Power Rental Market is estimated to be US$ 20.3 Billion by 2034; Increasing Demand for Electricity and Special Events and Festivals to Propel Market Growth

Published Date: March 2024

Power Rental refers to the temporary or short-term rental of power generation equipment to meet the electrical energy needs of various industries, events, construction sites, emergency situations, or any other temporary power requirements. It involves the provision of portable generators, transformers, load banks, distribution panels, and other related equipment by specialized power rental companies. The need for power rental arises in situations where a stable and reliable power supply is essential but not readily available or when the existing power infrastructure is insufficient to meet the demand.

The need for energy has been steadily growing along with industry, urbanization, and population expansion. When demand exceeds supply or in areas where the current power infrastructure is inadequate, power rental services fill the gap. Large-scale events, festivals, concerts, and outdoor exhibitions require significant power supply for lighting, sound systems, and other equipment. Power Rental Market provides event organizers with the necessary infrastructure to ensure a successful and uninterrupted event.

The report “Power Rental Market, By Application (Peak Shaving, Continuous Power, and Standby Power), By End-use (Government, Oil and Gas, Construction, Industrial, Events, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

 Key Highlights:

  • In June 2022, Cummins Inc. has launched a new 1MW twin pack rental generator, the C1000D6RE, which offers a competitive rental power solution for a diverse range of applications throughout North America. Manufactured by Cummins, a company that has been synonymous with technology, reliability and service since 1919, the new C1000D6RE model will be built in Fridley, Minnesota. The C1000D6RE is a twin pack that combines two 500kW, 15L Cummins generators into a 40ft power unit with after treatment. As a result, the C1000D6RE can give dependable, high output performance and still comply with Tier 4 final emissions standards. The generator is capable of master less load demand and can be utilized in parallel with other rental power options.
  • In March 2021, Just dial’s Co-founder, Ramani Iyer, launched his latest venture ‘Spykke’, a smartphone power bank rental service. Spykke presently operates across 8,000 locations in 11 Indian cities, making it the country's largest smartphone power bank rental network. The business is expanding quickly, and it soon hopes to expand its list of cities by a number of additional locations. Its deployments are mostly in areas with heavy pedestrian traffic, including metro stations, movie theatres, cafes, malls, airports, train stations, business parks, hotels, universities, and hospitals.

Analyst View:

The global demand for electricity continues to rise due to population growth, urbanization, and industrial development. Power rental services will play a crucial role in meeting this increasing demand, especially in regions with limited power infrastructure. Ongoing infrastructure development projects, particularly in emerging economies, will require temporary power solutions during construction phases. Power rental services will be sought after to provide reliable electricity to support these projects. It is anticipated that the entertainment and events sector will continue to expand, which will raise demand for power leasing services to meet the temporary power needs of big-scale events and festivals.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on Power Rental Market, By Application (Peak Shaving, Continuous Power, and Standby Power), By End-use (Government, Oil and Gas, Construction, Industrial, Events, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2034”

Key Market Insights from the report:

Power Rental Market accounted for US$ 11 Billion in 2024 and is estimated to be US$ 20.3 Billion by 2034 and is anticipated to register a CAGR of 7.00%. Power Rental Market is segmented based on Type, Application and Region.

  • Based on Application, Power Rental Market is segmented into Peak Shaving, Continuous Power, and Standby Power.
  • Based on End-use, Power Rental Market is segmented into Government, Oil and Gas, Construction, Industrial, Events, and Others.
  • By Region, the Power Rental Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Power Rental Market:

The prominent players operating in the Power Rental Market includes, Aggreko PLC., Caterpillar Inc., Ashtead Group PLC., Cummins Inc., Atlas Copco CB, Speedy Hire PLC, Kohler Co., Hertz Corporation, Soenergy International Inc., and Rental Solutions & Services LLC.

To know more

Contact Us:

Sales

Prophecy Market Insights

U.S: 1 860 531 2574

RoW: 91 7775049802

Email- [email protected]

Website- www.prophecymarketinsights.com

Blog- www.prophecyjournals.com

Buy Now
Need a Custom Report?

We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports

Custmoized Your Report
Want to Buy a Report but have a Limited Budget?

We help clients to procure the report or sections of the report at their budgeted price. Kindly click on the below to avail

Request for Discount
Reliability and Reputation

Quick contact

IND: +91 777 504 9802
US: +1 860 531 2574

Trusted By

Created billion dollars of revenue impact with more than 200+ clients

View All Our Clients