The global power rental market is estimated to be valued at US$9.8 billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The power rental market provides temporary power solutions to various industries and sectors. These temporary power solutions are used in events, construction sites, remote locations, and emergency situations. The demand for power rental services is increasing due to the growing construction industry and the need for reliable and uninterrupted power supply. Power rental companies provide generators, load banks, and other power equipment on rental basis to meet the temporary power needs of their customers. These services offer flexibility, cost-effectiveness, and scalability to the end-users.
Market Dynamics:
The power rental market is driven by two main factors. Firstly, the increasing demand for temporary power solutions is primarily fueled by the growth of industries, such as construction, oil and gas, events, and manufacturing. These industries require uninterrupted power supply for their operations, and power rental services provide a cost-effective solution. Secondly, the construction industry is witnessing significant growth worldwide, driving the demand for power rental services for construction sites. This trend is expected to continue over the forecast period, further boosting the Power Rental Market Size. Major players in the power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC.
SWOT Analysis:
Strengths:
– Aggreko PLC, United Rentals, Inc., and Caterpillar, Inc. are well-established companies in the power rental market, giving them a strong market presence.
– The increasing demand for power rental services, especially in developing countries, presents a significant growth opportunity for companies in this market.
– Power rental services offer flexibility and cost savings for industries and businesses that require temporary power solutions.
Weaknesses:
– APR Energy, PLC and Hertz Equipment Rental Corporation have relatively smaller market shares compared to other key players in the power rental market.
– The power rental market is highly competitive, and companies need to invest in advanced technologies and services to stay ahead.
Opportunities:
– The power rental market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing demand from sectors such as construction, oil & gas, and events and entertainment.
– The rising trend of digitization and automation in various industries opens up opportunities for power rental companies to provide technologically advanced and integrated power solutions.
Threats:
– Cummins, Inc., Generac Power Systems, and Rental Solutions & Services, LLC are key players in the power rental market, which increases competition for other companies.
– Economic fluctuations and uncertain political conditions in certain regions may affect the demand for power rental services, posing a threat to market growth.
Key Takeaways:
The global power rental market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing demand from industries such as construction, oil & gas, and events and entertainment. The Asia Pacific region is expected to be the fastest-growing and dominating region in the power rental market, driven by rapid industrialization, infrastructural development, and the growing need for temporary power solutions in emerging economies like India and China. Key players operating in the power rental market include Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC. These companies have established a strong market presence and are investing in technological advancements to stay competitive in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.