Power Rental Market is Estimated To Witness High Growth Owing To Trends in Decarbonization




Power Rental Market

The Power Rental Market is estimated to be valued at US$ 6.19 Bn in 2023 and is expected to exhibit a CAGR of 7.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The power rental market involves renting of generator sets, portable equipment, and utilities on rental basis to fulfill temporary or auxiliary power needs. Power rental equipment find application in several end-use industries such as construction, mining, oil & gas, utilities, manufacturing, and events. They provide reliable power solutions during power outages, natural calamities, and equipment maintenance downtime.

Market key trends:
One of the major trends driving the power rental market growth is decarbonization. Companies across various industries are focusing on use of cleaner fuel solutions and renewable energy integration to reduce their carbon footprint. This is increasing demand for hybrid and natural gas generators as they emit lower emissions as compared to traditional diesel generators. For example, Aggreko offers gas turbine generators that use natural gas or liquefied petroleum gas as fuel. Such eco-friendly power rental solutions are gaining traction in view of stringent environmental regulations, thereby fueling the market expansion over the forecast period.

Porter's Analysis

Threat of new entrants: Low capital requirements and expertise allow new players to enter the market. However, established players have an advantage in bargaining power and brand value.

Bargaining power of buyers: Large buyers have high bargaining power due to bulk rentals. Small buyers have low bargaining power.

Bargaining power of suppliers: Suppliers of power generators have moderate power due to availability of substitutes and power generators from multiple OEMs.

Threat of new substitutes: Substitutes like temporary wiring, emission reduction technologies pose low threat currently.

Competitive rivalry: Intense due to large number of players and price being a key differentiator.

SWOT Analysis

Strengths: Large fleet sizes and geographical presence across regions. Diversified product and service portfolio.

Weaknesses: High dependence on oil & gas industry volatile nature of business. Rising costs and environmental regulations.

Opportunities: Growth in manufacturing, construction, and mining industries. Expanding market in emerging economies.

Threats: Import of cheaper Chinese generators. Slow electrification in rural areas of developing nations.

Key Takeaways

Global Power Rental Market Size is expected to witness high growth, exhibiting CAGR of 7.8% over the forecast period, due to increasing investments in construction and mining industries globally. The market size is expected to reach US$ 6.19 Bn in 2023.

The Asia Pacific region dominates the global power rental market and is expected to grow the fastest due to significant investments in construction, manufacturing and mining industries in China and India.

Key players operating in the power rental market are Aggreko PLC, United Rentals, Inc., APR Energy, PLC, Caterpillar, Inc., Cummins, Inc., Hertz Equipment Rental Corporation, Generac Power Systems, and Rental Solutions & Services, LLC. 

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