Press release
Rapid Industrialization And Infrastructure Development Fueling The Growth Of The Power Rental Market: A Key Driver Powering Power Rental Market Growth In 2025
Power Rental Market Share
How Big Is the Power Rental Market Size Expected to Be by 2034?
The scale of the power rental market has seen significant expansion in recent years. It will surge from a valuation of $12.11 billion in 2024 to reach $13.34 billion in 2025, indicating a compound annual growth rate (CAGR) of 10.2%. The historic growth can be linked to the rise in construction and infrastructure development, lack of utility power, the prosperity of the events and entertainment industry, the need in remote and off-grid locations, and the magnification of mining operations.
The market size of power rental is predicted to witness a swift expansion in the coming years. It's projected to amplify to $19.76 billion in 2029, with a compound annual growth rate (CAGR) of 10.3%. Factors contributing to growth in the forecasted period include the establishment of smart cities, expansion of healthcare infrastructure, military operations, building of data centers, and international events and exhibitions. Prominent patterns in the forecast period involve technologies of rental generators, portable and modular power units, adaptable rental contract structures, enhancement of energy efficiency and diminishment of emissions, remote supervision and integration of telematics.
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What Are the Emerging Segments Within the Power Rental Market?
The power rental market covered in this report is segmented -
1) By Equipment: Generators, Transformers, Load Banks, Other Equipment
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
Subsegments:
1) By Generators: Diesel Generators, Gas Generators, Hybrid Generators
2) By Transformers: Step-Up Transformers, Step-Down Transformers, Auto Transformers
3) By Load Banks: Resistive Load Banks, Reactive Load Banks, Resistive-Reactance Load Banks
4) By Other Equipment: Distribution Panels, Cables And Connectors, Power Distribution Units (PDUs)
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What Long-Term Drivers Are Shaping Power Rental Market Trends?
The expansion of the power rental market is fueled by swift industrialization. Swift industrialization conversely means a quick transition from an agriculture-based economy to one dependent on manufacturing. Significant progress has been seen across various industries, including information technology, manufacturing, and construction, all of which necessitate a constant power supply for smooth running. For example, Eurostat, a government statistical agency based in Luxembourg, reported a 0.2% rise in industrial production in the European region in July 2023. In addition, between May and April 2023, there was a 0.1% increase in the European Union. Therefore, as rapid industrialization becomes more common and spending on infrastructure development in major developing countries rises, the need for power rentals is expected to grow.
Who Are the Top Competitors in Key Power Rental Market Segments?
Major companies operating in the power rental market include 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
What Are the Major Trends Shaping the Power Rental Market?
Prominent enterprises in the power rentals market are escalating their effort on unveiling new products to gain a superior position in the market. For instance, the American construction firm Caterpillar Inc., in February 2023, initiated the Cat XQ330 mobile diesel generator set. This generator, known for its low-emission and high-performance, is ideal for standby and prime applications. The silent operation and durable, weather-proof design, powered by the efficient Cat C9.3B engine, makes it easy for transportation and maintenance. The innovative EMCP 4.4 control panel heightens its reliability and flexibility, making it suitable for diverse power requirements.
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Which Regions Are Becoming Hubs for Power Rental Market Innovation?
Asia-Pacific was the largest region in the power rental market in 2024. North America is expected to be the fastest-growing region in the power rental market share during the forecast period. The regions covered in the power rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Power Rental Market?
2. What is the CAGR expected in the Power Rental Market?
3. What Are the Key Innovations Transforming the Power Rental Industry?
4. Which Region Is Leading the Power Rental Market?
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