by The global power rental market is estimated to be valued at US$ 9.8 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The power rental market offers temporary power solutions that are widely used in various industries such as construction, oil and gas, events, and utilities. These rental power solutions provide flexibility, cost-effectiveness, and quick deployment, making them an ideal choice for temporary power needs. The market is witnessing significant growth due to the increasing demand for power backup solutions and the need for uninterrupted power supply in emergency situations.
Market Key Trends:
One key trend driving the power rental market is the growing adoption of renewable energy sources. With the increasing emphasis on sustainability and reducing carbon emissions, there is a rising demand for renewable energy solutions such as solar and wind power. Power rental companies are expanding their offerings to include renewable energy solutions, providing temporary power solutions for projects that require a clean and sustainable energy source. This trend not only supports the growth of the power rental market but also contributes to the overall transition towards a greener energy future.
Segment Analysis:
The Power Rental Market Size can be segmented based on power rating, fuel type, end-user, and application. In terms of power rating, the market can be divided into segments including less than 75 kW, 75 kW-375 kW, 375 kW-750 kW, and above 750 kW. Among these, the segment for 375 kW-750 kW power rating is expected to dominate the market during the forecast period. This is mainly due to the increasing demand for these power ratings in various industries such as construction, oil & gas, and manufacturing. These industries require a reliable power supply to operate their equipment and machinery, and the 375 kW-750 kW power generators fulfill this requirement efficiently. Additionally, the growing infrastructure development activities and increasing investments in the construction sector further drive the demand for power generators in this power rating segment.
Key Takeaways:
The global power rental market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period (2023-2030). This growth can be attributed to various factors such as the increasing demand for power in emerging economies, rapid industrialization, and the need for temporary power solutions during events and emergencies. The market size for the power rental market in 2023 was estimated to be US$ 9.8 billion.
In terms of regional analysis, the Asia-Pacific region is anticipated to be the fastest-growing and dominating region in the power rental market. This is primarily due to the rapid urbanization, increasing construction activities, and the rising demand for power in countries like China and India. Moreover, the government initiatives to develop smart cities and infrastructure projects in this region further boost the demand for power rental solutions.
Key players operating in the power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC. These players have a strong presence in the market and focus on strategic initiatives such as mergers, acquisitions, and partnerships to expand their market share and enhance their product offerings. With the increasing demand for power rental solutions, these key players are expected to witness significant growth opportunities in the coming years.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
