The global Power Rental Market is expected to grow from an estimated USD 10.8 billion in 2024 to USD 14.2 billion by 2029, at a CAGR of 5.6% during the forecast period according to a new report by MarketsandMarkets™. The Power Rental Market thrives due to its adaptability, reliability, and ability to address diverse energy needs across various sectors. Rising seasonal demand for power supply, increasing peak load management, along with rapid urbanization, industrialization, and infrastructure development require temporary power solutions, which is expected to boost the market during the forecast period.
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The Diesel is expected to be the largest segment during the forecast period.
Based on fuel type, the Power Rental Market has been split into diesel, natural gas, other fuel type. The diesel segment in the Power Rental Market is anticipated to be the largest, since diesel generators are widely used for temporary power solutions in various industries and applications, including construction sites, events, remote locations, and emergency backup power. These generators also offer high reliability, durability, and versatility, making them well-suited for powering equipment and facilities in challenging environments or where grid electricity is unavailable.
The Generators is expected to be the largest segment during the forecast period.
Based on equipment, the Power Rental Market has been split into generators, transformers, load banks, and other equipment. The generators segment in the Power Rental Market is anticipated to be the largest growing segment due to various factors such as increasing demand for backup power, advancements in generator technology. As industries seek reliable, flexible, and efficient power solutions, rental generators offer a convenient and cost-effective option to meet their evolving needs.
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Middle East & Africa is expected to be the second fastest region in the Power Rental Industry
Middle East & Africa is expected to be the second fastest region in the Power Rental Market during the forecast period. Middle East & Africa’s growing infrastructure, the exploitation of natural resources, the emergence of new markets, the expansion of the events and entertainment sector, and the necessity for disaster recovery make the region an attractive destination for the power leasing business. The region’s companies, sectors, and communities are looking for dependable and adaptable power solutions, and rental power equipment suppliers are in a good position to fulfill these changing demands and spur market expansion.
Key Players
Some of the major players in the Power Rental Companies include companies such as Aggerko (UK), Ashtead Group plc (UK), United Rentals, Inc. (US), Caterpillar (US), Cummins Inc (US). The major strategies adopted by these players include sales contract, product launches, investments, collaborations, partnerships, and expansions.
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