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The global power rental market is poised to reach a value of US$ 10.23 Billion in 2023, with a projected Compound Annual Growth Rate (CAGR) of 6.10% between 2023 and 2033, reaching a total of approximately US$ 18.32 Billion by 2033. This growth is fueled by the rapid development of the industrial sector and an increasing demand for uninterrupted and reliable power supply worldwide.
Rising Power Consumption: The global power rental industry is driven by the escalating power consumption in various regions, emphasizing the need for reliable power solutions.
Oil and Gas Sector Demand: The oil and gas sector significantly contributes to the growth, as power generators are rented for infrastructure construction and exploration activities.
Advantages of Outsourcing Power Equipment: Growing awareness about the benefits of outsourcing power equipment positively impacts the power rental industry.
Scalable Rental Equipment: Increasing demand for scalable rental equipment capable of handling voltage fluctuations and power outages.
Government Initiatives: Favorable government measures to expand infrastructure, including metro and airport networks, further boost the demand for power renting.
Renewables Deployment: The increased deployment of renewables as an alternative power source contributes to market acceleration.
High Operational Expenditure of Diesel Generators: Diesel generator sets, while popular for backup power, incur high operational costs, primarily due to expensive fuel, potentially hindering market growth.
Stringent Government Regulations: Stringent global regulations on diesel fuel to reduce emissions pose a challenge to the power rental market.
North America: Expected to dominate the market with a 35.1% share in 2023, driven by increased investments in mining, construction, oil and gas, and related operations.
Asia Pacific: Anticipated to hold a 33.3% market share in 2022, led by significant market presence in China, robust construction activities, and a thriving manufacturing sector.
Power Rating (501-2,500 KW): Dominates with a 32.1% share, catering to the critical need for emergency power in heavy-duty applications, with an expected CAGR of 5.10%.
Fuel (Diesel): Expected to witness significant growth of 30.1% in 2022, driven by preferences in the mining, oil and gas, and manufacturing sectors, with a CAGR of 5.9%.
Prominent players in the power rental market include Herc Rentals Inc., Atlas Copco, APR Energy Ltd., Generac Holdings, United Rentals Inc., Caterpillar Inc., Aggreko Plc., Ashtead Group Plc., Cummins Inc., among others.
United Rentals: Introduced zero-emission power options with POWRBANK battery systems in their rental fleet.
Herc Rentals: Acquired Temp-Power Inc., a power generation rental provider.
Generac Industrial Power: Expanded natural gas unit with the SG1000 1000 kW gaseous generator.
The power rental market is set for substantial growth, driven by increasing industrialization, the need for reliable power, and the rise of renewable energy. However, challenges like high operational costs of diesel generators and stringent regulations may impact the industry's growth trajectory. Noteworthy regional dominance is expected in North America and Asia Pacific, with specific power rating and fuel segments playing pivotal roles in shaping the market landscape.
The global power rental market is poised to reach a value of US$ 10.23 Billion in 2023, reaching a total of approximately US$ 18.32 Billion by 2033.
The global market is projected to grow at a CAGR of 6.10% during the forecast period, 2023-2033.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65563
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