Press release
Future of the Power Rental Market: Strategic Analysis and Forecast to 2034
Power Rental
Power Rental Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the power rental market has seen significant expansion in the past few years. The market is projected to increase from $12.11 billion in 2024 to $13.21 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.1%. This growth during the historical period has been driven by factors such as construction and infrastructure development, utility power deficit, events and entertainment industry, remote and off-grid locations, and the rise in mining operations.
Power Rental Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated to witness considerable growth in the nearing years, the power rental market is predicted to expand to a size of $19.34 billion in 2029, displaying a compound annual growth rate (CAGR) of 10.0%. This surge during the forecasted timeline can be linked to factors like the evolution of smart cities, extension in healthcare infrastructure, military exercises, establishment of data centers, and global events and exhibitions. The upcoming period is also expected to bring forth trends such as rental generator technologies, portable and modular power units, adaptable rental contract segments, advancements in energy efficiency and emission reduction, along with remote monitoring and integrations with telematics.
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What Are the Drivers Transforming the Power Rental Market?
The power rental market's expansion is being propelled by swift industrialization. Swift industrialization signifies the quick shift of an economy from being predominately agriculture-based to becoming manufacturing-centric. Several sectors have experienced growth, including information technology, manufacturing, and construction. All of these sectors require a steady stream of power for efficient operations. For example, in July 2023, as per Eurostat, a statistical department based in Luxembourg, there was a 0.2% growth in the industrial output in the European region. Additionally, a 0.1% increase was seen in the European Union over May to April 2023. Given this, the need for power rental is expected to rise due to quick industrialization's prevalence and significant infrastructure development expenditure in key emerging countries.
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What Long-Term Trends Will Define the Future of the Power Rental Market?
Leading companies in the power rentals market are intensifying their efforts to introduce innovative products to obtain a competitive advantage. For example, the US-based construction firm, Caterpillar Inc., launched a new product called the Cat XQ330 mobile diesel generator set in February 2023. Designed as a low-emittance, high-performance generator, the Cat XQ330 is suitable for both standby and prime applications. Driven by the efficient Cat C9.3B engine, it operates silently and is built to withstand weather conditions for seamless transportation and maintenance. Moreover, its sophisticated EMCP 4.4 control panel enhances its reliability and adaptability, making it an ideal choice for a variety of power requirements.
Which Segments in the Power Rental Market Offer the Most Profit Potential?
The power rentalmarket 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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Which Firms Dominate the Power Rental Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Power Rental Market?
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.
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