by The global Power Rental Market is estimated to be valued at US$ 6.19 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Power rental refers to renting temporary power solutions such as diesel generators, natural gas generators, gas turbines, etc. on a short-term basis to fulfill emergency, temporary, or supplemental power needs. These solutions provide power backup during power outages, grid connectivity issues, and capacity shortfalls during high demand periods or events which require additional power supply.
Market key trends:
Increased power infrastructure investments in developing nations: Power infrastructure in developing nations is witnessing significant investments towards the development of telecommunication network infrastructure which requires reliable and temporary power solutions during the construction and commissioning phase. This is fueling the demand for power rental solutions to be used during the setting up of telecom towers and data centers in these nations.
Segment Analysis
The global power rental market is segmented on the basis of fuel type, power rating, end-user and region. Based on fuel type, the diesel segment dominated the global market in 2022 due to the higher efficiency and reliability of diesel generators. Generators running on diesel are widely preferred for off-grid applications across industries and utilities.
Key Takeaways
Global Power Rental Market Size is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing construction activities and demand for continuous power supply across various industries and events.
Regional analysis: North America dominated the global power rental market in 2022 and is expected to continue its dominance over the forecast period. This is attributed to high industrial activity in the region. However, Asia Pacific is anticipated to grow at the fastest rate owing to robust infrastructural development and rapid industrialization in emerging countries such as India and China.
Key players: Key players operating in the power rental market are Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC. Aggreko and United Rentals are the top players with strong global presence and fleet of rental equipments. Cummins and Caterpillar also have extensive offerings of stationary and portable power generator sets.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
