CHICAGO, May 9, 2023 /PRNewswire/ -- According to Arizton's latest research report, the North America power rental market will grow at A CAGR of 4.24% during 2022-2029.
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The North American equipment rental market is expected to grow steadily during the next seven years. Factors such as the high government spending on infrastructure development, population redistribution brought on by a vibrant job market with considerably high opportunities for remote and hybrid work, and high acceptance of sharing and rental housing models among younger generations, the complexity of power equipment, and the environment-friendly nature of renting have contributed to a surge in demand for power equipment. Thus, all these factors will contribute to a long-term, multi-decade shift from ownership to renting power equipment.
North America Power Rental Market Report Scope
Report Attributes | Details |
Market Size (2029) | USD 6.01 Billion |
Market Size (2022) | USD 4.49 Billion |
CAGR (2022-2029) | 4.24 % |
Historic Year | 2020-2021 |
Base Year | 2022 |
Forecast Year | 2023-2029 |
Market Segmentation | Fuel, Power Rating, Equipment, End-User, and Application |
End-Users | Construction, Retail, Oil & Gas, Mining, Events, Utilities, IT & Data Center, Manufacturing, and Others |
Market Dynamics | ·Various Upcoming Projects in 2023 in the US to Drive Demand for Renting Power Equipment During Construction Phase ·Disruptions Due to Calamities Will Propel Demand for Power Rental Equipment ·Major Power Outages in the United States ·Increasing Power Outages Backed by Disruptions in Power Grid Due to Severe Weather Conditions Across Nation ·Renting Equipment Is Backed by Spike in Energy Prices ·Emission Reduction Through Equipment Acts as a Major Concern to Power Rental Market |
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Governments Focus on Electrification in Rural and Indigenous Communities to Boost the Demand for Power Rental Equipment
Canada's Smart Renewables and Electrification Pathways (SREPs) Program allocated USD 1.56 billion towards smart renewable energy and electrical grid modernization projects. These projects shall gradually reduce greenhouse gas emissions with increased renewable capacity, which will further support Canada's energy transition towards a net zero economy by 2050, also attaining 100% net zero electricity by 2035.
Focusing on clean power, the Canadian federal government launched the 2030 Emission reduction plan in assurance to support local power solutions and community-driven projects, which are intended to enhance the resilience of energy commodities for forthcoming generations. This plan will increase the number of projects and contribute to the North America power rental market.
Under the Rural program, the U.S. government will invest nearly USD 2 billion in infrastructure development programs across rural areas until 2026. Such infrastructure investments will enhance highways, bridges, and tunnels and address highway safety issues. Also, such projects will boost access to agricultural, commercial, energy, or freight facilities that support the economy and offer flexible transportation services to rural regions, as announced in December 2022. Applications for funding worth USD 10 billion were submitted to the Department of Energy, significantly more than the funding amount of just USD 300 million for 2022.
As of December 2022, the Minister of Natural Resources Canada had announced an outlay of approximately USD 3 million from the Smart Renewables and Electrification Pathways program for Fraser Basin Council's Energy Peers in Indigenous Communities (EPIC) Network, a capacity-building program designed to encourage Indigenous leadership in the renewable energy and electrification sectors across British Columbia.
Factors Such as High Reliability, Ease of Use, and High Demand from Large-Scale Industries Have Propelled the Market Growth
In 2022, the diesel generator segment held the highest revenue share at 72.2%. The segment is expected to maintain dominance due to the high demand from players in several industries with large-scale operations. Despite the reservations and resistance from environmental groups, regulators and localities reluctantly approve diesel as a primary source of power generation due to low electric grid reliability.
Several vendors in the market offer rental diesel power equipment for customers operating in diverse industry verticals. For instance, NMC offers Cat Connect hardware, which is standard on Cat generator sets of up to 850 kVA for 50 Hz applications and up to 750 kW for 60 Hz applications. The company offers Enhanced Cat Remote Asset Monitoring options to its customers that require additional monitoring of generator set parameters. These monitoring options are provided free of charge to customers who have purchased a Customer Value Agreement or Long-Term Service Agreement. The Cat Connect hardware and a subscription to existing Cat and competitor power solutions can be purchased.
