Power Rental Market: Surging demand for uninterrupted & reliable power supply to fuel the market growth

According to the new market research report "Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power Rating (Up to 50 kW, 51–500 kW, 501-2500 kW, Above 2500 kW), Application, End User and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global power rental market is projected to reach USD 12.8 billion by 2027 from an estimated USD 9.8 billion in 2022, at a CAGR of 5.6% during the forecast period. The rapid expansion of the industrial sector along with the Surging demand for uninterrupted & reliable power supply is expected to drive the demand for the global Power Rental Market.

The diesel segment is the largest contributor to the power rental market in 2021.

The diesel segment is estimated to be the fastest-growing segment of the Power Rental Market, by fuel type, from 2022 to 2027. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70–80% as they are typically designed to offer the best operational efficiency. Moreover, they facilitate the constant generation of voltage and power without peaks and help to regulate fluctuations in the delivered power. Diesel generators find applications mainly in commercial establishments and manufacturing facilities.

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The utilities segment is expected to grow at the fastest rate during the forecast period.

Utilities are connected through a grid to develop a distribution network for the supply of power. Generation utilities are the companies that are engaged in the generation of power, which is then sold by distribution utilities with transmission utilities acting as a bridge to deliver power from generation to distribution site. In developing regions, such as Africa and Asia Pacific, local grids cannot provide reliable supply, mainly due to the poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibits the delivery of electricity to industrial, commercial, and residential users. A weak network also means that there would be a lot of fluctuations in the power levels inside the grid, threatening its stability and integrity. In such cases, there is a high demand for power rental solutions for applications such as peak shaving wherein power rental solutions come in handy for stabilizing the grid within a short duration of time at economical prices.

North America: Key market for power rental during the forecast period.

In this report, the power rental has been analyzed with respect to six regions, namely, Asia Pacific, Europe, North America, South America, and Africa. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the Power Rental Market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the key players in Power Rental Market such as Aggreko (UK), United Rentals (US), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), and Atlas Copco (Sweden). Other players in the market include Speedy Hire (UK), Cummins (US), Bredenoord (UK), Kohler (US), Multiquip (US), SoEnergy (US), Allmand Brothers (US), Generac Power (US), Wacker Neuson (Germany), and more.

Power Rental Market to See Promising Growth Opportunities through 2025

The global Power Rental Market size is projected to reach USD 11.7 billion by 2025 from an estimated value of USD 8.6 billion in 2020, at a CAGR of 6.3%. Factors driving the growth of the demand for continuous power supply in oil & gas and mining industries, growing need for electrification, as well as the continuous power supply of rural areas. Aging power infrastructure and the need for grid stabilization.

The diesel segment is the largest contributor in the power rental market.

The diesel segment is estimated to be the fastest-growing segment of the power rental market from 2020 to 2025. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70–80% as they are typically designed to offer the best operational efficiency. Moreover, they facilitate the constant generation of voltage and power without peaks and help to regulate fluctuations in the delivered power. Diesel generators find applications mainly in commercial establishments and manufacturing facilities.

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The utilities segment is expected to grow at the fastest rate.

Utilities are connected through a grid to develop a distribution network for the supply of power. Generation utilities are the companies that are engaged in the generation of power, which is then sold by distribution utilities with transmission utilities acting as a bridge to deliver power from generation to distribution site. In developing regions, such as Africa and Asia Pacific, local grids cannot provide reliable supply, mainly due to the poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibits the delivery of electricity to industrial, commercial, and residential users. A weak network also means that there would be a lot of fluctuations in the power levels inside the grid, threatening its stability and integrity. In such cases, there is a high demand for power rental solutions for applications such as peak shaving wherein power rental solutions come handy for stabilizing the grid within a short duration of time at economical prices.  

North America: The fastest-growing market for power rental.

The North American region is expected to be the largest and fastest-growing power rental, by region, during the forecast period. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the power rental market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.

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Some of the leading players in the Power Rental Market such as Aggreko (UK), United Rentals (US), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), and Atlas Copco (Sweden). Other players in the market include Speedy Hire (UK), Cummins (US), Bredenoord (UK), Kohler (US), Multiquip (US), SoEnergy (US), Allmand Brothers (US), Generac Power (US), Wacker Neuson (Germany), and more.

Power Rental Market: Utilities to generate maximum demand for power rental solutions

 According to the new market research report published by MarketsandMarkets™, the global Power Rental Market size is projected to reach USD 11.7 billion by 2025 from an estimated value of USD 8.6 billion in 2020, at a CAGR of 6.3%. The increasing investments for the development and expansion of commercial sector operations across different regions and supportive regulations & grants for using renewable sources of energy in different applications are the key factors driving the Power Rental Market are driving the growth of this market.

