Generator Rental Market - Global Industry Report, 2031
Transparency Market Research delivers key insights on the global generator rental market. In terms of revenue, the global generator rental market is estimated to expand at a CAGR of ~5% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global generator rental market.
The global generator rental market is broadly affected by several factors such as rise in demand for electricity, growth in investment in the construction sector, rapid urbanization, and technological innovation with respect to product design. Furthermore, increase in incidence of power outage and lack of grid infrastructure in rural areas are anticipated to propel the global generator rental market in the near future.
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Generator Rental Market: Dynamics
The construction sector is a major end user of generator rental. Construction activities in residential, commercial, industrial, and utilities sectors in developed and developing economies across the globe have been increasing significantly since the past few years. This has been driving the global generator rental market.
Major developing countries have been introducing various reforms and regulations, including Foreign Direct Investment (FDI), to boost infrastructure development as well as the real estate sector. For instance, as per FDI India, the real estate sector in India is expected to reach value of US$ 1 Trn by 2030. It is projected to contribute about 13% to the country’s total Gross Domestic Product (GDP) by 2025.
Several countries across the globe are investing significantly in the development of the construction sector. This is boosting the global construction sector. Companies are focusing more on rental services in order to meet the instant power requirements of the sector. This is likely to propel the global generator rental market.
The consumption of electricity has been increasing significantly across the globe. The continuous rise in electricity consumption has created a mismatch between demand and supply. This is anticipated to drive the generator rental market during the forecast period.
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Generator Rental Market: Prominent Regions
The generator rental market in Asia Pacific is expected to expand significantly during the forecast period, owing to rise in commercial and industrial activities in the region. Rapid urbanization, increase in disposable income, government reforms, and economic growth are some of the key factors propelling the construction industry in Asia Pacific. Uninterrupted power supply is required for the proper functioning of heavy equipment such as mixers in the construction sector. Hence, most consumers prefer generator sets to ensure smooth operation. This is anticipated to drive the generator rental market.
Middle East & Africa held key share of the global generator rental market in 2020. Ongoing investment in exploration and production activities are factors propelling the demand for generator rental in the region. Furthermore, lack of access to electricity, primarily in Sub-Saharan Africa, is a major factor driving the demand for generator rental in the region.
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Generator Rental Market: Key Players
Major players operating in the global generator rental market are Caterpillar, Cummins Inc., HIMOINSA, AKSA POWER GENERATION, Aggreko plc, Kohler Co., United Rentals, Inc., APR Energy, AGCO Corporation, Herc Rentals Inc., Ashtead Group plc. Wartsila, Generac Power Systems, Inc., and Cooper Equipment Rentals.
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