The ‘Global Power Rental Market Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global power rental market, assessing the market on the basis of its segments like fuel types, equipment types, power ratings, applications, end uses, and major regions.
Power Rental Market Size, Share, Price Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2021): USD 9.2 billion
- Forecast CAGR (2023-2028): 5.80%
|Growth Rate CAGR||5.80%|
|Major Players||Caterpillar, Inc., Aggreko Plc, Atlas Copco Group, Cummins, Inc., The Hertz Corporation,
Generac Power Systems, Wacker Neuson SE and among others.
The increasing applications of power rental services across various industries such as mining, construction, oil and gas, and event, among others, is driving the market growth. Power rental plays a crucial role in the mining industry by providing flexible power supplies, fulfilling the energy requirements of underground mining, and bolstering production output.
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The growing need for electricity across the developing economies is another key driving factor of the power rental market. Over the forecast period, the increase in urban development projects, rising living standards, and robust digitalisation are likely to fuel the expansion of power rental services. In event management there is also a rising demand for rental generators, to provide power backup in case of any power loss. Generators are expensive but essential in weddings and festive events.
Furthermore, the rising demand for oil and gas is boosting the application of power rental services in the oil and gas industry. In addition, the increasing oil exploration activities is anticipated to boost the demand for electric equipment that are easily available on lease.
Power Rental Industry Definition and Major Segments
Power rental refers to an industrial energy solution which provides various electronic equipment such as generators and transformers, among others, on lease. Power rental services provide facilities to their customer for specified periods, making sure that the power needs from various end users are being catered to. Hence, the increasing demand for power rental services from different industries, particularly those dependent on uninterrupted power, is further propelling the global power rental market.
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Based on fuel type, the market can be segmented into:
- Natural Gas
On the basis of equipment type, the market has been classified into:
- Load Bank
Based on power rating, the market can be broadly categorised into:
- Up to 50 kW
- 51 –500 kW
- 501 –2,500 kW
- Above 2,500 kW
On the basis of applications, the market is categorised into:
- Peak Shaving
- Standby Power
- Base Load/Continuous Power
By end use, the market has been segmented into:
- Oil and Gas
- Data Centres
On the basis of region, the market can be categorised into:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Power Rental Market Trends
The key trends in the global power rental market include the growing expansion and technological upgrades in the construction sector. These advancements are propelling the demand for rental generators and transformers. Over the forecast period, the anticipated increase in investments in residential and commercial construction projects are likely to offer growth opportunities to the market for power rental services.
In terms of regions, Asia Pacific accounts for a healthy share in the market, driven by the rapid expansion of the construction industry. Favourable policies by various governments aimed towards facilitating energy conservation and bosting operational efficiency of sectors such as mining, and oil and gas, among others, are further providing impetus to the power rental market.
Key Market Players
The major players in the power rental market report are Caterpillar, Inc., Aggreko Plc, Atlas Copco Group, Cummins, Inc., The Hertz Corporation, Generac Power Systems, and Wacker Neuson SE, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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