In 2023, the global power rental market is expected to be valued at USD 10.22 billion. The market is projected to grow at a CAGR of 6.0% from 2023 to 2033, reaching approximately USD 18.31 billion by 2033. This growth is fueled by rapid industrial expansion and the increasing demand for a reliable and continuous power supply.
Generators have become crucial for both industrial and domestic use, addressing continuous energy consumption needs and peak power demands. Additionally, urbanization and rising infrastructure costs are expected to contribute to the growth of the generator sales market.
Strong economic development, 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 concerns at power-producing facilities or substations worldwide have increased the number of days with power outages in recent years.
Key Takeaways from the Market Study:
- Global power rental market is expected to reach a market size of USD 9.7 Billion 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 an absolute dollar growth opportunity of USD 2.3 Billion.
- The market in the United States is set to experience the highest CAGR of 5.3% by 2032.
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused on obtaining 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 was 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. A fuel cell will also 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
Report Preview: https://www.futuremarketinsights.com/reports/power-rental-market
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