Prominent Vendors
- United Rentals
- Sunbelt Rentals
- Herc Rentals
- Aggreko
- Caterpillar
- Atlas Copco
- Cummins Inc.,
- KOHLER
Other Prominent Vendors
- Generac
- APR Energy
- H&E Equipment Services
- Sunstate Equipment
- Home Depot Rental
Market Segmentation
Fuel
- Natural Gas
- Diesel
- Others (Propane, Hydrogen, Renewable Sources)
Power Rating
- >75KVA
- 75-375KVA
- 375-1,000KVA
- Above 1,000 KVA
Equipment
- Generators
- Load Banks
- Transformers
- Others
End-User
- Construction
- Retail
- Oil & Gas
- Mining
- Events
- Utilities
- IT & Data Center
- Manufacturing
- Others
Application
- Standby
- Continuous
- Peak Shaving
Check Out Some of the Top-Selling Research Reports:
Germany Power Rental Market - Strategic Assessment & Forecast 2023-2029: The Germany power rental market to reach USD 358.5 million by 2029. The necessity of power after natural calamities to push the demand for rental equipment and generator exporting might affect the rental business, a significant opportunity in the German power rental market.
North America Construction Equipment Rental Market - Strategic Assessment & Forecast 2023-2029: The North America construction equipment rental market to reach USD 58.49 billion by 2029. The key trends in the North America construction equipment rental market are integrating digital technologies in the rental fleet by the rental construction equipment companies and construction equipment rental companies focusing on achieving net-zero emissions by 2050.
UK Power Rental Market - Strategic Assessment & Forecast 2023-2029: The UK power rental market to reach USD 429.8 million by 2029. Trade agreements between the EU and UK and norms to control carbon emissions will likely increase the sales of power equipment rental, which are significant opportunities in the U.K. power rental market.
U.S. Power Rental Market - Strategic Assessment & Forecast 2023-2029: The U.S. Power Rental market to reach USD 5.43 billion by 2029. Diesel fuel type is projected to dominate the U.S. power rental market share; it has the highest incremental opportunity and is preferred over other fuels as it is more reliable.
Table of Content
Section 1 - Introduction
- Key Insights of the North America Power Rental Market
- Executive Summary
Section 2 - North America Power Rental Market
2.1 Future Outlook - North America Power Rental Market by Value 2.2- North America Power Rental Market- By Segments North America Power Rental Market Size and Forecast by Million ($million) 2.2.1.1. Power Rental Market, By Fuel Diesel, Market Size and Forecast 2020-2029($ Million) Natural Gas, Market Size and Forecast 2020-2029($ Million) Others, Market Size and Forecast 2020-2029($ Million) |
2.2.1.2 Power Rental Market, By End User
Construction, Market Size, and Forecast 2020-2029($ Million)
Retail, Market Size, and Forecast 2020-2029($ Million)
Oil and Gas, Market Size and Forecast 2020-2029($ Million)
Mining, Market Size, and Forecast 2020-2029($ Million)
Events, Market Size, and Forecast 2020-2029($ Million)
Utilities Market Size and Forecast 2020-2029($ Million)
IT & Data Centers, Market Size and Forecast 2020-2029($ Million)
Manufacturing, Market Size, and Forecast 2020-2029($ Million)
Others, Market Size and Forecast 2020-2029($ Million)
2.2.1.3 Power Rental Market, By Equipment
Generator, Market Size, and Forecast 2020-2029($ Million)
Load Bank, Market Size and Forecast 2020-2029($ Million)
Transformer, Market Size and Forecast 2020-2029($ Million)
Others, Market Size and Forecast 2020-2029($ Million
2.2.1.4 Power Rental Market, By Application
Standby power, Market Size and Forecast 2020-2029($ Million)
Continuous Power, Market Size, and Forecast 2020-2029($ Million)
Peak Shaving, Market Size, and Forecast 2020-2029($ Million)
2.2.1.5 Power Rental Market, By Power Rating
(0-50KW) Market Size and Forecast 2020-2029($ Million)
(50-500KW) Market Size and Forecast 2020-2029($ Million)
(500-2500KW) Market Size and Forecast 2020-2029($ Million)
(Above 2500KW) Market Size and Forecast 2020-2029($ Million)
2.2.1.6 Power Rental Market, By Country
US Power Rental Market Size and Forecast 2020-2029
Canada Power Rental Market Size and Forecast 2020-2029
Section 3-Geographical Analysis
Key Economic Cities in the UK
Section 4- Market Dynamics
- Market Trends
- Market Drivers
- Market Opportunities
- Market Restraints
Section 5 - Technological Development
Section 6- Competitive Landscape
1. Company Profile of Major Vendors
2. Other Prominent vendors
Section 7 - Report Summary
1. List of Abbreviations
Section 8- Appendix (Report Scope & Definition)
1. Research Methodology
2. Market Definition, Inclusion & Exclusion
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