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.
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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. 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.
Key Segments Covered in the Power Rental Industry Analysis
Power Rental Market by Power Rating:
- <75 KVA
- 75-375 KVA
- 375-750 KVA
- >750 KVA
Power Rental Market by Fuel:
- Diesel
- Gas
- Others
Power Rental Market by End-Use:
- Telecom
- Data Center
- Healthcare
- Oil & Gas
- Electric Utilities
- Offshore
- Manufacturing
- Construction
- Mining
- Marine
- Others
Power Rental Market by Application:
- Standby
- Peak Shaving
- Prime/Continuous
Power Rental Market by Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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