Global Power Rental Market Report and Forecast 2023-2028

Global Power Rental Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global power rental market is projected to grow at a CAGR of 5.80% between 2023 and 2028. Aided by increase in mining activities and growing deployment of rental generators in the construction industry, the market is expected to grow significantly by 2028.

Power rental solutions refer to the services where companies provide generators, equipment, and machinery on a rental basis to end-users. These solutions are inherently versatile, offering both temporary and long-term power solutions to sectors that require instant power or encounter regular power outages. Industries such as events, construction, mining, and oil and gas, frequently rely on power rental solutions to ensure uninterrupted operations.

One of the significant factors fuelling the power rental market demand is the transient necessity for power during public events, energy-intensive industrial activities, or emergency situations. Such scenarios often demand an immediate, robust, and reliable power source, thereby leading to the growing preference for rental power solutions. Furthermore, in locations where establishing a permanent power source is either impractical or excessively costly, power rental proves to be a cost-effective and efficient alternative.

The power rental market trends are not merely confined to emergency power solutions. With the progression of infrastructural projects globally, especially in developing economies, there is a prominent rise in demand for continuous power supply. Construction sites, remote mining operations, and offshore drilling activities particularly demonstrate situations where renting power equipment is more pragmatic than buying or establishing a permanent solution.

The power rental market analysis reveals that sectors such as entertainment and event management have developed a steadfast reliance on power rentals. Large-scale events, music festivals, and international conferences, where power disruption can result in significant financial and reputational damage, predominantly opt for power rental solutions, ensuring a seamless execution.

Industries are increasingly focusing on curtailing operational costs, and power rental solutions offer an optimal way to balance operational efficiency without the burdens of ownership, maintenance, and depreciation. Especially in regions with volatile electricity supplies or where grid infrastructure is underdeveloped, industries are more inclined to resort to power rentals, bolstering the power rental market growth.

Market Segmentation

The market can be divided based on fuel type, equipment type, power rating, application, end use, and region.

Market Breakup by Fuel Type

• Diesel
• Natural Gas
• Others

Market Breakup by Equipment Type

• Load Bank
• Generator
• Transformer
• Others

Market Breakup by Power Rating

• Up to 50 kW
• 51-500 kW
• 510-2,500 kW
• Above 2,500 kW

Market Breakup by Application

• Peak Shaving
• Standby Power
• Base Load/Continuous Power

Market Breakup by End Use

• Utilities
• Oil and Gas
• Events
• Construction
• Mining
• Data Centres
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global power rental market. Some of the major players explored in the report by Expert Market Research are as follows:

• Caterpillar, Inc.
• Aggreko Plc
• Atlas Copco Group
• Cummins, Inc.
• The Hertz Corporation
• Generac Power Systems
• Wacker Neuson SE
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.