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Power Rental Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033 | Caterpillar Inc., Cummins Inc., Atlas Copco AB, United Rentals Inc., Ashtead Group plc, Kohler Co
Power Rental Global Market Report 2024
As per the report, the power rental market size has grown rapidly in recent years. It will grow from $10.99 billion in 2023 to $12.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The power rental market size is expected to see strong growth in the next few years. It will grow to $17.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
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Rapid Industrialization And Infrastructure Development Fueling The Growth Of The Power Rental Market
Rapid industrialization is driving the growth of the power rental market. Rapid industrialization refers to the process of rapidly transforming an economy from a focus on agriculture to a reliance on manufacturing. There has been a development in various sectors which include, information technology, manufacturing, and construction. Each of these sectors requires a continuous supply of power to carry on their operations smoothly. For instance, in October 2021, India's Prime Minister Narendra Modi unveiled a $1.3 trillion master plan for multimodal connectivity to construct infrastructure to reduce logistic costs and boost the Indian economy. The $1.3 trillion plan also includes a $130.57 billion allocation to the infrastructure sector. Therefore, demand for power rental will rise as the prevalence of rapid industrialization and increased spending on infrastructure development in major developing nations.
Strategic Collaborations Transforming The Power Rental Landscape
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.
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
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Major companies operating in the power rental market report are 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
Contents of the report:
1. Executive Summary
2. Power Rental Market Report Structure
3. Power Rental Market Trends And Strategies
4. Power Rental Market - Macro Economic Scenario
5. Power Rental Market Size And Growth
…..
27. Power Rental Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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