The power rental market has witnessed significant growth, increasing from $10.99 billion in 2023 to $12.13 billion in 2024, reflecting a CAGR of 10.4%. This growth is linked to construction and infrastructure development, utility power shortages, and the events industry. Projections suggest the market will reach $17.71 billion by 2028 at a CAGR of 9.9%, driven by the development of smart cities and expansion in healthcare infrastructure.
Major Driver In The Power Rental Market
Rapid industrialization is fueling the expansion of the power rental market, characterized by the swift transition from agrarian economies to manufacturing-centric ones. Various sectors, including information technology, manufacturing, and construction, necessitate a continuous power supply for seamless operations. In October 2021, India's Prime Minister Narendra Modi unveiled a $1.3 trillion master plan aimed at enhancing multimodal connectivity and infrastructure development, allocating $130.57 billion to the infrastructure sector. Consequently, the demand for power rental services surges amidst rapid industrialization and increased infrastructure spending in major developing nations. Market size data for 2023, 2024, and 2028 provides insights into market trends and growth trajectories.
Request A Free Sample Of The Global Power Rental Market Report
Power Rental Market Competitive Landscape
Caterpillar Inc., Cummins Inc., Atlas Copco AB, United Rentals Inc., Ashtead Group plc, Kohler Co, Wärtsilä Oyj, Generac Power Systems Inc., Herc Rentals Inc., Hertz Equipment Rental Corporation, Wacker Neuson SE, Aggreko plc, Multiquip Inc., APR Energy Ltd., FG Wilson (Engineering) Ltd., Smart Energy Solutions Ltd., Modern Hiring Service Ltd., Speedy Hire plc, Power Electrics Bristol, Rental Solutions & Services, Bredenoord Exploitatiemij B.V., Pump Power Rental, Global Power Supply Ltd., Jassim Transport & Stevedoring Co K.S.C.C., Newburn Power Rental Ltd., ProPower Rental, Shenton Group plc, So Energy Trading Limited
Key Power Rental Market Trend
Partnerships and collaborations are gaining trends in the power rental market. Companies are entering into partnerships to expand their market by leveraging each other's resources. For instance, in November 2021, DT Hughes Group, a UK-based building material supplier, entered into a partnership with Sunbelt Rentals, a US-based company that rents general construction equipment, and power generators and accessories. The cooperation allows DT Hughes to get cost-effective and environmentally friendly power rental systems, plant gear, and equipment for the excavation, restoration, jointing, and cable installation projects. An important component of DT Hughes's winning offer was utilizing electrical technology to decrease pollution.
Get The Full Global Power Rental Market Report
Power Rental Market Segmentation
The power rental market covered in this report is segmented –
1) By Equipment: Generators, Transformers, Load Banks, Other Equipments
2) By Application: Standby Power, Peak Shaving, Base Load/Continuous Power
3) By Fuel Type: Diesel, Natural Gas, Other Fuel Types
4) By End-Users: Utilities, Oil And Gas, Construction, Manufacturing, Metal And Mining, IT And Data centers, Corporate And Retail, Events, Other End-Users
By Geography:The regions covered in the power rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the power rental market in 2023.
The Power Rental Global Market Report 2024 furnishes information about the global power rental market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
