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3. Power Rental Market Size & Share - Future Growth Expectations

The global power rental market size is expected to reach USD 14.2 billion by 2029 from USD 10.8 billion in 2024, at a CAGR of 5.6% during the forecast period. The major factors driving the growth of this market include Rapid industrialization in emerging countries of Asia Pacific, integration of power rental generators with renewable energy resources, increasing demand for power supply.

The power rental market has been experiencing robust growth driven by Several factors such as the rise in infrastructure and construction projects, the need for temporary power solutions, the speed of industrialization, and the growth of the entertainment and events sector.

• Demand for Temporary Power Solutions
• Increase in Building and Infrastructure Projects
• Rapid Industrialization
• Expansion of the Events and Entertainment Sector
• Disaster Recovery and Emergency Response
• Applications for Remote and Off-Grid Locations
• Technological Developments and Market Innovations

To know about the assumptions considered for the study download the pdf brochure

Demand for Temporary Power Solutions:

• A number of events, including planned maintenance, natural disasters, power outages, and unstable power grids, might result in the requirement for temporary power solutions. In order to give dependable and prompt power to companies, industries, events, and communities, power rental companies rent out a variety of generators, transformers, and other equipment, which propels market expansion.

Increase in Building and Infrastructure Projects:

• The building and infrastructure industries are big users of power leasing services, needing short-term electricity for building sites, outlying areas, and transitory buildings. The demand for power leasing equipment to support infrastructure development projects including roads, bridges, airports, and trains is rising due to urbanization, population increase, and rising investments in these areas, which is driving the market's expansion.

Rapid Industrialization:

• For continuous operation, industrial processes like mining, petrochemicals, manufacturing, and oil and gas exploration need a steady supply of electricity. In order to ensure business continuity and reduce downtime, power rental solutions are essential for providing industrial facilities with backup or temporary power during periods of high demand, scheduled shutdowns, or unplanned power outages. This helps to propel market growth.

Expansion of the Events and Entertainment Sector:

• To meet the power needs of temporary venues, stages, lighting, sound systems, and other equipment, the events and entertainment sector, which includes music festivals, sports events, trade shows, and corporate events, mainly depends on temporary power solutions. By offering generators and power distribution equipment to meet the needs of event planners, power rental firms support market expansion as the events sector grows on a global scale.

Disaster Recovery and Emergency Response:

• Natural calamities including hurricanes, floods, earthquakes, and wildfires frequently cause power outages in the impacted areas, making the use of temporary power solutions for these purposes necessary. In order to support relief efforts and restore vital services, power rental firms are necessary in providing backup generators, mobile power units, and temporary power distribution infrastructure. This helps to propel market expansion in areas that are vulnerable to natural disasters.

Applications for Remote and Off-Grid Locations:

• Because isolated industrial sites, off-grid towns, and remote areas sometimes lack access to dependable grid power, they need to use alternative power sources including hybrid power systems, diesel generators, and solar generators. By providing specialized solutions, such as remote monitoring and maintenance services, to address the unique requirements of off-grid clients, power rental firms are able to expand their market share in off-grid and remote applications.

Technological Developments and Market Innovations:

• The power rental industry is experiencing innovation as a result of technological developments in power distribution, generating, and monitoring systems. To increase efficiency, lower emissions, and improve customer satisfaction, rental companies are investing in fuel-efficient, modern generators with sophisticated control systems, hybrid power options, and remote monitoring capabilities. This is helping them to stand out from the competition and provide value-added services that will drive market growth.

The growing need for temporary power solutions across a range of industries and applications, along with technological improvements, industry innovations, and expanding worldwide market prospects, are likely to fuel the power rental market's growth trajectory in the next years.

Power Rental Market Share - Global Industry Landscape

The power rental market is characterized by the presence of several key players competing for market share. Some of the leading companies in the power rental industry include:

• Caterpillar (US)
• Cummins Inc (US)
• Aggerko (UK)
• Ashtead Group plc (UK)
• United Rentals, Inc. (US)

These companies operate in the global power rental market by offering a variety of rental power solutions, equipment, and services to meet the temporary power needs of customers across different industries and applications. Market share within the power rental industry may vary based on factors such as geographic presence, equipment fleet size, customer relationships, and service capabilities.

Caterpillar (US)

• Caterpillar is one of the leading producers of industrial gas turbines, diesel and natural gas engines, construction and mining equipment, diesel-electric locomotives, and also provides maintenance and other services to its customers during the course of their product life cycles. The corporation is primarily divided into four business segments: energy and transportation, resource industries, construction industries, and all other businesses, which provide the company's financial business services. The company offers equipment rental services through its construction industries business segment. The business runs a rental division known as Cat Rental, which runs outlets under the moniker rental store. Caterpillar, Inc. established a subsidiary in 2002 as a joint venture with its current dealers in the European market. The company has its operational presence worldwide along with manufacturing sites in major regions such as Americas, Asia Pacific, and Europe.

Cummins Inc (US)

• Cummins is a multinational corporation that designs, manufactures, and distributes engines, power generation systems, and related technologies. The company provides rental power solutions, including diesel and natural gas generators, switchgear, and control systems, serving customers in construction, mining, oil and gas, and other industries.

Aggerko (UK)

• Aggreko is a global leader in the provision of temporary power, heating, cooling, and energy services. The company was established in 1962 and has evolved into a trusted partner for diverse industries, offering innovative solutions to address temporary and off-grid energy needs. With a presence in over 100 countries and a fleet of specialized equipment, Aggreko serves customers across various sectors, including events, utilities, construction, oil and gas, manufacturing, and mining. With a comprehensive suite of solutions, global reach, commitment to sustainability, and a culture of innovation, Aggreko continues to empower customers to thrive in a rapidly evolving energy landscape.

Ashtead Group plc (UK)

• Ashtead Group plc is a multinational equipment rental company headquartered in London, England. The company operates its business through three segments namely Rental Equipment, Sale of Used Rental Equipment, and Sale of New Equipment. It majorly focuses on its rental business operations through three business units, that includes, Sunbelt US, Sunbelt UK, and Sunbelt Canada providing various rental equipment. The company's major branch, Sunbelt Rentals, offers a wide variety of tools and equipment for industrial, construction, and other specialized applications all throughout the United States and Canada. A-Plant provides a comparable selection of tools and services to clients in the United Kingdom. Overall, Ashtead Group plc continues to be a leading player in the equipment rental industry, providing innovative solutions and exceptional service to customers around the world.

United Rentals, Inc. (US)

• United Rentals is among the largest equipment rental companies in the world, providing a wide range of equipment and tools for construction, industrial, and commercial projects. United Rentals has over 1,000 outlets, and is headquartered in Stamford, Connecticut. The company provides a wide range of rental equipment, including larger equipment for jobs like gardening, plumbing, and electrical work, as well as smaller tools and equipment for heavy gear like generators, forklifts, and earthmoving equipment. United Rentals is a trusted partner for customers in need of rental equipment and solutions, offering a vast selection of high-quality equipment, reliable service, and expertise to support a wide range of projects and industries.

Related Reports:

Power Rental Market by Fuel Type (Diesel, Natural Gas), Equipment (Generators, Transformers, Load Banks), Power rating (Up to 50 kW, 51- 500 kW, 501-2000 kW, Above 2500 kW), Application, End User and Region - Global Forecast to 2029