PUBLISHER: Polaris Market Research | PRODUCT CODE: 1478616
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1478616
The global power rental market size is expected to reach USD 17.49 billion by 2032, according to a new study by Polaris Market Research. The report "Power Rental Market Share, Size, Trends, Industry Analysis Report, By Equipment (Transformers, Generators, Load Banks, Others); By Fuel Type; By Application; By End User; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Renewable energy integration is a key driver of the power rental market. With a global shift towards sustainability, there's a rising demand for incorporating renewable sources like solar, wind, and hydroelectric power. However, the intermittent nature of renewable energy generation presents challenges to maintaining a stable power supply. Power rental solutions address these challenges by providing backup power during low renewable energy production or system failures. Additionally, hybrid solutions combining renewables with diesel generators ensure uninterrupted power while minimizing environmental impact. As governments and businesses invest more in renewable projects, the demand for power rental services to support renewable energy integration is expected to escalate, fueling the market growth.
Natural disasters often cause widespread power outages, disrupting essential services. Power rental solutions restore electricity, enabling vital operations like healthcare and communication. These temporary systems also aid disaster recovery efforts, providing adaptable power support to relief operations and temporary shelters. With climate change increasing the frequency and severity of extreme weather events, the demand for reliable power rental solutions grows. As communities and organizations prioritize disaster preparedness, the power rental market continues to expand, offering indispensable support during crises.
Concerts, festivals, sports events, and corporate gatherings demand reliable power for lighting, sound systems, and AV equipment. Power rental solutions meet these needs by offering temporary electricity supply, ensuring seamless operations, and enhancing attendee experiences. The rising popularity of large-scale events and outdoor festivals further increases the demand for power rental services. As the events industry grows globally, particularly in emerging markets, the necessity for flexible and scalable power solutions becomes crucial. Power rental companies provide a range of generators and equipment tailored to event requirements, fueling the growth of the power rental market alongside the events and entertainment industry.
With the increasing use of mobile devices, internet connectivity, and cloud computing services, there's a rising demand for reliable power supply. Power rental solutions offer flexibility and scalability to meet the dynamic needs of these facilities during expansions, maintenance, or unforeseen outages. Telecom companies rely on these services for uninterrupted communication networks, while data centers require stable power sources to maintain critical operations and mitigate downtime risks. As the demand for telecom and data center services continues to surge globally, the power rental market is set for substantial growth, playing a pivotal role in supporting digital infrastructure.
In 2023, the generators segment held a significant revenue share owing to versatility, rapid deployment, and cost-effectiveness.
In 2023, the diesel segment held a major market revenue share owing to high power output, reliability, and longevity.
In 2023, the continuous power segment held a significant revenue share owing to wide use in critical applications such as healthcare facilities, data centers, and telecommunications networks.
In 2023, the utilities segment held a significant revenue share owing to grid stability maintenance, emergency backup, and remote area electrification.
In 2023, the North American region accounted for a significant market share due to increased construction activities, stringent regulations, and a growing events industry.
The market is highly competitive owing to the presence of global players, including Aggreko, Aksa Power Generation, Atlas Copco AB, Bredenoord, Caterpillar Inc., Cummins Inc., Herc Rentals, Kohler, Modern Energy Rental, Perennial Technologies, and United Rentals, Inc.
Polaris Market Research has segmented the Power Rental market report based on equipment, fuel type, application, end-user, and region: