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According to the estimates by IMARC Group, the global power rental market is expected to witness a CAGR of 6% from 2021 to 2026.
The growing demand for uninterrupted power supply along with increasing pressure on power grids to cater to the rising power consumption needs, is currently driving the market for power rentals across the globe.
The emergence of electric power generators that help in reducing carbon emissions from conventional diesel-based gensets, represents one of the key trends in the global power rental market.
The market experienced a negative impact on account of the sudden outbreak of the COVID-19 pandemic as the implementation of numerous lockdown regulations had led to the temporary halt of numerous construction activities, thereby limiting the demand for power rentals.
On the basis of the fuel type, the market has been classified into diesel, natural gas, and others. Amongst these, diesel accounts for the majority of market share.
On the basis of the power rating, the market has been categorized into up to 50 kW, 51 – 500 kW, 501 – 2,500 kW, and above 2,500 kW. At present, 501-2,500 kW leads the global market.
On the basis of the application, the market has been divided into peak shaving, standby power, and base load/continuous power. In this segment, base load/continuous power dominates the global market.
On the basis of the end use industry, the market has been segregated into utilities, oil & gas, events, construction, mining, and others. At present, the utility industry accounts for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where North America holds the largest market share.
The key companies in the global power rental market are Aggreko Plc, Caterpillar, Inc., Atlas Copco Group, Cummins, Inc., United Rentals, Inc., HIMOINSA S.L., Horizon Acquisition (Horizon Power Systems), The Hertz Corporation, Generac Power Systems, Wacker Neuson SE, Wärtsilä Oyj Abp, Speedy Hire Plc, Smart Energy Solutions (SES), and SoEnergy International, Inc.
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