(MENAFN- IMARC Group)
According to IMARC Group, the global power rental market size reached US$ 19.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.7 Billion by 2028, exhibiting a growth rate (CAGR) of 6.74% during 2023-2028.
Global Power Rental Market Trends:
The growing shift towards renewable energy sources in rental power solutions reflects a broader move towards sustainability which represents one of the key factors driving the growth of the power rental market across the market across the globe. This trend is driven by environmental concerns and the desire to reduce carbon emissions, leading to increased use of solar and wind energy in power rentals. Technological advancements are playing a significant role, with the integration of smart technologies like IoT and real-time data analytics for improved efficiency and predictive maintenance.
The market is also driven by the rising demand in emerging economies, where rapid industrialization and infrastructural development are fueling the need for temporary power solutions. Additionally, there's an increased focus on energy efficiency and cost-effectiveness, with newer, more efficient models replacing older, less efficient equipment.
Get Sample Copy of Report at – https://www.imarcgroup.com/power-rental-market/requestsample
Factors Affecting the Growth of the Power Rental Industry:
Increasing Energy Demand in Developing Regions:
A primary factor driving the growth of the power rental market is the escalating energy demand in developing regions, where rapid industrialization, urbanization, and economic expansion outpace the establishment of permanent power infrastructure. Power rental solutions offer a flexible, immediate way to address these energy needs, especially in remote or underdeveloped areas where establishing a permanent power grid is either impractical or cost-prohibitive. The ability to quickly deploy rental power units to meet peak demands, provide emergency backup, or support temporary projects makes them indispensable in these fast-growing economies.
Frequent Power Outages and Aging Infrastructure:
The global power rental market is also propelled by the need for reliable backup power in response to frequent power outages and aging infrastructure in both developed and developing countries. Power rentals provide an essential solution for continuity in critical services like healthcare, data centers, and industrial operations during unplanned outages. The flexibility and scalability of power rentals make them ideal for a wide range of applications, ensuring stability in regions with unreliable power grids or undergoing infrastructure maintenance and upgrades.
Expansion in Construction and Event Management:
Another key driver for the power rental market is its extensive use in the construction and event management sectors. Construction projects, especially in remote or newly developing areas, often rely on rental power for their electricity needs. Similarly, the event industry, encompassing concerts, sports events, and festivals, requires temporary, reliable power solutions for smooth operations. The versatility and mobility of power rental systems suit the transient nature of these projects, providing tailored power solutions where traditional power infrastructure is absent or insufficient. This consistent demand across diverse applications underscores the versatility and necessity of power rental solutions in various sectors.
Power Rental Market Report Segmentation:
Breakup by Fuel Type:
Diesel Natural Gas Others
Diesel holds the largest market share by fuel type in the global power rental market due to its widespread availability, high energy density, and the efficiency of diesel-powered generators in providing reliable and robust power solutions.
Breakup by Equipment Type:
Generator Transformer Load Bank Others
Generators are the largest market by equipment type as they are versatile and widely used across various industries for emergency, standby, and continuous power needs, making them a fundamental component in power rental solutions.
Breakup by Power Rating:
Up to 50 kW 51 –500 kW 501 –2,500 kW Above 2,500 kW
The 51–500 kW range dominates the power rating segment, as it offers the optimal balance of power and flexibility needed for a wide array of applications, from small events to medium-sized industrial operations.
Breakup by Application:
Peak Shaving Standby Power Base Load/Continuous Power
Base load/continuous power is the largest market by application, owing to the growing need for reliable, uninterrupted power supply in industries, commercial establishments, and during grid maintenance or unforeseen outages.
Breakup by End Use Industry:
Utilities Oil and Gas Events Construction Mining Data Centers Others
Utilities emerge as the largest end-use industry in the power rental market, as they frequently require additional temporary power sources to manage peak loads, and maintenance activities, and to ensure uninterrupted supply during grid failures.
Breakup by Region:
North America (United States, Canada) Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others) Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others) Latin America (Brazil, Mexico, Others) Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa, Others)
North America is the largest regional market, driven by the presence of a robust industrial sector, a high incidence of power outages, and the growing adoption of power rental solutions in sectors like oil and gas, construction, and events.
Competitive Landscape with Key Players:
The competitive landscape of the global power rental market has been studied in the report with the detailed profiles of the key players operating in the market.
Aggreko Plc Caterpillar, Inc. Atlas Copco Group Cummins, Inc. United Rentals, Inc. HIMOINSA S.L. Horizon Acquisition (Horizon Power Systems) The Hertz Corporation Generac Power Systems Wacker Neuson SE Wärtsilä Oyj Abp Speedy Hire Plc Smart Energy Solutions (SES) SoEnergy International, Inc.
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Email: : +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
MENAFN07022024004122016232ID1107820518
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.