Press release
Power Rental Market Top Companies Study- Aggreko (UK), Caterpillar (US), Herc Rental (US), Ashtead Group (UK), Atlas Copco (Sweden).
Power Rental Market
According to the latest research by InsightAce Analytic, the Global Power Rental Market is valued at US$ 10.48 Bn in 2022, and it is expected to reach US$ 17.92 Bn by 2031, with a CAGR of 6.2% during a forecast period of 2023-2031.
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Power leasing, commonly referred to as power on demand, offers numerous advantages over the direct purchase of power equipment. Rental generators provide superior flexibility in power ratings, lower maintenance and installation costs, immediate availability, and reduced startup expenses. Manufacturers often opt for generator rentals to support existing power supply systems, address the absence of grid infrastructure, or meet temporary power needs. The continued growth of the industrial sector, along with an increasing demand for uninterrupted and reliable power, is expected to drive the global power rental market. Additionally, favorable government initiatives to expand metro and airport infrastructure, as well as the growth in hotel and retail mall construction, are contributing to the rising demand for power rental services in both developed and emerging markets. The growing adoption of natural gas-powered generators and the integration of renewable energy sources to reduce carbon emissions are anticipated to further fuel market growth on a global scale.
List of Prominent Players in the Power Rental Market:
• Aggreko (UK)
• Caterpillar (US)
• Herc Rental (US)
• Ashtead Group (UK)
• Atlas Copco (Sweden)
• Cummins (US)
• Bredenoord (UK)
• Kohler (US)
• Multiquip (US)
• SoEnergy (US)
• Allmand Brothers (US)
• Generac Power (US)
• Wacker Neuson (Germany)
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Market Dynamics:
Drivers:
Non-OECD nations, particularly China and India, are expected to make substantial contributions to market growth. While global electricity production capacity has expanded rapidly, the development of transmission and distribution (T&D) networks has not kept pace, leading to reliability issues such as power outages and voltage surges. Developing countries, in particular, experience more frequent blackouts and power disruptions, while developed nations face issues such as brownouts and voltage fluctuations.
Challenges:
Diesel generator sets have gained popularity as a backup power solution across industries such as manufacturing and oil & gas due to their fast startup time, low initial investment, compact size, and ease of installation. However, the operating costs of diesel generators are high, primarily due to the elevated cost of fuel. Fuel costs represent over 80% of the total life cycle cost of a diesel generator. With the declining cost of solar power, diesel is becoming a less cost-effective backup option.
Regional Trends:
The North American power rental market is expected to hold a significant revenue share and grow at a strong compound annual growth rate (CAGR) in the near future. The United States and Canada are among the most crucial and rapidly growing markets, driven by the expansion of the manufacturing sector, abundant raw materials, and low labor costs. As a result, the demand for rental power is projected to remain robust, positioning North America as a dominant player in the global market. Additionally, the Middle East and Africa are emerging as fast-growing regions for rental power solutions, with steady expansion in the construction and oil & gas industries driving demand for power rental services.
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Recent Developments:
• In Jan 2022, The Kohler Company Acquired Heila Technologies in Order to Expand Its Offerings Regarding Clean Energy Management. Within the Kohler Power Group, Heila Technologies will function as an independent entity in its own right.
• In November 2021, Caterpillar Inc. launched a three-year partnership with Microsoft and Ballard Power Systems to showcase a power system with large-format hydrogen fuel cells to supply reliable and sustainable backup power for Microsoft data centres.
Segmentation of Power Rental Market-
By Fuel Type-
• Diesel
• Natural Gas
• Others
By Application-
• Standby Power
• Peak Shaving
• Base Load/Continuous Power
By Equipment-
• Generators
• Transformers
• Load Banks
• Others
By Rental Type-
• Retail Rental
• Project Rental
By Power Rating-
• Up to 50 kW
• 51 kW - 500 kW
• 501 kW - 2500 kW
• Above 2500 kW
By End-Users-
• Utilities
• Oil & gas
• Construction
• Manufacturing
• Metal & Mining
• IT and Data Centers
• Corporate & Retail
• Events
• Others
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
Read Overview Report- https://www.insightaceanalytic.com/report/power-rental-market/2124
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
Tel : +1 551 226 6109
Asia: +91 79 72967118
info@insightaceanalytic.com
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