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Power Rental Market size was valued at USD 9.28 billion in 2019 and is poised to grow from USD 9.8 billion in 2023 to USD 16 billion by 2031, growing at a CAGR of 5.60% in the forecast period (2024-2031).

The 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. 'Aggreko plc', 'Cummins Inc.', 'Caterpillar Inc.', 'United Rentals Inc.', 'Atlas Copco AB', 'APR Energy', 'Ashtead Group plc', 'Hertz 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 Caterpillar Rental Power', 'Bredenoord Exploitatiemij B.V.', 'Byrne Equipment Rental LLC', 'Diamond Environmental Services'

According to the Energy Information Administration's (EIA) International Energy Outlook 2021, 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%. 

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. 

Based on region 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 market. China is one of the most important mining countries. 

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Global power rental market

Product ID: SQMIG55A2030