Market Overview
The Power Rental Market will acquire a valuation of USD 21.03 billion and a CAGR of 8.2% in the forecast period 2023 – 2030.
The growing urbanization due to industrialization has accelerated the demand for uninterrupted power supply is expected which is driving the global power supply market. There was an imbalance noticed in commercial and industrial electricity.
This is because of the high-power usage, which has led to the power leasing schemes to provide temporary electricity during the time of requirement. The temporary power supply increased demand during events, festivals, and fairs. These power systems will further accelerate in the future years due to their demand in the industrial verticals.
The key driving factor is the growing need for a dependable electricity supply. The restrictions on the main transmission network have increased the demand for rental generators. Moreover, the demand for scalable rental equipment to meet power failures will drive the global Power Rental Market in the forecast period.
Key Players:
· Aggreko Plc. (U.K.)
· Caterpillar Inc. (U.S.)
· Cummins Inc.(U.S.)
· Herc Rentals Inc. (U.S.)
· Speedy Hire Plc.(U.K.)
· Ashtead Group Plc. (U.K.)
· United Rentals Inc. (U.S.)
· APR Energy (U.S.)
· Breaenoord Exploitatiemij B.V. (Netherlands)
· M. Generating Power Co. Ltd. (Canada)
Market Segments
The Power Rental Market is segmented into fuel type, application, and end-user.
The fuel type segment of the market is categorized into diesel, gas, and others. Under the application segment, the market is classified into standby power, baseload, and peak shaving.
The end-user segment of the market is subdivided into utilities, shipping, oil & gas, manufacturing, construction, mining, and others.
Regional Analysis
The Power Rental Market geographically covers the North American regions, Asia Pacific, European Union, the Middle East and Africa, and the rest of the regions.
Asia-Pacific is showing tremendous growth in terms of share. The rapid development of commercial spaces such as hotels, malls, and retail stores is highly demanding for a stable power supply, which eventually accelerates the need for power rentals.
Moreover, Southeast Asian countries like Thailand and Indonesia are showing huge commercial infrastructure development because of higher government investment in public establishments. Also, the growing rate of digitization along with Industrial Revolution 4.0 is contributing to the growth of the regional market of Asia-Pacific.
The North American region is observed as the supreme dominating regional market. North America holds the highest market share value. The underdeveloped and aging grid infrastructure and natural calamities resulting in frequent power outages are driving the Generator rental services Market Size demand. The higher demand for power rentals from industrial sectors chiefly boosts the regional market. Moreover, the higher investment in mining and exploration activities is powering up the demand for power rental equipment in the forecast period.
Industry News
- In November 2021, Caterpillar Inc. made a three-year project collaboration with Microsoft and Ballard Power Systems for a power system incorporating hydrogen fuel cells. This process is for reliable and sustainable backup power production for Microsoft data centers.
- In June 2021, In Aggreko Plc depot in the Netherlands, the first hydrogen power generation units were piloted to use temporary power applications.
- In April 2021, Atlas Copco introduced the latest model of lithium-ion energy storage system range called ZenergiZe. It will be used as a standalone source with generators to form a hybrid power solution to create Microgrids.
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