Power Rental Global Market Report 2024

The power rental market size has grown rapidly in recent years. It will grow from $10.99 billion in 2023 to $12.13 billion in 2024 at a compound annual growth rate (CAGR) of 10.4%. The expansion observed in the historical period can be ascribed to factors such as construction and infrastructure development, utility power shortages, growth in the events and entertainment industry, the demand for power in remote and off-grid locations, and the escalation of mining operations.

The power rental market size is expected to see strong growth in the next few years. It will grow to $17.71 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The increase projected for the forecast period can be ascribed to the development of smart cities, expansion in healthcare infrastructure, military operations, construction of data centers, and global events and exhibitions. Key trends anticipated in the forecast period encompass technologies related to rental generators, mobile and modular power units, flexible rental contract models, energy efficiency, emissions reduction, as well as the integration of remote monitoring and telematics.

The expansion of the power rental market is being propelled by rapid industrialization, defined as the swift transition of an economy from agriculture-centric to manufacturing-oriented. This transformation has been evident across various sectors, including information technology, manufacturing, and construction. Each of these sectors necessitates a consistent and uninterrupted power supply for their smooth operations. An illustrative example is the $1.3 trillion master plan unveiled by India's Prime Minister Narendra Modi in October 2021, focusing on multimodal connectivity infrastructure to reduce logistics costs and stimulate the Indian economy. A substantial allocation of $130.57 billion to the infrastructure sector is also part of this plan. Consequently, the demand for power rental is anticipated to rise due to the prevalence of rapid industrialization and increased investments in infrastructure development in major developing nations.

The power rentals market is expected to experience growth driven by the expanding construction industry. Construction involves the process of creating or assembling infrastructure, buildings, and other structures. Power rentals in the construction sector offer temporary and scalable power solutions, ensuring an uninterrupted energy supply for construction sites and equipment, thereby enhancing project efficiency and productivity. As of December 2023, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development, construction spending reached a seasonally adjusted annual rate of $2,027.1 billion, marking a 0.6% (±1.0%) increase from the revised September estimate of $2,014.7 billion. The October figure also reflects a 10.7% (±1.6%) rise compared to October 2022's estimate of $1,830.5 billion. With construction spending in the first ten months of the year totaling $1,646.0 billion, a 5.6% (±1.2%) increase from the same period in 2022, the growing construction industry emerges as a significant driver for the power rentals market.

Partnerships and collaborations are emerging as notable trends in the power rental market, with companies strategically joining forces to expand their market presence by leveraging mutual resources. An illustrative example is the partnership formed in November 2021 between DT Hughes Group, a UK-based building material supplier, and Sunbelt Rentals, a US-based company specializing in the rental of general construction equipment, power generators, and accessories. This collaboration empowers DT Hughes to access cost-effective and environmentally friendly power rental systems, as well as plant gear and equipment for various projects involving excavation, restoration, jointing, and cable installation. A pivotal aspect of DT Hughes's successful bid was its commitment to utilizing electrical technology to mitigate pollution.

Key players in the power rentals market are increasingly emphasizing the introduction of high-performance twin-pack diesel generators to enhance their competitive advantage. A twin-pack diesel generator is a power generation system comprising two diesel generators operating in parallel or as a pair, working collaboratively to provide a higher combined power output. In June 2022, Cummins Inc., a US-based engineering company, launched the C1000D6RE, a 1 MW twin-pack rental power diesel generator. This innovative generator is tailored to provide a competitive rental power solution for diverse applications, including construction sites, emergency power, large-scale events, industrial buildings, and utilities in remote or urban areas. The generator integrates two Cummins 15L, 500 kW generators into a single 40-foot power unit, catering to the needs of large-scale industries and various mobile power requirements.

In January 2022, Herc Rentals, a US-based rental company specializing in equipment and tool rentals for construction and industrial applications, successfully acquired Temp-Power Inc. for an undisclosed amount. Through this strategic acquisition, Herc Rentals aims to leverage the rental solutions provided by Temp-Power. Temp-Power, based in Virginia, specializes in portable and towable generators, light towers and balloons, power distribution, on-site diesel fuel delivery, temperature control (AC, heat, dehumidifiers), utility vehicles/golf carts, and on-site technicians.

Major companies operating in the power rental market report are Caterpillar Inc., Cummins Inc., Atlas Copco AB, United Rentals Inc., Ashtead Group PLC, Kohler Co., Wärtsilä Oyj, Generac Power Systems Inc., Herc Rentals Inc., Hertz Equipment Rental Corporation, Wacker Neuson SE, Aggreko PLC, Multiquip Inc., APR Energy Ltd., FG Wilson (Engineering) Ltd., Smart Energy Solutions Ltd., Modern Hiring Service Ltd., Speedy Hire PLC, Power Electrics Bristol, Rental Solutions & Services, Bredenoord Exploitatiemij B.V., Pump Power Rental, Global Power Supply Ltd., Jassim Transport & Stevedoring Co. K.S.C.C., Newburn Power Rental Ltd., ProPower Rental, Shenton Group PLC, So Energy Trading Limited.

Asia-Pacific was the largest region in the power rental market in 2023. North America is expected to be the fastest-growing region in the power rental market share during the forecast period. The regions covered in the power rental market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the power rental market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary components of power rental equipment comprise generators, transformers, load banks, and other related devices. Generators serve as devices that supply electrical power during power outages, ensuring uninterrupted continuity of daily activities and business operations. Standby power, peak shaving, and base load/continuous power represent the primary applications of this equipment. Various fuel types, such as diesel, natural gas, and others, are employed to operate power rental equipment, catering to diverse end-user segments, including utilities, oil & gas, construction, manufacturing, metal & mining, IT and data centers, corporate & retail, events, and others.

The power rental market research report is one of a series of new reports that provides power rental market statistics, including the power rental industry global market size, regional shares, competitors with a power rental market share, detailed power rental market segments, market trends and opportunities, and any further data you may need to thrive in the power rental industry. This power rental market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The power rental market includes revenues earned by entities by providing services such as generator rental services and cooling equipment rental services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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