Power Rental Market (By Fuel: Diesel and Natural Gas; By Application Type: Continuous Load, Standby Load, Peak Load; By End User: Mining, Construction, Utility, Events, Manufacturing, Oil & Gas, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023 - 2032


The global power rental market size was estimated at US$ 9.79 billion in 2022 and is expected to reach over US$ 30 billion by 2032 with a registered CAGR of 11.90% from 2023 to 2032.

Power Rental Market Size 2023 to 2032

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Power Rental Market Size in the Asia Pacific 2023 to 2032

The Asia Pacific power rental market size reached US$ 2.10 billion in 2022 and is projected to hit around US$ 6.55 billion by 2032, growing at a CAGR of 12.10% from 2023 to 2032.

Asia Pacific Power Rental Market Size 2023 to 2032

Based on the region, the North America segment dominated the global power rental market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. The rapid expansion of commercial venues such as hotels, malls, and retail stores has led to a significant increase in the demand for reliable power, resulting in higher power rental consumption.

On the other hand, the Asia-Pacific is estimated to be the most opportunistic segment during the forecast period. The countries such as Thailand and Indonesia are seeing massive commercial infrastructure development. Furthermore, growing digitalization, combined with the prevailing industrial revolution 4.0 across the region, would provide a significant boost to the industry’s growth.

Growth Factors

The power rental is a renting of generator, whether they operate on diesel or gas. It provides fully functional power equipment as well as a variety of components for use in power plants. Furthermore, it provides organizations with flexibility, speed, and cost-effectiveness while dealing with power outages. The purpose of rental power services is to help stabilize utility power networks while also providing additional energy to industry and communities. As a result, it has a wide range of applications in the mining, building and construction, oil and gas industries.

In the event of a power outage, the use of power leasing equipment is predicted to expand, propelling the global power rental market growth. During periods of power outage, power rental systems meet the needs of a wide range of industries by providing backup power to keep operations running. The factors fueling the demand for continuous power supply in the gas and oil and mining industries, as well as the growing need for electrification and rural power delivery. The grid stabilization is required due to ageing electricity infrastructure.

The mining industry is major use of rental power. Due to mining sites are not connected to the grid, they rely on generator sets that have been hired on a temporary basis. The rental generators are in modest demand in manufacturing businesses when the existing power supply system, such as purchased generator sets, has to be maintained, or when there is a need for extra power during peak load demand, or when there is a brief outage. As a result, sectors with poor grid power supplies are heavily reliant on the power rental market’s expansion.

Most firms prefer to rent rather than buy a new generator to save money. Furthermore, projects from diverse sectors range from one site to the next and are spread across different regions. Rather of hauling one’s generator between locations, renting for different locations appears to be more convenient and cost-effective. The high cost of purchasing new generators, as well as huge growth in numerous industries such as construction, oil and gas are driving the power rental market. However, the power rental market growth is likely to be constrained by the expansion of power distribution networks and the increased development of renewable energy projects.

Scope of the Power Rental Market

Report Coverage Details
Market Size US$ 30 Billion by 2032
Growth Rate CAGR of 11.90% from 2023 to 2032
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2022
Forecast Period 2023 to 2032
Segments Covered Fuel, Application, End Use, Region
Companies Mentioned Pump Power Rental, Global Power Supply, Jassim Transport & Stevedoring Co. K.S.C.C., Newburn Power Rental Ltd., ProPower Rental, Shenton Group, Modern Hiring Service, United Rentals, FG Wilson, APR Energy

 

Application Insights

Based on the application, the continuous load segment dominated the global power rental market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period. Due to expanding advancements throughout the world that are inaccessible to the grid and require steady power for an endless number of hours, the continuous load segment is expected to account the largest proportion of the market. The continuous load generators are utilized not just as a backup power source, but also as a primary power source.

On the other hand, the peak load is estimated to be the most opportunistic segment during the forecast period. This is attributed to the constantly changing infrastructures in several verticals, particularly to promote tourism activities, which require 24/7 power access.

Fuel Insights

Based on the fuel, the diesel segment accounted 81% revenue share in 2022. The key market players in the oil and gas, mining, and other manufacturing industries all favor the growth of the segment. The increasing demand for diesel generators sets to supply temporary power requirements is due to the adequate availability and low cost of diesel fuel.

Power Rental Market Share, By Fuel Type, 2020 (%)

The gas segment is estimated to be the most opportunistic segment during the forecast period. Due to increasingly severe regulations and environmental policies in various locations, the market potential of gas generators is likely to expand moderately over the forecast period.

End User Insights

Based on the end user, the mining segment dominated the global power rental market in 2020, in terms of revenue. The mining industry is quickly expanding around the world as a result of increased production and export of various minerals and metals to support the manufacturing of various goods.

On the other hand, the construction is estimated to be the most opportunistic segment during the forecast period. The rental power is preferred by construction industry players in order to save generator installation and transportation costs. The commercial spaces, residential buildings, and roadways are examples of construction projects.

Key Companies & Market Share Insights

The increased research and development spending, as well as technological collaborations between major market players, will boost the market potential. In order to maintain their market position, the manufacturers are implementing initiatives such as mergers, partnerships, expansions, and acquisitions. Aggreko, for example, was given a contract in December 2018 to provide rental power services for the 2020 Tokyo Paralympic and Olympic games.

Some of the prominent players in the global power rental market include: 

  • Pump Power Rental
  • Global Power Supply
  • Jassim Transport & Stevedoring Co. K.S.C.C.
  • Newburn Power Rental Ltd.
  • ProPower Rental
  • Shenton Group
  • Modern Hiring Service
  • United Rentals
  • FG Wilson
  • APR Energy

Segments Covered in the Report

By Fuel

  • Diesel
  • Natural Gas

By Application

  • Continuous Load
  • Standby Load
  • Peak Load

By End User

  • Mining
  • Construction
  • Utility
  • Events
  • Manufacturing
  • Oil & Gas
  • Others

By Geography

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World

Frequently Asked Questions

How much is the power rental market worth?
According to Precedence Research, the global power rental market size was valued at US$ 9.79 billion in 2022 and is predicted to surpass US$ 30 billion by 2032.
What is the growth rate of global power rental market?
The global power rental market is growing at a CAGR of 11.90% during the forecast period 2023 to 2032.
Which are the driving factors of the power rental market?
The power rental market growth will be fueled by strong infrastructure construction, as well as the growing importance of power backup solutions and disaster management among end users.
Who are the major players operating in the power rental market?
The major players operating in the power rental market are Pump Power Rental, Global Power Supply, Jassim Transport & Stevedoring Co. K.S.C.C., Newburn Power Rental Ltd., ProPower Rental, Shenton Group, Modern Hiring Service, United Rentals, FG Wilson, APR Energy.
Which region will lead the global power rental market?
Based on the region, the North America segment dominated the global power rental market in 2022, in terms of revenue and is estimated to sustain its dominance during the forecast period.

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