The Business Research Company’s report on the Power Rental Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the power rental market’s growth in recent years?
Rapid industrialization is driving the growth of the power rental market. Rapid industrialization refers to the process of rapidly transforming an economy from a focus on agriculture to a reliance on manufacturing. There has been a development in various sectors which include, information technology, manufacturing, and construction. Each of these sectors requires a continuous supply of power to carry on their operations smoothly. For instance, in July 2023, according to Eurostat, a Luxembourg-based government statistical agency, industrial output in the European area witnessed a 0.2% increase. Moreover, a 0.1% increase was reported in the European Union during the period between May and April 2023. Therefore, demand for power rental will rise as the prevalence of rapid industrialization and increased spending on infrastructure development in major developing nations.
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How does the future projection of the power rental market size compare to its historical growth?
The power rental market size has grown rapidly in recent years. It will grow from $12.11 billion in 2024 to $13.34 billion in 2025 at a compound annual growth rate (CAGR) of 10.2%. The growth in the historic period can be attributed to construction and infrastructure development, utility power shortages, events and entertainment industry, remote and off-grid locations, increased mining operations.
The power rental market size is expected to see rapid growth in the next few years. It will grow to $19.76 billion in 2029 at a compound annual growth rate (CAGR) of 10.3%. The growth in the forecast period can be attributed to smart cities development, healthcare infrastructure expansion, military operations, data center construction, global events and exhibitions. Major trends in the forecast period include rental generator technologies, mobile and modular power units, flexible rental contract models, energy efficiency and emissions reduction, remote monitoring and telematics integration.
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Which key players are shaping the future of the power rental market?
Major companies operating in the power rental market include Caterpillar Inc., Cummins Inc., Atlas Copco AB, United Rentals Inc., Ashtead Group plc, Kohler Co, Wärtsilä Oyj, Generac Power Systems Inc., Herc Rentals Inc., Hertz Equipment Rental Corporation, Wacker Neuson SE, Aggreko plc, Multiquip Inc., APR Energy Ltd., FG Wilson (Engineering) Ltd., Smart Energy Solutions Ltd., Modern Hiring Service Ltd., Speedy Hire plc, Power Electrics Bristol, Rental Solutions & Services, Bredenoord Exploitatiemij B.V., Pump Power Rental, Global Power Supply Ltd., Jassim Transport & Stevedoring Co K.S.C.C., Newburn Power Rental Ltd., ProPower Rental, Shenton Group plc, So Energy Trading Limited
What trends will propel the growth and evolution of the power rental market?
Major companies operating in the power rentals market are increasing their focus on introducing new product, to gain a competitive edge in the market. For instance, in February 2023, Caterpillar Inc., a US-based construction company, launched Cat XQ330 mobile diesel generator set. The Cat XQ330 mobile diesel generator is a low-emission, high-performance generator for standby and prime applications. Powered by the efficient Cat C9.3B engine, it operates quietly and features a durable, weather-resistant design for easy transport and maintenance. Its advanced EMCP 4.4 control panel enhances reliability and flexibility, making it well-suited for versatile power needs.
Which regions are expected to become dominant players in the power rental market?
Asia-Pacific was the largest region in the power rental market in 2024. North America is expected to be the fastest-growing region in the power rental market share during the forecast period. The regions covered in the power rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the power rental market, and how are they evolving?
The power rental market covered in this report is segmented –
1) By Equipment: Generators, Transformers, Load Banks, Other Equipment
2) By Application: Standby Power, Peak Shaving, Base Load/Continuous Power
3) By Fuel Type: Diesel, Natural Gas, Other Fuel Types
4) By End-Users: Utilities, Oil And Gas, Construction, Manufacturing, Metal And Mining, IT And Data centers, Corporate And Retail, Events, Other End-Users
Subsegments:
1) By Generators: Diesel Generators, Gas Generators, Hybrid Generators
2) By Transformers: Step-Up Transformers, Step-Down Transformers, Auto Transformers
3) By Load Banks: Resistive Load Banks, Reactive Load Banks, Resistive-Reactance Load Banks
4) By Other Equipment: Distribution Panels, Cables And Connectors, Power Distribution Units (PDUs)
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How is the power rental market defined?
Power rental refers to a service that allows leasing equipment that temporarily provides prime or standby power as and when needed. Generator sets, load banks, and an electrical distribution system are commonly rented for power.
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