USD 9.28 billion
Global Power Rental Market Size, Share, Growth Analysis, By Power rating(Below 75 kVA, 75-375 kVA), By Fuel type(Gas, Diesel), By Application(Continuous load, Standby load), By End user(Mining, Construction) - Industry Forecast 2023-2030
Report ID: SQSG55A2006 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 122 | Figures: 77
Global Power Rental Market Insights
Power Rental Market size was valued at USD 9.28 billion in 2021 and is poised to grow from USD 9.8 billion in 2022 to USD 16 billion by 2030, growing at a CAGR of 5.60% in the forecast period (2023-2030).
The global power rental market is expected to expand due to the rapid development of industrial sector and the increasing demand for an uninterrupted and stable power supply. The rising demand for dependable power supply, as well as global industrialisation, are driving market growth. The expanding usage of rental generators in the utility and industrial industries has been fuelled by the insecurity of power supply provided by small-scale power grids and limited access to the main transmission network. North America and Asia Pacific are expected to be the leading investor in the oil and gas business during the forecast period, implying a growth in infrastructure and an increase in the consumption of generator services. The rising demand for dependable electricity supply, as well as global industrialisation, are propelling the sector forward.
US Power Rental Market is poised to grow at a sustainable CAGR for the next forcast year.
Market snapshot - 2023-2030
Global Market Size
Largest Segment
Commercial
Fastest Growth
Residential
Growth Rate
5.60% CAGR
Global Power Rental Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Power Rental Market Size By Application, 2021-2028 ($ Bn)
Global Power Rental Market Size By Application, 2021-2028 (%)
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Global Power Rental Market Segmental Analysis
Global power rental market is segmented based power rating, fuel type, application, end user. Based on power rating, the Power Rental Market is segmented into Below 75 kVA, 75-375 kVA, 375-750 kVA, above 750 kVA. Based on fuel type, the market is segmented into diesel, gas, others. Based on application, the market is segmented into continuous load, standby load, peak load. Based on end user, the market is segmented into mining, construction, manufacturing, utility, events, oil & gas, others.
Power Rental Market Analysis by Application:
Global power rental market is divided into three applications: continuous load, stand load, and peak load. From 2021 to 2028, the peak load segment is predicted to grow at the fastest CAGR. Peak load is a way of lowering power bills by restricting electricity consumption during peak hours, when power rates are high. Power rental systems help reduce electricity demand during seasonal hours, which helps reduce power billing expenses. Peak load is used by commercial and industrial clients to save money on power costs by lowering peak consumption. During the summer and winter seasonal peak hours, hence power demand rises. As a result, peak load power rental system demand is projected to rise as people become more concerned about controlling their penalised power bills. Compared to active power mode, standby mode consumes up to 25% more electricity. During the projected period, the rising IT industry, data centres, and increased use of electrical appliances that generally operate in standby mode are expected to drive the standby load segment.
Power Rental Market Analysis by End User:
The global power rental market is divided into oil & gas, utilities, events, manufacturing, mining, construction, and others. Based on end-user, the utility sector is predicted to dominate the power rental market during the forecast period. This can be ascribed to utility companies providing rental electricity during the conversion or reconstruction process. With the world's thermal power plant network ageing, the utility sector's demand for rented electricity is expected to increase.
Global Power Rental Market By Application , 2021(%), 2021 (%)
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Global Power Rental Market Regional Insights
Based on region global power rental market is segmented into North America, Asia Pacific, Europe, Latin America and Middle East Africa. In 2021, Asia Pacific is expected to have the largest market share worth US$ 2.20 billion. China now enjoys a considerable market share in Asia Pacific in terms of value in the global market. China is one of the most important mining countries.
China was also reported to have more than a 30% share in the global mining sector in 2022. China's manufacturing industry is likewise expanding at a rapid pace, owing to plentiful raw material availability and low labour costs. Owing to these characteristics, demand for rental electricity is predicted to remain high, and China market is expected to dominate the global market. The Middle East and Africa are the most rapidly increasing regions for rental power solutions. Construction and the oil and gas industries are expanding at a steady pace throughout the region. The region accounted for a sizable global market share, primarily due to demand from the mining, construction, and oil and gas industries. The absence of sufficient grid structure, increased mining activities in Africa, and high demand for rental electricity from off-grid oil and gas wells are among the primary drivers for the region's market growth. Latin America is a high-potential market that is expected to grow at a faster CAGR than other regions. Latin America is a major producer of lithium and graphite, owing to mining activities in Brazil, Argentina, and Chile. In Latin America, grid infrastructure has not reached isolated areas such as the Caribbean Islands, where power renting is still the primary source of power. As a result of these factors, the market is likely to gain traction in Latin America.
