Press release
Power Rental Market to Reach USD 16 Billion by 2031, Expanding Use of Rental Generators in Industries and Utilities to Fuel Growth
Skyquest Technology
Power Rental Market [https://skyquestt.com/report/power-rental-market] was valued at USD 9.28 billion in 2022 and is expected to rise from USD 9.8 billion in 2023 to reach a value of USD 16 billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).
Power rental market has progressed as a crucial player, offering short-term energy solutions to cater to miscellaneous demands. In the current scenario, businesses are seeking to lease generators instead of spending more money for a purchased unit that will be sold after a certain period. This is majorly seen when a wide range of generators are required for one specific project. Hence, the growing demand for reliable power supply along with global industrialization are notably impacting the market growth.
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Top Players in the Power Rental Market
* Aggreko (UK)
* Ashtead Group Plc (UK)
* United Rentals, Inc. (US)
* ATLAS COPCO AB (Sweden)
* Caterpillar (US)
* Cummins Inc. (US)
* Herc Rentals Inc. (US)
* Generac Power Systems, Inc (US)
* WACKER NEUSON SE (Germany)
* Kohler (US)
* AKSA POWER GENERATION (Turkey)
* BREDENOORD (Netherlands)
* Modern Energy Rental Pvt. Ltd. (India)
* PERENNIAL TECHNOLOGIES (India)
* Carrier (US)
* Fuel Gard Fuel Supply Systems (US)
* Indeck Power Equipment Company (US)
* SAINI DIESEL POWER SERVICE PVT LTD (India)
* Multiquip Inc. (US)
* TRINITY POWER (Canada)
* T&T POWER GROUP (Canada)
* Briggs & Stratton (US)
* Al Faris (UAE)
* Shenton Group (UK)
A key trend observed in the power rental industry is the rising demand due to renewable power projects. With the world inclining towards sustainability, the demand for temporary energy in the commissioning and construction phases of solar, wind, and hydropower projects is increasing. Industry is becoming a key enabler for the renewable energy segment, assuring continuous operations during vital project stages. Moreover, flexibility is another progressing trend seen in the industry, supported by the active nature of recently modernized industries. Big events and companies need adaptable energy solutions that can be scaled up and down easily, depending on changing energy demands. The industry is launching flexible rental solutions to help clients to tailor power solutions as per needs, encouraging cost-efficiency and effectiveness.
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Segments covered
Rental Type
Retail Renting and Project Renting
Power Rating
Upto 50 KW, 51-500 KW, 501-2, 500 KW and Above 2,500 KW
Fuel type
Natural, Diesel and Others
Equipment
Generators, Transformers, Load Banks and Other
Application
Continuous Power/ Base load, Standby load and Peak Shaving
End user
Metal & Mining, Construction, Manufacturing, Utilities, Events, Oil & Gas, IT & Data Centers, Corporate & Retail, Events and Others
Awareness and Adoption of Diesel Generators to Rise, Backed by its Benefits
Diesel generator sets are the more commonly adopted solutions that offer temporary energy supply at events, construction sites, industries, and in cases of power outages. Besides being a dependable energy source, diesel generator sets are greatly fuel-efficient with an optimal power density that makes them the right fit for uses with different power needs. The diesel segment captures a substantial share of the power rental industry. Moreover, natural gas generators are progressing solutions to cater to the expanding demand for efficient and reliable energy generation. These solutions use natural gas' energy potential, providing an eco-friendly and clean alternative to conventional fuel-based generators. A significant benefit of natural gas generator sets is their reduced emission nature in comparison to coal-based or diesel generators.
In June 2024, Generac Power Systems, a leading producer and provider of energy tech solutions declared the acquirement of PowerPlay Battery Energy Storage Systems, a forerunning EPC enterprise for energy storage. This acquirement aids Generac's dedication to offer thorough network of solutions and products to industrial and domestic commercial consumers, authorizing them to obtain their energy goals with key focus on efficiency, resilience, and sustainability.
In May 2022, GIKEN Ltd. finished rental business partnership with AKTIO Corp. This partnership will help GIKEN to utilize AKTIO's wide network to speed up the growth of fresh customers and start the supply of Press-in equipment structure to cater to the growing demands.
In January 2024, WillScot Mobile Mini an innovative temporary space services provider, pronounced a contract to purchase McGrath RentCorp. This acquisition will improve the ranking of WillScot Mobile Mini as a leader in North America with a complementary geographical footprint and extra diversified solution, offering improved value in major consumer divisions.
In June 2024, Herc Rentals recently purchased Industrial Rental & Sales LLC. and delivering to larger Huntsville Ala, locations. This partnership will remarkably expand Industrial Rental & Sales' machinery services and accessibility for consumers.
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More Developments Will Provide Highly Efficient and Flexible Power Solutions to Businesses
In summary, the power rental market is experiencing dynamic changes due to trends that notably impact the mounting needs of industries, increasing focus on sustainability, and growth of renewable energy projects. As companies seek efficient and flexible energy solutions, the market is also confidently responds with modernized hybrid systems, remote monitoring, and smart grid improvements. In the near future, the market will play a pivotal role in aiding eco-friendly energy transitions, dynamic energy demands of industries, and disaster recovery efforts.
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Drone (UAV) Market [https://www.skyquestt.com/report/drone-market]
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Company Name: Skyquest Technology
Contact Person: Mr. Jagraj Singh
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Country: United States
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