Market Segments Covered in Power Rental Market Analysis
By Equipment :
- Generators
- Load Banks
- Transformers
- Others
By Rental Type:
- Retail Rental
- Project Rental
By Fuel Type:
- Diesel
- Natural Gas
- Others (Dual Fuel, Hybrid, and HFO)
By Application:
- Peak Shaving
- Standby Power
- Base Load/ Continuous Load
By Power rating:
- Up to 50 kw
- 51 –500 KW
- 501–2500 KW
- Above 2500 KW
By End-User:
- Utilities
- Oil & gas
- Events
- Construction
- Mining
- Manufacturing
- Telecom & Datacentre
- Others (Shipping, Hospitals, and Military)
By Region:
- North America Power Rental Market
- Europe Power Rental Market
- Asia Pacific Power Rental Market
- Middle East and Africa Power Rental Market
- Latin America Power Rental Market
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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