Power Rental Market is Projected to Reach US$ 18.31 Billion, at a CAGR of 6.0% by 2033 | Future Market Insights
Rising power consumption in various parts of the world is one of the major factors that has escalated to boost the growth of the power rental industry over the analysis period.
NEWARK, Del, Oct. 16, 2023 (GLOBE NEWSWIRE) — In 2023, the global power rental market is anticipated to be worth US$ 10.22 billion. The entire demand for Power Rental is expected to expand at a CAGR of 6.0% between 2023 and 2033, totaling roughly US$ 18.31 billion by 2033, due to the rapid development of the industrial sector and the growing need for an uninterrupted and dependable power supply.
Due to the necessity for continuous energy consumption and peak and continuous power requirements, generators have become an essential element of industrial and domestic equipment. Growing urbanization and rising infrastructure expenses are likely to drive up the size of the generator sales industry.
Strong economic development, harsher winters, and warmer summers raised global electricity consumption by more than 6% in 2021, the highest increase since the recovery from the financial crisis in 2010. Natural catastrophes, transmission line failure, distribution line failure, and equipment concerns at power-producing facilities or substations worldwide have increased the number of days with power outages in recent years.
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This is expected to assist the global generator rental business. Leasing generators is a typical method to acquire power from transmission and distribution lines.
Owing to the power outages often occurring in rural parts worldwide, manufacturing enterprises in these regions rely largely on rental power services, such as rental generators. This boosts the generator rental industry. Power fluctuations may seriously damage electrical equipment. The persons who use the equipment or device may also be harmed.
Key Takeaways from the Market Study:
- Global power rental market is expected to reach a market size of US$ 9.7 Billion by 2022.
- The Diesel segment, is expected to have the highest CAGR rate of 5.8% during the forecast period.
- United States to remain the most dominant market with an absolute dollar growth opportunity of US$ 2.3 Billion.
- The market in the United States is set to experience the highest CAGR of 5.3% by 2032.
“During the projected period, the new product launches in the Power Sector and rise in the industrial activities will benefit the Power Rental industry trends in the coming years.” opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
The market is fiercely competitive, where key players are increasingly focused on obtaining a competitive advantage. The key companies in the power rental market are focused on R&D to produce innovative technological solutions.
- In October 2021, the SD 20 commercial diesel generator set was introduced by Cummins Inc. Disaster relief, mobile medical, mobile command centers, ambulances, food trucks, utility boom trucks, and many more applications are possible with the SD 20 trailer and vehicle. The new SD 20 is serviceable and long-lasting, with right-hand servicing access and a 400-hour minimum replacement interval.
- In June 2021, Aggreko is increasing its expenditures on hydrogen technologies. This move is part of the company’s Net Zero strategy and will increase its ability to provide emission-free temporary electricity everywhere. Throughout H2 / 2021, Aggreko will have ten 50 kVA hydrogen combustion gensets available for commercial installation in Europe. A fuel cell will also be combined with battery storage to make a 45 kVA hybrid system.
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More Insights Available
In its new offering, Future Market Insights presents an unbiased analysis of the power rental market, presenting historical market data (2017 to 2021) and forecast statistics for 2023 to 2033.
The study reveals extensive growth in the power rental market across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Report Scope:
| Report Attribute | Details | ||
| Growth Rate | CAGR of 6.0% from 2023 to 2033 | ||
| Market Value in 2023 | US$ 10.22 Billion | ||
| Market Value in 2033 | US$ 18.31 Billion | ||
| Base Year for Estimation | 2022 | ||
| Historical Data | 2018 to 2022 | ||
| Forecast Period | 2023 to 2033 | ||
| Quantitative Units | Revenue in US$ Billion and CAGR from 2023 to 2033 | ||
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | ||
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| Regions Covered |
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Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil and gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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