Power Rental Market
Power Rental Market Forecasts to 2030 - Global Analysis By Power Rating (Above 750 kVA, 375-750 kVA and Below 75 kVA), Equipment Type (Load Bank, Transformer and Other Equipment Types), Fuel Type, Application, End User and By Geography
According to Stratistics MRC, the Global Power Rental Market is accounted for $10.60 billion in 2023 and is expected to reach $18.41 billion by 2030 growing at a CAGR of 8.2% during the forecast period. Power rental refers to the temporary provision of electrical power equipment and services to businesses, industries, events, and communities. This service is crucial in situations where the existing power infrastructure is insufficient, unreliable, or during emergencies such as natural disasters. Power rental companies offer a wide range of equipment, including generators, transformers, and distribution panels, tailored to meet specific power requirements. They provide flexible solutions, enabling clients to scale up or down based on their needs without the need for long-term commitments or capital investments. Power rental plays a vital role in ensuring continuity of operations, powering events, construction sites, and remote locations where access to permanent power sources may be limited.
According to International Energy Agency (IEA), in 2021, oil and gas upstream investment accounted for USD 384 billion, with an annual growth rate of 8.8%.
Market Dynamics:
Driver:
Growth in construction and infrastructure projects
The growth in construction and infrastructure projects serves as a significant driver for the power rental market due to the increasing demand for temporary power solutions. Construction sites often lack permanent power infrastructure, necessitating the rental of generators and other power equipment to support operations. Similarly, infrastructure projects such as roads, bridges, and railways require reliable power sources for various phases of construction. As these projects expand globally, the need for flexible and scalable power solutions provided by rental services becomes paramount, fueling the growth of the power rental market. Additionally, the trend towards sustainable construction practices, which often involve temporary power solutions to minimize environmental impact further, boosts the demand for rental power equipment.
Restraint:
Fluctuating fuel prices
Power rental companies rely heavily on fuel to generate electricity, and any sudden increase in fuel costs can directly impact their operational expenses. This, in turn, can lead to higher rental rates for customers or decreased profit margins for providers. Moreover, uncertainty in fuel prices makes long-term planning and investment decisions difficult for both providers and customers, potentially stifling market growth. To mitigate this restraint, power rental companies may seek alternative energy sources or invest in more fuel-efficient technologies to stabilize operational costs and remain competitive in the market.
Opportunity:
Industrial shutdowns and turnarounds
Industrial shutdowns and turnarounds often require additional power sources to maintain operations during maintenance or upgrade periods. This demand creates a significant opportunity for the power rental market. Companies specializing in power rental can provide temporary generators, transformers, and other equipment to ensure uninterrupted power supply during shutdowns. As industries prioritize efficiency and cost-effectiveness, outsourcing power needs during these critical periods becomes more attractive, driving growth in the power rental sector. Additionally, the flexibility and scalability of rental solutions allow businesses to tailor their power requirements to specific shutdowns, further enhancing the market's appeal.
Threat:
Technological obsolescence
Technological obsolescence poses a significant threat to the power rental market, as advancements in energy generation and storage technologies can quickly render existing rental equipment outdated. For instance, the emergence of more efficient and sustainable power sources like solar and wind energy may reduce the demand for traditional diesel generators. Moreover, rapid developments in battery technology may make diesel generators less appealing due to their environmental impact and operational costs. To stay competitive, power rental companies must continually invest in updating their equipment to meet evolving customer needs and regulatory requirements.
Covid-19 Impact:
The COVID-19 pandemic significantly impacted the power rental market in several ways. With disruptions in various industries and events, the demand for temporary power solutions fluctuated. Sectors like events, hospitality, and construction which often rely on power rentals, experienced downturns leading to decreased demand. Conversely, sectors like healthcare and emergency response saw increased demand for power solutions to support medical facilities and field hospitals. Moreover, logistical challenges and supply chain disruptions affected the availability and delivery of rental power equipment, adding further complexity to the market dynamics.
