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Global Power Rental Market to Grow at a CAGR of 5.80% During 2022-2027, Driven by Rapid Industrialisation

According to a new report by EMR titled, ‘Global Power Rental Market Report and Forecast 2022-2027’, the global market for power rental attained a value of about USD 9.2 billion in 2021. The industry is further expected to grow at a CAGR of 5.80% in the forecast period of 2022-2027.

The Asia Pacific region holds a significant share of the power rental industry owing to rapid industrialisation. With the rapid growth of the construction and utility industries, the demand for power rental is significantly surging, hence driving the industry growth. The robust growth of the mining industry in China is also increasing the demand for power rental for uninterrupted power supply, which is propelling the growth of the market. As the manufacturing sector in India and China is witnessing robust growth, the demand for power rental is escalating and fuelling the industry growth. The high prevalence of power outages in countries like Indonesia and India is further surging the demand for power rental equipment. Moreover, the ageing utility infrastructure in the region is providing impetus to the growth of the power rental industry.

Generac Power Systems (NYSE: GNRC), one of the leading companies in the market, announced the introduction of two rental-ready large diesel units, MDE330 and MDE570 diesel mobile generators, in October 2021. The generators are aimed to improve maintenance and operations activities. They feature wide-opening removable doors to enable technicians the accessibility to all service points and maximise serviceability. As they are designed with rugged steel, they can be easily operated in versatile applications, even in extreme weather conditions. The engines of the generator offer standard Perkins Exhaust Temperature Management (ETM) load management technology to eliminate wet-stacking issues during low-and-no-load conditions. Moreover, the generators provide extended runtimes and long service intervals to enable less refuelling and maintenance. The development of such innovative power rental equipment is augmenting the growth of the power rental industry.

Market Analysis by Fuel Type, Equipment Type, Power Rating, Application, End Use, and Region:

  • The market, on the basis of fuel type, can be divided into diesel and natural gas, among others.
  • Based on equipment type, the industry can be divided into load bank, generator, and transformer, among others.
  • The major power ratings of power rental include up to 50 kW, 51-500 kW, 501-2,500 kW, and above 2,500 kW.
  • On the basis of application, the power rental industry is categorised into peak shaving, standby power, and base load/continuous power.
  • By end uses, the market is classified into utilities, oil and gas, events, construction, mining, and data centres, among others.
  • The regional markets for power rental include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing demand for uninterrupted and cost-effective power supply in the mining industry is augmenting the market for power rental.
  • The industry is being propelled by the enhanced flexibility provided by power rental, which is surging its demand in the mining industry.
  • The growing preference for rental generators in the construction industry owing to their enhanced efficiency and low operation costs is augmenting the market growth.
  • The surging availability of power equipment with high safety and the rising trend of sustainability are driving the growth of the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for power rental for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the fuel types, equipment types, power ratings, applications, end uses, and major regions of power rental.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global power rental market are Caterpillar, Inc., Aggreko Plc, Atlas Copco Group, Cummins, Inc., The Hertz Corporation, Generac Power Systems, and Wacker Neuson SE, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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