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Power Rental Market worth over $24 Bn by 2032
- Published Date: November 24, 2022
Power Rental Market size is set to surpass USD 24 billion by 2032, according to a new research report by Global Market Insights Inc.
Growing consumer awareness along with the increasing requirement for zero downtime and increased reliability will drive the use of power rental facilities. Furthermore, the rising global population, in addition to a higher standard of living, has amplified power-related investments across the real estate sector. Additionally, the extensive investment by the private and public players to expand data center infrastructure will also foster the demand for rental power equipment, such as generators.
Focus on improving generation capacity to boost demand for diesel-based power equipment
In terms of fuel, the power rental market value from diesel segment recorded more than USD 11 billion in 2022. This growth is attributed to the growing demand for uninterrupted power supply in the commercial sector. Diesel is easily available round-the-clock and has the potential to reduce up-front costs, making it a preferred fuel in power units. Since the equipment is utilized in various sectors such as telecom, educational institutions, and others, the demand for diesel-powered rental power generators is set to rise considerably over the approaching years.
Requirement for alternate power sources to stimulate peak shaving generator use in hurricane-prone areas
Power rental market from the peak shaving application segment is projected to exhibit over 4% CAGR between 2023 to 2032. The rising instances of hurricanes and cyclones have increased the number of power outages. These natural disasters, coupled with the growing usage of electronic devices, have increased the cost of electricity during peak hours. Peak shaving generators generally represent a costlier price index in comparison to backup units of similar capacities. The advanced machinery to handle heat generation and friction for long-time usage is thus expected to proliferate demand for rental power equipment.
Browse key industry insights spread across 520 pages with 787 market data tables & 42 figures & charts from the report, “Power Rental Market Size By Power Rating (≤ 75 kVA, > 75 kVA - 375 kVA, > 375 kVA - 750 kVA, > 750 kVA), By Fuel (Diesel, Gas), By End Use (Telecom, Data Center, Healthcare, Oil & Gas, Electric Utilities, Offshore, Manufacturing, Construction, Mining, Marine), By Application (Standby, Peak Shaving, Prime/Continuous), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032”, in detail along with the table of contents:
Increasing natural disaster events to surge product consumption across North America
North American region accounted for 26% share of the global power rental market in 2022. Frequent occurrences of weather-related disasters have increased power outages in the region. This has severely affected the data center infrastructure, rising the demand for alternate power sources. These instances have increased consumer awareness of reliable backup power solutions, thereby propelling the installation of power rental systems across the region.
Strategic business initiatives by players to define industry landscape
Some of the companies operating in the power rental market include Atlas Copco AB, Caterpillar, United Rentals, Inc., Cummins Inc., Aggreko, Generac Power Systems, Inc., Herc Rentals Inc., Shenton Group, Brede Noord, Perfect Hiring Services, APR Energy, HIMOINSA, Wartsila, and Sudhir Power. These leaders are undertaking important initiatives that will benefit consumers and allow them to expand their footprint in the global market.
For instance, in February 2021, the Shenton Group announced the provision of its services to COVID-19 facilities across the United Kingdom by delivering generator rental solutions. This initiative has allowed the Shenton Group to make a goodwill gesture whilst serving the country, thereby benefitting the company’s brand image in the long term.