The transformer segment is expected to be the largest during the forecast period
The transformer segment within the power rental market has witnessed notable growth owing to several factors. The increasing demand for reliable and uninterrupted power supply across various industries, such as construction, manufacturing, and events, has propelled the need for transformers for temporary power solutions. Additionally, the rising frequency of natural disasters and grid failures has further driven the demand for transformers for emergency power backup. Furthermore, advancements in transformer technology, including the development of more efficient and compact units, have made them increasingly attractive for rental purposes.
The utility segment is expected to have the highest CAGR during the forecast period
The utility segment has experienced significant growth due to increasing demand for temporary power solutions in utility infrastructure projects, such as grid maintenance and expansion. The need for backup power during emergencies, natural disasters, and grid failures has driven utility companies to opt for rental power solutions to ensure uninterrupted service. Additionally, the trend towards decentralized power generation and the integration of renewable energy sources have created opportunities for rental power providers to support utility-scale projects. Moreover, the flexibility and cost-effectiveness of renting power equipment for short-term or seasonal needs appeal to utility companies, enabling them to manage fluctuations in power demand efficiently.
Region with largest share:
The North American power rental market has seen substantial growth due to increased construction and infrastructure projects across the region, that have driven demand for temporary power solutions. The rise in outdoor events and festivals necessitates reliable power sources, boosting the rental market. The region's susceptibility to natural disasters has highlighted the importance of backup power, leading businesses to opt for rental solutions. Additionally, the shift towards renewable energy sources has created opportunities for rental companies to provide supplementary power during transitions. Moreover, advancements in technology have made power rental options more efficient and cost-effective, further fuelling market expansion.
Region with highest CAGR:
The Asia-Pacific region has witnessed significant growth due to several factors. Rapid industrialization and urbanization in countries like China, India, and Southeast Asian nations have fuelled the demand for temporary power solutions to support construction projects and infrastructure development. Furthermore, the expansion of the events and entertainment industry has boosted the demand for temporary power solutions for concerts, festivals, and sporting events. Government initiatives promoting electrification and power infrastructure development have also contributed to the market's growth trajectory in the Asia-Pacific region.
Key players in the market
Some of the key players in Power Rental market include Aggreko Plc, APR Energy, Atlas Copco Group, Caterpillar, Inc., Cummins, Inc., FG Wilson , Generac Power Systems, HIMOINSA S.L., Kohler Power, Shenton Group, Speedy Hire Plc, United Rentals, Inc., Wacker Neuson SE and Wärtsilä Oyj Abp.
Key Developments:
In April 2024, Cummins is set to unveil its global community education strategy, Cummins READY, during an upcoming launch event and panel discussion. With a commitment to fostering inclusive, equitable, and cutting-edge STEM education for all members of its communities, Cummins is poised to lead the charge towards a brighter future. Through Cummins READY, the company aims to empower at least one million learners and workers by 2030, propelling them onto a trajectory of educational and career success.
Power Ratings Covered:
• Above 750 kVA
• 375-750 kVA
• 75-375 kVA
• Below 75 kVA
Equipment Types Covered:
• Load Bank
• Transformer
• Generator
• Other Equipment Types
Fuel Types Covered:
• Gas
• Diesel
• Other Fuel Types
Applications Covered:
• Peak Load
• Continuous Load
• Standby Load
• Other Applications
End Users Covered:
• Manufacturing
• Construction
• Mining
• Events
• Oil & Gas
• Utility
• Marine
• Telecom
• Health Care
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Power Rental Market, By Power Rating
