Global Power Rental Market size and share is currently valued at USD 10.06 billion in 2023 and is anticipated to generate an estimated revenue of USD 17.49 billion by 2032, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 6.4% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2024 – 2032
Market Overview:
The Power Rental market has emerged as a vital solution for addressing temporary and flexible power needs across diverse industries. Power rental services provide portable power generation equipment on a rental basis, catering to sectors such as construction, events, manufacturing, oil and gas, utilities, and emergency response. These services are crucial for ensuring uninterrupted power supply during outages, peak demand periods, or remote operations where grid access is limited. With the rising focus on energy efficiency and cost optimization, the demand for power rental solutions continues to grow.
Market’s Growth Drivers:
Several factors are driving the expansion of the Power Rental market:
- Growing Energy Demand: Rapid urbanization, industrialization, and infrastructural development are creating a surge in energy demand, leading to increased reliance on temporary power solutions.
- Frequent Power Outages: Aging infrastructure and natural disasters often result in power outages, driving the need for rental power systems to ensure continuous operations.
- Expanding Construction Activities: The construction sector extensively uses power rental solutions for operating equipment and lighting at sites, especially in remote or off-grid locations.
- Adoption in Events and Entertainment: Large-scale events, exhibitions, and entertainment activities require temporary power setups, boosting demand for rental generators and related equipment.
Major Key Players:
- Aksa Power Generation
- Atlas Copco AB
- Bredenoord
- Caterpillar Inc.
- Cummins Inc.
- Herc Rentals
- Kohler
- Modern Energy Rental
- Perennial Technologies
- United Rentals, Inc.
𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐓𝐡𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐂𝐨𝐦𝐩𝐫𝐞𝐡𝐞𝐧𝐬𝐢𝐯𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐇𝐞𝐫𝐞:
https://www.polarismarketresearch.com/industry-analysis/power-rental-market
Recent Developments:
- In June 2022, Cummins Inc. launched the C1000D6RE, a 1MW twin-pack rental generator designed to deliver a versatile and competitive power rental solution for a wide range of applications across North America.
- In November 2023, Aggreko introduced its latest Tier 4 final generators in Canada. These low-emission generators, tailored to meet Canadian customer needs, are available in CSA-certified options with capacities ranging from 100kW to 500kW, ensuring compliance with Canadian standards while offering sustainable power solutions.
𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:
The research study includes segmental analysis that divides the market into distinct groups or segments based on common characteristics. With market segmentation, businesses can identify specific customer groups that are more likely to be interested in specific products or services. Also, it enables these businesses to focus their marketing efforts and resources more efficiently, leading to higher conversion rates and improved return on investment. Furthermore, segmentation analysis helps companies develop personalized products or services, which can result in increased customer loyalty and improved customer satisfaction.
Power Rental Market, Equipment Outlook (Revenue – USD Billion, 2019-2032)
- Transformers
- Generators
- Load Banks
- Others
Power Rental Market, Application Outlook (Revenue – USD Billion, 2019-2032)
- Continuous Power
- Peak Shaving
- Standby Power
Power Rental Market, Fuel Type Outlook (Revenue – USD Billion, 2019-2032)
- Natural Gas
- Diesel
- Others
Power Rental Market, End User Outlook (Revenue – USD Billion, 2019-2032)
- Oil & Gas
- Manufacturing
- Utilities
- Construction
- Mining
- Others
The future of the Power Rental market looks promising, with expanding applications across multiple industries and advancements in technology driving innovation. The increasing emphasis on sustainable and green energy solutions is expected to shape the market, with hybrid and renewable-powered rental systems becoming more prevalent.