Power rental market is anticipated to grow at a CAGR of 6.5% during the forecast period (2024-2031). The power Rental or power hiring market comprises renting power equipment over purchase due to initial cost-benefit and low to no maintenance cost. Most industries prefer to rent power equipment due to flexibility in power rating, lack of power grid infrastructure, and high availability of rental equipment, specifically the mining industry based on their remote location of servicing. Other utilities include fulfilling demand on peak power load, temporary power requirement, weak power supply, generator maintenance, and others.
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The growth in the power rental market is driven by rising electrification and power demand specifically in growing economies due to increasing investment in infrastructure development and rapid urbanization. Also, a trend to electrify industrial processes attributed to several country’s net-zero goals has stimulated the demand. For instance, according to the International Energy Agency, global electricity demand is expected to rise at a faster rate over the next three years, growing by an average of 3.4% annually through 2026. The gains will be driven by an improving economic outlook, which will contribute to faster electricity demand growth both in advanced and emerging economies. Particularly in advanced economies and China, electricity demand will be supported by the ongoing electrification of the residential and transport sectors, as well as a notable expansion of the data center sector. The share of electricity in final energy consumption is estimated to have reached 20.0% in 2023, up from 18.0% in 2015.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Power Rental Market by End User
- Telecom and Data Center
- Oil & Gas
- Utilities
- Manufacturing
- Mining and Construction
- Others (Offshore, Healthcare, Marine)
Global Power Rental Market by Power Rating
- Up to 50 kW
- 51 –500 kW
- 501 –2,500 kW
- Above 2,500 kW
Global Power Rental Market by Fuel
- Diesel
- Gas
Global Power Rental Market by Application
- Standby
- Peak Shaving
- Prime/Continuous
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East & Africa
Company Profiles
- Generac Power Systems, Inc.
- Kohler-SDMO
- Ashtead Group plc
- Herc Rentals Inc.
- Sudhir Power Ltd.
- Wagner Equipment Co.
- Shenton Group
- Bredenoord
- Al Faris Group
- HIMOINSA S.L.
- Modern Hiring Service
- Wärtsilä Corp.
- APR Energy
- Perennial Technologies
- Perfect Hiring Services
The Report Covers
- Market value data analysis of 2023 and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global power rental market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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