Global Power Rental Market Growth, Opportunities, and Challenges |...

Global Power Rental Market Growth, Opportunities, and Challenges

Posted 2023-09-29 06:57:32

Market Overview

The power rental market is predicted to reach USD 21.03 billion by 2030 from a predicted value of USD 12.11 billion in 2022 at a CAGR of 8.2%. The factors that are operating are the growth of the demand for continuous power supply in oil, gas and mining industries, the growing need for electrification, as well as the continuous supply of power in rural areas.

In this major outbreak of COVID-19 all over the world in the first half of 2020 forced multiple countries into complete lockdown. Since the government of a separate region issued strict guidelines, all non-essential operations were stopped. This adversely affected the power rental market that owed the suspension of activities of end-users. Due to short-term challenges to the power rental market, the production and supply chain are expected to delay and pose since end-user industries are still not operating with their full capacity.

Therefore, many companies have turned this crisis into an opportunity to offer services to society. For instance, Cummins converted its air filter manufacturing facility into a respirator manufacturing unit. The key market players that dominate the power rental market are United rentals, Caterpillar, Aggreko, Cummins, Bredenoord, Kohler, Multiquip , Perennial technologies etc.

Market segmentation

The power rental market is segmented into a few components:-

Based on the Fuel Type :

1. Diesel

2. Natural Gas

3. Others (Dual Fuel, Hybrid, and HFO)

Based on the Application:

1. Peak Shaving

2. Standby Power

3. Base Load/ Continous Load

Based on the Equipment:

1. Generators

2. Load Banks

3. Transformers

4. Others (Clamps, Wires, and Temporary Power Plants)

Based on the Rental Type:

1. Retail Rental

2. Project Rental

Based on the End-User:

1. Utilities

2. Oil & gas

3. Events

4. Construction

5. Mining

6. Manufacturing

7. Telecom &Datacenter

8. Others (Shipping, Hospitals, and Military)

Based on the region:

1. Asia Pacific

2. Europe

3. North America

4. Middle East & Africa

5. South America

Regional analysis

The market can be analysed across five regions like North America, Asia Pacific, the Middle East and Africa, Europe and Latin America. The largest share is held by Asia Pacific of worth USD 2.20 billion in 2020. In the global market currently, China holds a significant market share by value. China is among one of the key countries for mining activity. The Middle East and Africa is the fastest developing region as the construction activities and oil and natural gas industry are growing at a rapid pace for the Generator Rental Services market. Latin America is a high potential region that expanded at the highest CAGR as compared to any other region. It is a key producer of Lithium and graphite operated by mining activities in Argentina, Chile and Brazil.

Industry news

The power generator rental market is booming worldwide with Cummis, Kirloskar, Aggreko. The growth of this market is driven by increasing R&D spending all over the world.
According to the power rental market is expected to boost moderately over 2031.

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