Power Rental Market to reach $17.92 billion by 2031 – Exclusive Report by InsightAce Analytic Pvt. Ltd.

InsightAce Analytic Pvt. Ltd. announces the release of a market evaluation report on the “Global electricity rental market– (By fuel type (diesel, natural gas, others), by application (standby power, peak shaving, base load/continuous power), by device, by rental type (retail rental, project rental), by power rating (up to 50 kW, 51 kW – 500 kW, 501 kW – 2500 kW, above 2500 kW), by end user (utilities, metals and mining, oil and gas, construction, manufacturing, IT and data centers, corporate and retail, events, others), trends, industry competitive analysis, revenue and forecast to 2031.”

According to the latest study by InsightAce Analytic, the Global electricity rental market is estimated at US$ 10.48 billion in 2022and it is expected that 17.92 billion US dollars by 2031, with a CAGR of 6.2% in the forecast period of 2024–2031.

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Purchasing power equipment is not as advantageous as leasing power, also known as power-on-demand. Rental generators are superior to purchased generators in many ways, including flexibility in rated power, low maintenance and installation costs, short-term availability, and lower acquisition costs.

When there is a lack of grid infrastructure, a temporary power requirement, or a problem with current power systems, manufacturers often opt to use generators. With the continued expansion of the industrial sector and the growing need for consistent and reliable power supply, demand in the global power rental market is expected to increase.

In developed and emerging markets, the demand for power rental is further driven by favorable government initiatives to expand metro and airport networks, as well as an increase in hotel and shopping mall projects. The global market growth is expected to be driven by the increasing use of natural gas-powered power generators and the adoption of renewable energy sources as a replacement for fossil fuels to reduce carbon emissions.

List of leading players in the electricity rental market:

• Multiquip (USA)
• SoEnergy (USA)
• Allmand Brothers (USA)
• Generac Power (USA)
• Wacker Neuson (Germany)
• Aggreko (UK)
• Caterpillar (USA)
• Herc Rental (USA)
• Ashtead Group (UK)
• Atlas Copco (Sweden)
• Cummins (USA)
• Bredenoord (Great Britain)
• Kohler (USA)

Market dynamics:

Driver-

Non-OECD countries such as China and India are expected to make a significant contribution to growth. Global electricity production capacity has grown faster, while the expansion of transmission and distribution networks has not kept pace, leading to reliability problems such as blackouts and surges.

Power outages and power interruptions are more common in developing countries, whereas voltage drops and voltage fluctuations are more common in industrialized countries.

Challenges:

Due to their short start-up time, low initial investment, small footprint, and easy installation and operation, diesel generators have become one of the most popular emergency power solutions for various end-users, such as the manufacturing industry and the oil and gas industry. However, diesel generators incur high operating costs, mainly due to the high fuel costs.

Fuel costs account for over 80% of the total life cycle cost of a diesel generator. Diesel is now a less cost-effective backup option, especially with the falling prices of solar power.

Regional trends:

The North American electricity rental market is expected to account for a significant share of market revenue and grow at a high compound annual growth rate in the near future. The United States and Canada are one of the most important and fastest growing countries.

The manufacturing industry is growing rapidly due to the large availability of raw materials and low labor costs. Due to these characteristics, the demand for rental power is expected to remain high and the North American market is expected to dominate the global industry.

The Middle East and Africa are among the fastest growing regions in the rental power sector, with the construction and oil and gas industries experiencing steady growth across the region.

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Current developments:

• In January 2022The Kohler Company has acquired Heila Technologies to expand its offerings in the field of clean energy management. Heila Technologies will operate as an independent company within the Kohler Power Group.

• In November 2021Caterpillar Inc. launched a three-year partnership with Microsoft and Ballard Power Systems to introduce a large-scale hydrogen fuel cell power system to provide reliable and sustainable backup power for Microsoft’s data centers.

Segmentation of the electricity rental market-

By fuel type-

• Diesel
• natural gas
• Miscellaneous

After application-

• Standby power supply
• Peak load capping
• Base load/continuous power

By equipment-

• Generators
• Transformers
• Load banks
• Miscellaneous

By rental type-

• Retail leasing
• Project rental

After performance evaluation-

• Up to 50 kW
• 51kW – 500kW
• 501kW – 2500kW
• Over 2500 kW

From end users-

• Tools
• Oil and Gas
• construction
• Manufacturing
• Metal & Mining
• IT and data centers
• Corporate and retail
• Events
• Miscellaneous

By Region-

North America-

Europe-

• Germany
• Great Britain
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia-Pacific

Latin America-

• Brazil
• Argentina
• Rest of Latin America

Middle East and Africa-

• GCC countries
• South Africa
• Rest of the Middle East and Africa

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