The Power Rental Market is being driven by Growing infrastructure-related activities
The Power Rental Market is expected to grow at a CAGR of 6.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3997.8 million. The power rental market is experiencing a significant surge in demand for hybrid generators, which offer the advantage of dual power sources, such as gas and diesel, or a combination of batteries, charging systems, generators, and renewable energy connections. Hybrid generators, particularly gas and diesel power generators, provide enhanced cost-efficiency and reduced fuel consumption compared to traditional generators. Furthermore, they emit fewer harmful substances, including nitrogen oxide, carbon monoxide, and hydrocarbons, compared to diesel generators. This shift towards hybrid generators not only results in substantial cost savings but also contributes to a more sustainable energy landscape.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
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Report Coverage |
Details |
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Page number |
177 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.36% |
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Market growth 2024-2028 |
USD 3997.8 million |
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Market structure |
fragmentation |
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YoY growth 2023-2024(%) |
5.65 |
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Key countries |
US, China, Germany, Japan, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The power rental market is witnessing significant growth due to the increasing demand for continuous power supply, especially during electrification efforts and power outages. Power leasing equipment, including generators and power plants, plays a crucial role in providing temporary power solutions to various sectors such as retail stores, malls, hotels, and manufacturing industries. The Utilities segment is a major consumer of power rental equipment due to the need for uninterrupted power supply. Fuel prices and the shift towards renewable energy sources and renewable fuels are key trends influencing the power rental market. Generator fleets are being upgraded to run on natural gas and other cleaner fuels to reduce emissions and operating costs. Power rental consumption is also on the rise in the transmission and distribution sector, where maintenance and upgrades of distribution lines and transmission infrastructure require temporary power sources. Renewable energy sources and renewable fuels are increasingly being used to power rental generators, making them a more sustainable and cost-effective option for businesses and organizations. In conclusion, the power rental market is expected to continue growing due to the increasing energy demand and the need for reliable power sources, particularly during power outages and electrification efforts. The use of renewable fuels and the upgrading of generator fleets to run on cleaner fuels are key trends driving the market's growth.
The Power Rental Market is a segment of the broader Global Utilities Market, encompassing entities that generate or distribute conventional electricity, encompassing both nuclear and non-nuclear facilities. Technavio determines the size of the Global Utilities Market by aggregating the revenues of companies involved in electricity production and distribution, excluding those specializing in renewable energy sources. Key growth drivers for this market include the ongoing urbanization trend, fueled by population growth, enhanced urban living standards, and the availability of superior infrastructure and facilities in urban locales compared to rural areas. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
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