Power Rental Market is Projected to Reach US$ 18.31 Billion, at a CAGR of 6.0% by 2033 | Future Market Insights
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
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.
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.
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
Segments Covered
Power Rating
Fuel
End-Use
Application
Region
Regions Covered
North America
Latin America
Europe
East Asia
South Asia & Pacific
Middle East and Africa (MEA)
Key Countries Profiled
USA
Canada
Brazil
Mexico
Germany
United Kingdom
France
Spain
Italy
China
Japan
South Korea
Malaysia
Singapore
Australia
New Zealand
GCC Countries
South Africa
Israel
Key Companies Profiled
Caterpillar Inc.
Cummins Inc.
Aggreko
Atlas Copco
Kohler-SDMO
Shenton Group
NIDS GROUP
Jassim Transport & Stevedoring Co. K.S.C.C.
Pump Power Rental
United Rentals
Sudhir Power Ltd.
Modern Hiring Service
Newburn Power Rental Ltd.
Global Power Supply
FG Wilson
ProPower Rental
APR Energy
Gain Immediate Access to Detailed Market Insights: Purchase Now to Uncover Segment-specific Information and identify Key Trends, Drivers, and Challenges: https://www.futuremarketinsights.com/checkout/15218
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.
Explore FMI’s Extensive Ongoing Coverage in the Services and Utilities Market Insights:
Power Conditioning Services Market Size: The Power Conditioning Services Market will likely hold the global market at a moderate CAGR of ~4% during the forecast period. The global market holds a forecasted revenue of ~US$ 16.8 Billion in 2022 and is likely to cross ~US$ 24.87 Billion by the end of 2032.
Foundation Repair Services Market Share: The foundation repair services market is estimated to be valued at US$ 2,726.2 million in 2023 and is expected to reach US$ 3,500 million by 2033. The adoption of foundation repair services will likely advance at a CAGR of 2.5% during the forecast period.
Contractual Cleaning Services Market Demand: The global contractual cleaning services market is anticipated to generate revenues of US$ 181.61 billion in 2023. Demand for contractual cleaning services is anticipated to expand at a CAGR of 4.3% and reach US$ 276.69 billion by 2033.
United States & Canada Pest Control Services Market Forecast: The United States & Canada pest control services market sales revenue is estimated to total ~US$ 11,694.4 million in 2023. From 2023 to 2033, pest control services demand in the United States & Canada market is set to rise at around 7.3% CAGR.
eCommerce Logistics Market Analysis: The global eCommerce logistics market is predicted to reach US$ 626.23 billion in 2023. It is anticipated to develop at a CAGR of 17.8%, reaching US$ 3221.36 billion by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