5.1 Introduction
5.2 Above 750 kVA
5.3 375-750 kVA
5.4 75-375 kVA
5.5 Below 75 kVA
6 Global Power Rental Market, By Equipment Type
6.1 Introduction
6.2 Load Bank
6.3 Transformer
6.4 Generator
6.5 Other Equipment Types
7 Global Power Rental Market, By Fuel Type
7.1 Introduction
7.2 Gas
7.3 Diesel
7.4 Other Fuel Types
8 Global Power Rental Market, By Application
8.1 Introduction
8.2 Peak Load
8.3 Continuous Load
8.4 Standby Load
8.5 Other Applications
9 Global Power Rental Market, By End User
9.1 Introduction
9.2 Manufacturing
9.3 Construction
9.4 Mining
9.5 Events
9.6 Oil & Gas
9.7 Utility
9.8 Marine
9.9 Telecom
9.10 Health Care
9.11 Other End Users
10 Global Power Rental Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 Aggreko Plc
12.2 APR Energy
12.3 Atlas Copco Group
12.4 Caterpillar, Inc.
12.5 Cummins, Inc.
12.6 FG Wilson
12.7 Generac Power Systems
12.8 HIMOINSA S.L.
12.9 Kohler Power
12.10 Shenton Group
12.11 Speedy Hire Plc
12.12 United Rentals, Inc.
12.13 Wacker Neuson SE
12.14 Wärtsilä Oyj Abp
List of Tables
1 Global Power Rental Market Outlook, By Region (2021-2030) ($MN)
2 Global Power Rental Market Outlook, By Power Rating (2021-2030) ($MN)
3 Global Power Rental Market Outlook, By Above 750 kVA (2021-2030) ($MN)
4 Global Power Rental Market Outlook, By 375-750 kVA (2021-2030) ($MN)
5 Global Power Rental Market Outlook, By 75-375 kVA (2021-2030) ($MN)
6 Global Power Rental Market Outlook, By Below 75 kVA (2021-2030) ($MN)
7 Global Power Rental Market Outlook, By Equipment Type (2021-2030) ($MN)
8 Global Power Rental Market Outlook, By Load Bank (2021-2030) ($MN)
9 Global Power Rental Market Outlook, By Transformer (2021-2030) ($MN)
10 Global Power Rental Market Outlook, By Generator (2021-2030) ($MN)
11 Global Power Rental Market Outlook, By Other Equipment Types (2021-2030) ($MN)
12 Global Power Rental Market Outlook, By Fuel Type (2021-2030) ($MN)
13 Global Power Rental Market Outlook, By Gas (2021-2030) ($MN)
14 Global Power Rental Market Outlook, By Diesel (2021-2030) ($MN)
15 Global Power Rental Market Outlook, By Other Fuel Types (2021-2030) ($MN)
16 Global Power Rental Market Outlook, By Application (2021-2030) ($MN)
17 Global Power Rental Market Outlook, By Peak Load (2021-2030) ($MN)
18 Global Power Rental Market Outlook, By Continuous Load (2021-2030) ($MN)
19 Global Power Rental Market Outlook, By Standby Load (2021-2030) ($MN)
20 Global Power Rental Market Outlook, By Other Applications (2021-2030) ($MN)
21 Global Power Rental Market Outlook, By End User (2021-2030) ($MN)
22 Global Power Rental Market Outlook, By Manufacturing (2021-2030) ($MN)
23 Global Power Rental Market Outlook, By Construction (2021-2030) ($MN)
24 Global Power Rental Market Outlook, By Mining (2021-2030) ($MN)
25 Global Power Rental Market Outlook, By Events (2021-2030) ($MN)
26 Global Power Rental Market Outlook, By Oil & Gas (2021-2030) ($MN)
27 Global Power Rental Market Outlook, By Utility (2021-2030) ($MN)
28 Global Power Rental Market Outlook, By Marine (2021-2030) ($MN)
29 Global Power Rental Market Outlook, By Telecom (2021-2030) ($MN)
30 Global Power Rental Market Outlook, By Health Care (2021-2030) ($MN)
31 Global Power Rental Market Outlook, By Other End Users (2021-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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