Global Power Rental Market By Geography, 2021 - 2028, 2023-2030
- Largest
- Fastest
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Global Power Rental Market Dynamics
Power Rental Market Driver
Increasing Demand for Continuous and Reliable Power Supply
- According to the Energy Information Administration's (EIA) International Energy Outlook 2021, global power demand is predicted to rise by 1.4 percent per year on average until 2040. Non-OECD countries such as China and India are likely to contribute significantly to growth. However, as a result of COVID-19 and the resulting economic crisis, short-term power consumption in 2020 fell by 5%.
- Developing countries experience power blackouts and power outages, while power issues developed countries pertain to brownouts and voltage swings.
Power Rental Market Restraints
Generators are Subject to Severe Regulatory Controls
- Diesel generators are utilised for a variety of purposes, particularly those with power outputs more than 50 kW. Diesel combustion produces nitrogen oxides, carbon monoxide, and particulate matter.
- These emissions are immediately emitted into the atmosphere and harm both ecosystem and the people who live there. Several laws have been put in place all around the world to limit air and noise pollution caused by generator sets. With growing environmental concerns, each country has developed its own set of air pollution legislation and policies.
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Global Power Rental Market Competitive Landscape
The global power rental market is fragmented, with a prominent market player acquiring a sizable portion. Some of the market's leading companies such as Atlas Copco (India) Ltd, Cummins Inc., Ashtead Group PLC, Modern Hiring Service, United Rentals Inc., Herc Rentals Inc., Generac Power Systems, Wacker Neuson Group, and Wartsila Corporation, among others are forming multiple strategic alliances in order to increase their market share and get a competitive edge.
Top Players in the Global Power Rental Market
- Aggreko plc
- Cummins Inc.
- Caterpillar Inc.
- United Rentals Inc.
- Atlas Copco AB
- APR Energy
- Ashtead Group plc
- Hertz Global Holdings Inc.
- Herc Holdings Inc.
- Sunbelt Rentals Inc.
- Kohler Co.
- Rental Solutions & Services LLC
- Speedy Hire plc
- Trinity Power Rentals
- Generac Power Systems Inc.
- Wärtsilä Corporation
- Altaaqa Global Caterpillar Rental Power
- Bredenoord Exploitatiemij B.V.
- Byrne Equipment Rental LLC
- Diamond Environmental Services
Power Rental Market Recent Developments
- In March 2022, United Rentals announced that it will offer its clients a zero-emission power option with the addition of POWRBANK battery systems to its rental fleet. United Rentals' relationship with manufacturer POWR2 Energy Solutions provides an investment in sustainable workplace solutions for North American clients. POWRBANK is a compact power storage system that works with diesel engines to lessen runtime, pollution, congestion, and fuel wastage. The system makes use of high-density lithium-ion batteries, inverters, and load-sensing electronics. The United Rentals POWRBANK type has a power output range of 40KW to 60KW and a storage capacity of 60KW to 120KW hours.
- In January 2022, Herc Rentals acquired Temp-Power Inc., a provider of power generation rentals serving locations including Virginia, Maryland, and Washington, D.C.
Global Power Rental Key Market Trends
- Increasing Power Generation Investments: China, India, and South Korea have emerged as key power plant investment hubs in Asia Pacific. Continuous emphasis on manufacturing, tourism, and the establishment of key offices by numerous MNCs has resulted in a significant expansion in the Asia Pacific region's construction and commercial sectors.
- Demand for Electricity to Grow in Coming Years: China accounts for 30% of global electricity generation, and its electricity demand is steadily increasing. In addition, the Government of India will allow 100 percent Foreign Direct Investment (FDI) in the mining sector and the exploration of metal and non-metal ores under the automatic route beginning in March 2021, accelerating expansion in the sector. This component is most likely to drive demand.
Global Power Rental Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to the global power rental market analysis, strong infrastructure construction, as well as the growing importance of power backup solutions and disaster management among end users, will drive the market growth. The rising population and rapid urbanisation have increased the demand for a consistent supply of electricity. The demand for minimal infrastructure and lower start-up costs, as well as a growing desire to follow business activities is projected to boost the power rental market.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 9.28 billion |
| Market size value in 2030 | USD 9.8 billion |
| Growth Rate | 5.60% |
| Base year | 2021 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Power Rental Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Power Rental Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Power Rental Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Power Rental Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Power Rental Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Power Rental Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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