Authored By: Sarah
26 Jun 2024

 Power Rental Market Size to grow by USD 3402.81 million between 2023-2027

According to a research report “ Power Rental Market” by End-user (Utility, Manufacturing, Construction, Oil and gas, Others ) Application (Continuous load, Peak load, Standby load ) Geography (North America, APAC, Europe, Middle East and Africa, South America)- Global Forecast to 2027 published by Technavio, the market size is estimated to grow by USD 3402.81 million, at a CAGR of growth_momentum_prefix 5.78% during the forecast period. The surge in global infrastructure development initiatives is driving a significant increase in the demand for reliable and continuous power supply. For instance, construction projects, such as highways and roads, necessitate uninterrupted power to prevent damage to expensive construction equipment, which can result in substantial financial losses due to both time and operational costs. Given the high operational expenses associated with utilizing construction machinery, any equipment damage caused by power interruptions can have detrimental economic consequences. Moreover, these infrastructure projects are often spearheaded by local governments, making any project losses potentially impactful on the national economy.

Browse market data tables, figures, and in-depth TOC on “Power Rental Market” by End-user (Utility, Manufacturing, Construction, Oil and gas, Others ) Application (Continuous load, Peak load, Standby load ) Geography (North America, APAC, Europe, Middle East and Africa, South America) Global Forecast to 2027. Download Free Sample

 

By End-user, the Utility segment is projected to dominate the market size in 2024

The utility segment holds a dominant position in the global power rental market, driven by the growing requirement for scalable rental equipment to address voltage drop issues, expansion needs, and power outages. The benefits of outsourcing power equipment have gained significant recognition, leading to market expansion. Furthermore, the increasing number of thermal power plants globally and the unreliable power supply from small grids and limited access to the main grid in the utility and manufacturing sectors are major factors fueling the demand for rented power generation solutions.

By Application, Continuous load  segment is expected to hold the largest market size for the year 2024

The continuous load segment is expected to lead the Power Rental Market, accounting for a significant market share. This growth can be attributed to the increasing adoption of advanced power technologies, such as hydrogen-powered generators, which operate continuously and are not accessible to the grid. These generators serve dual purposes, functioning both as backup power sources and primary power solutions for industries requiring uninterrupted power supply for extended hours. Consequently, the continuous load segment is projected to maintain its dominant position in terms of revenue generation throughout the forecast period.

North America is forecasted to hold the largest market size by region in 2024

In 2022, North America held a prominent position in the global power rental market, driven by the region's robust commercial sector expansion. The proliferation of hotels, shopping malls, and retail outlets led to a surging demand for dependable electricity, escalating rental electricity consumption. Additionally, the commercial and industrial energy demand-supply imbalance fueled the adoption of power rental systems as a temporary solution during power shortages. Furthermore, the burgeoning requirement for temporary power sources at events and fairs is anticipated to augment market growth throughout the forecast period.

The Power Rental Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • Aggreko Plc
  • Ashtead Group Plc
  • Atlas Copco AB
  • ATLAS Corp.
  • Bredenoord
  • Capstone Green Energy Corp.
  • Caterpillar Inc.
  • Cummins Inc.
  • Doosan Corp.
  • Generac Holdings Inc.
  • Herc Holdings Inc.
  • HSS ProService Ltd.
  • Inmesol SL
  • Kohler Co.
  • L.M. Generating Power Co. Ltd.
  • Modern Hiring Service
  • Perennial Technologies
  • Trinity Construction Enterprises Inc.
  • United Rentals Inc.
  • Yanmar Holdings Co. Ltd.
.

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Research Analysis Overview

The power rental market is witnessing significant growth due to the increasing demand for continuous power supply, particularly during electrification efforts and power outages. Power leasing equipment, including rental generators and power plants, plays a crucial role in providing temporary power solutions to various industries and sectors. Retail stores, malls, hotels, and manufacturing industries are major consumers of power rental equipment during power outages or peak energy demand periods. Utilities segment is also investing in generator fleets to ensure uninterrupted power supply and improve grid reliability. Fuel prices and the shift towards renewable energy sources and renewable fuels are key trends influencing the power rental market. Power plants and transmission infrastructure are essential for the distribution of power, and power rental equipment is often used to supplement these systems during maintenance or expansion. Renewable energy sources, such as solar and wind, are increasingly being used in power rental applications due to their environmental benefits and cost-effectiveness. The power rental market is expected to continue growing, driven by increasing energy demand and the need for reliable power solutions.

Market Research Overview

The power rental market is witnessing significant growth due to the increasing demand for continuous power supply in various sectors such as roadways, residential buildings, and commercial spaces. The mining segment is a major end user of rental power services, with continuous load generators being the primary power source for mining operations. The gas segment and diesel segment are the two major fuel types used in generator sets, with power rating varying from peak load to continuous load segments. Renewable energy projects, power distribution networks, and grid stabilization are also driving the demand for power rental services. Rural power delivery and electrification are key areas where rental power services play a crucial role in providing continuous power supply. Manufacturing businesses, retail stores, malls, hotels, commercial venues, and events segment are other significant consumers of power rental equipment. The industrial revolution 4.0 and digitalization have led to an increase in power rental consumption in various sectors. Power outages due to peak load demand and utility power network failures have further boosted the demand for backup power sources. Power plants, power equipment, and generator fleets are essential components of the power rental services market. Fuel prices, renewable energy sources, and renewable fuels such as graphite and lithium are key factors influencing the power rental market. The market is segmented into the Utilities segment, Corporate segment, Project rental segment, Retail rental segment, and Manufacturing segment. Oil and gas, manufacturing, utility, construction, and mining are the major industries utilizing rental power services. Standby load, peak load, and continuous load are the three primary types of power rental services. Gas generators and diesel generators are the two major types of power rental equipment. Power rating, distribution lines, transmission, energy demand, and manufacturing industries are other essential factors influencing the power rental market.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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