The diesel segment is the largest contributor in the Power Rental Market.

The diesel segment is estimated to be the fastest-growing segment of the Power Rental Market, by fuel type, from 2020 to 2025. Key advantages of using diesel generators include economical operation and easy availability and storage. Additionally, diesel generator sets are ideal for long-term (prime) operations with a load of range 70–80% as they are typically designed to offer the best operational efficiency. Moreover, they facilitate the constant generation of voltage and power without peaks and help to regulate fluctuations in the delivered power. Diesel generators find applications mainly in commercial establishments and manufacturing facilities.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=744

The utilities segment is expected to grow at the fastest rate.

Utilities are connected through a grid to develop a distribution network for the supply of power. Generation utilities are the companies that are engaged in the generation of power, which is then sold by distribution utilities with transmission utilities acting as a bridge to deliver power from generation to distribution site. In developing regions, such as Africa and Asia Pacific, local grids cannot provide reliable supply, mainly due to the poor transmission network. Unreliable supply from a local grid or limited access to the main transmission network prohibits the delivery of electricity to industrial, commercial, and residential users. A weak network also means that there would be a lot of fluctuations in the power levels inside the grid, threatening its stability and integrity. In such cases, there is a high demand for power rental solutions for applications such as peak shaving wherein power rental solutions come handy for stabilizing the grid within a short duration of time at economical prices.  

North America: the largest market for power rental solution.

In this report, the power rental has been analyzed with respect to six regions, namely, Asia Pacific, Europe, North America, South America, and Africa. Countries such as the US and Canada are the fastest-growing markets in the North American region. North America is expected to continue to dominate the Power Rental Market during the forecast period, owing to factors such as increasing investments in the oil & gas, construction, and mining industries. Additionally, the increased investments in the mining and related exploration activities in the region are also driving the requirement for power rental equipment during the forecast duration.

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Some of the key players in the Power Rental Market such as Aggreko (UK), United Rentals (US), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), and Atlas Copco (Sweden). Other players in the market include Speedy Hire (UK), Cummins (US), Bredenoord (UK), Kohler (US), Multiquip (US), SoEnergy (US), Allmand Brothers (US), Generac Power (US), Wacker Neuson (Germany), and more.

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Diesel Generators Market Insights with statistics and Growth Prediction to 2020

The diesel generators market is expected to grow from an estimated USD 13.06 Billion in 2015 to USD 16.96 Billion by 2020, at a CAGR of 5.4% from 2015 to 2020. Diesel generators are widely used across different industries such as utilities, oil & gas, marine, mining, healthcare, and telecom among others. They provide continuous power supply during power outages as well as at locations where grid infrastructure is not available. The diesel generator, a combination of diesel engine with electrical generator, is a reliable power supply device. It is used for generating electricity to provide continuous power supply during power interruptions. It is mostly used as a standby device during power outages or at places with no connection to a power grid. Factors driving the diesel generators market include increasing need for uninterrupted & reliable power supply and increasing number of power outages.

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The report also segments the diesel generators market on the basis of end-user, which includes industrial (power generation/utilities, oil & gas, and others), commercial (IT & telecom, healthcare, and others), and residential. The industrial segment is one of largest users of diesel generators and occupies more than 50% of the total market share in the end-user segment of the diesel generators market. This market is expected to grow at the highest CAGR during the forecast period, owing to chronic power outages and rapid growth of industries, infrastructure, and IT & telecommunication industry across the world.

Asia-Pacific is estimated to be the global leader in the diesel generator market

In this report, the diesel generators market has been analysed with respect to five regions, namely, North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Asia-Pacific is the leading market owing to chronic power outages and need for continuous power by the growing industrial and commercial sectors. Poor grid infrastructure and rising power demand in countries such as India and China are driving the diesel generators market in the region. The Middle East & Africa market is expected to grow at the second highest CAGR during the forecast period. The European and North American markets are expected to have slow growth rates during the forecast period due to economic slowdown. Rising demand for power unmet by existing grid infrastructure in Asia-Pacific results in frequent power outages. As a result, growing industrialization and frequent power outages are driving the demand for diesel generators in this region. The diesel generators market in India is expected to grow at the highest CAGR, owing to growing IT, datacentre, telecom, and ongoing infrastructure development programs in the country.

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Some of the leading players in the diesel generators market include Caterpillar Inc. (U.S.), Cummins Inc. (U.S.), Generac Holdings Inc. (U.S.), Kohler Co. (U.S.), MTU Onsite Energy (Germany), and Mitsubishi Heavy Industries Ltd. (Japan).