What Has Been the Growth of the Power Rental Market So Far?
The power rental market has seen considerable growth due to a variety of factors.
• In the past few years, the power rental market size has experienced substantial growth. It is projected to increase from a worth of $12.11 billion in 2024 to $13.34 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 10.2%.
This significant rise during the historic period is linked to developments in construction and infrastructure, power shortages at utilities, the events and entertainment sector, isolated and off-grid locations, as well as escalated mining operations.
What is the Forecasted Market Size and CAGR for the Power Rental Market?
The power rental market is expected to maintain its strong growth trajectory in upcoming years.
• The size of the power rental market is predicted to quickly expand in the coming years, with an expected valuation of $19.76 billion in 2029, accounting for a 10.3% compound annual growth rate (CAGR). This anticipated growth over the forecast period is linked to the development of smart cities, growth in healthcare infrastructure, military operations, data center building, as well as worldwide events and exhibitions. The forecast period will also see notable trends such as rental generator innovations, movable and module-based power units, adaptable rental contract schemes, improvements in energy efficiency and emission reduction, in conjunction with remote supervision and integration of telematics.
What Are The Primary Growth Drivers In The Power Rental Market?
The power rental market is being propelled by swift industrialization. This industrialization is characterized by a quick change from an agriculture-centric economy to one dominated by manufacturing. Progress has been made in various sectors, including information technology, manufacturing, and construction, all of which demand a consistent and uninterrupted power supply for effective operations. For example, the industrial production in the European area saw a 0.2% rise in July 2023 as stated by Eurostat, a statistical organization based in Luxembourg. Furthermore, a 0.1% growth was reported in the European Union for the timeframe of May to April 2023. As a result, the demand for power rental is predicted to escalate due to the widespread rapid industrialization and increased expenditure on infrastructural development in several developing countries.
What are the Market Segments in the Power Rental Market?
The power rental market covered in this report is segmented –
1) By Equipment: Generators, Transformers, Load Banks, Other Equipment
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
Subsegments:
1) By Generators: Diesel Generators, Gas Generators, Hybrid Generators
2) By Transformers: Step-Up Transformers, Step-Down Transformers, Auto Transformers
3) By Load Banks: Resistive Load Banks, Reactive Load Banks, Resistive-Reactance Load Banks
4) By Other Equipment: Distribution Panels, Cables And Connectors, Power Distribution Units (PDUs)
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What Trends are Shaping the Power Rental Market Size?
Leading firms in the power rentals market are focusing on the launch of new products to secure a competitive advantage. For instance, in February 2023, Caterpillar Inc., a US-based construction firm, unveiled the Cat XQ330 mobile diesel generator set. This generator, designed for standby and prime applications, is a high-performance, low-emission piece of equipment. Powered by the productive Cat C9.3B engine, it performs quietly, is weather-resistant, and is also easy to maintain and transport. Its cutting-edge EMCP 4.4 control panel increases reliability and adaptability, making it ideal for diverse power requirements.
Who Are the Key Players in the Power Rental Market?
Major companies operating in the power rental market include:
• 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
What are the Regional Insights into the Power Rental Market?
Asia-Pacific was the largest region in the power rental market in 2024. North America is expected to be the fastest-growing region in the power rental market share during the forecast period. The regions covered in the power rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
