Power Generator Rental Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Power Generator Rental Market Analysis
The power generator rental market is expected to record a CAGR of greater than 5.2% during the forecast period.
The market was negatively impacted by COVID-19. Presently, the market has reached pre-pandemic levels.
- The drivers for the power generator rental market include the cost associated with purchasing new generators and tremendous developments in various sectors, such as oil and gas, construction, etc.
- However, the expansion of power distribution networks and rising development in renewable energy projects are expected to act as a restraint for the market's growth.
- With the rising population, projects from different sectors are expected to increase to meet the requirements, like energy, commercial and residential space, and manufacturing units, for daily needs. For instance, the global population is estimated to reach nearly 8.5 billion by 2030, which may boost global construction spending to USD 17.5 billion. Growth in construction implies a high possibility of an increase in the worldwide power generator rental market.
- North America is a significant region for the power generator rental market. It is estimated that scheduled power shutdowns, new projects installations for various industries, and enplanements, such as natural disasters and seasonal peak power demand, may primarily drive the regional power generator rental market.
Power Generator Rental Market Trends
This section covers the major market trends shaping the Power Generator Rental Market according to our research experts:
Power Generators in the Oil and Gas Industry to Witness Significant Growth
- The oil and gas industry has a prominent share in the power generator rental market. With most of the projects located in remote areas, with different anticipated oilfield depths, power generators with high capacity that can work in rigorous environments are required.
- Power generators act as a power supply for both drilling and digging and power backup activities. During drilling and digging, huge power is required to operate the equipment. Power generators act as a power backup to the oil and gas facilities during any emergency or disaster.
- According to IEA, in 2021, oil and gas upstream investment accounted for USD 384 billion. With an annual growth rate of 8.8%, upstream is expected to increase during the forecast period, which, in turn, may drive the power generators market in the oil and gas industry as drilling and digging require a large amount of power.
- Typically, six poles of 1,200 rpm alternators, with two bearings for assembling on an oilfield, are most preferable in the oil and gas industry. The generator's alternator should also withstand voltage dips as large as 25-30% that an electric motor can cause while starting.
- During the forecast period, the oil and gas industry is expected to boost the power generator rental market, as expenditure for exploration and production (E&P) activities is increasing. By 2025, the oil and gas industry is expected to have nearly USD 700 billion in investment, which may drive the power generator rental market.
North America is Expected to Become a Significant Market
- North America's power generator rental market is estimated to grow significantly, with diesel generators being the most dominating segment. However, with tightening environmental policies to reduce carbon footprints, the focus on alternate fuel generators is increasing.
- The oil and gas industry requires a huge amount of power for its upstream and downstream processes. Oil consumption in North America is increasing Y-o-Y, thus creating demand for oil production, which, in turn, is expected to drive the power generator rental market during the forecast period. In 2021, total North American oil consumption accounted for 22,264 thousand barrels daily with an annual growth rate of 7.6%.
- The United States is one of the prominent countries that use natural gas power generators to have a cleaner environment. The country highly relies on natural gas generators due to their less failure during operation. Natural gas generators typically save USD 1,000 per kilowatt to USD 3,000 per kilowatt during operation.
- Growing demand for energy, infrastructure projects, and requirement for contact power are a few primary factors driving the North American power generator rental market. The US oil and gas sector is expected to see an investment of around USD 250 million, which is anticipated to drive the market during the forecast period.
- The region's construction sector is expected to exceed USD 1 trillion in investment during the forecast period. The sector's growth is anticipated to further boost the rental generator market, along with the oil and gas industry.
Power Generator Rental Industry Overview
The power generator rental market is fragmented. Some of the key players in the market (not in a particular order) include Atlas Copco (India) Ltd, Cummins Inc., Ashtead Group PLC, Modern Hiring Service, United Rentals Inc., Herc Rentals Inc., Generac Power Systems, Wacker Neuson Group, and Wartsila Corporation.
Power Generator Rental Market Leaders
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Atlas Copco (India) Ltd
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Herc Rentals Inc.
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Cummins Inc.
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Ashtead Group PLC
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United Rentals Inc.
*Disclaimer: Major Players sorted in no particular order
Power Generator Rental Market News
- In October 2022, to install 105 diesel generators at its new Dublin data center location, Amazon requested an emission license with Ireland's Environmental Protection Agency (EPC). The units will be able to produce a combined 674MW of power. Industrial emissions licenses are necessary when units are anticipated to produce more than 50MW of power.
- In October 2022, United Rentals Inc. announced that it will be expanding its rental fleet in North America with numerous hydrogen power generators in the coming months. Customers of United Rentals will have access to the generators as a low-emission power source for recharging tools, electric vehicles, and other equipment.
- In July 2022, the C1000D6RE, a new 1MW twin-pack rental generator from Cummins Inc., was launched. It provides a cost-effective rental power solution for a variety of applications in North America. The C1000D6RE is a twin pack that combines two 500kW, 15L Cummins generators into a 40ft power unit after treatment.
Power Generator Rental Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Power Generator Rental Market in USD million, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Industry Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By End User
5.1.1 Oil and Gas
5.1.2 Construction
5.1.3 Mining
5.1.4 Manufacturing
5.1.5 Data Centers
5.1.6 Other End Users
5.2 By Geography
5.2.1 North America
5.2.2 Asia-Pacific
5.2.3 Europe
5.2.4 South America
5.2.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Atlas Copco (India) Ltd
6.3.2 Wartsila Corporation
6.3.3 Wacker Neuson Group
6.3.4 Generac Power Systems
6.3.5 Herc Rentals Inc.
6.3.6 United Rentals Inc.
6.3.7 Modern Hiring Service
6.3.8 Ashtead Group PLC
6.3.9 Cummins Inc.
6.3.10 Aggreko Energy Rental India Private Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Power Generator Rental Industry Segmentation
Power generators are key power sources in the oil and gas industry, particularly for drilling and digging activities. The operations are the most crucial task leading to hydrocarbon generation, and a lot of power is required to operate the massive machinery. Power generators ranging from 500 kilovolts to 2,500 kilovolts are mostly used for this machinery.
The power generator rental market is segmented by end user and geography. By end user, the market is segmented into oil and gas, construction, mining, manufacturing, data centers, and other end users. The report also covers the market size and forecasts for the power generator rental market across the major regions. For each segment, the market sizing and forecasts have been done on the revenue (USD million).
| By End User | |
| Oil and Gas | |
| Construction | |
| Mining | |
| Manufacturing | |
| Data Centers | |
| Other End Users |
| By Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle East and Africa |
Power Generator Rental Market Research FAQs
What is the current Power Generator Rental Market size?
The Power Generator Rental Market is projected to register a CAGR of greater than 5.20% during the forecast period (2024-2029)
Who are the key players in Power Generator Rental Market?
Atlas Copco (India) Ltd , Herc Rentals Inc., Cummins Inc., Ashtead Group PLC and United Rentals Inc. are the major companies operating in the Power Generator Rental Market.
Which is the fastest growing region in Power Generator Rental Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Power Generator Rental Market?
In 2024, the North America accounts for the largest market share in Power Generator Rental Market.
What years does this Power Generator Rental Market cover?
The report covers the Power Generator Rental Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Power Generator Rental Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Power Generator Rental Industry Report
Statistics for the 2024 Power Generator Rental market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Power Generator Rental analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
