Generator Rental Market
Generator Rental Market (Type: Diesel, Natural Gas, and Others; Power Rating: Below 100 kVA, 100 kVA -500 kVA, 501 kVA -1000 kVA, and Above 1000 kVA; and End User: Utilities, Oil & Gas, Mining, Construction, Events, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Decline in Industrial Power Demand during Coronavirus Affects Market Growth
COVID-19 and its consequences have permeated across practically all aspects of our daily lives, including electricity generation and transmission. The demand for power has reduced significantly in several regions, especially in industrial sectors such as in mining, construction, and the event management industry, among others. This has affected growth of the generator rental market during the coronavirus pandemic. However, domestic applications have added a slight boost to generator rental.
Recently, when Texas was hit by a winter storm in February 2021, generator sales and rentals spiked as homebound Americans were seen scrambling to improve and better secure their homes, owing to concerns over the reliability of power grids. In order to avoid future COVID-19-like situations, individuals in the industrial, commercial, and residential sectors are investing in generators and is translating into incremental opportunities for companies in the generator rental market.
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Built-in Sensors in Portable Gensets Help Produce Clean Electricity
Emergency power, power for tools, and damage prevention are important advantages of portable generators. However, most fuel-powered portable generators are subject to harmonic distortion i.e. voltage fluctuation. This creates challenges in producing clean electricity. Hence, stakeholders in the generator rental market are increasing their focus to deploy technological advancements in portable fuel generators to reduce the threat of carbon monoxide (CO) poisoning.
Suppliers are increasing the availability of portable fuel generator rentals with built-in sensors that ignite automatic shutoff if CO emission levels become high in enclosed spaces. Gensets converting the A/C power to D/C power and then back to A/C power help to provide clean power supply.
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Low Emissions, Longer Running Time Associated with LPG Rental Gensets
The generator rental market is projected to surpass the value of US$ 6.2 Bn by the end of 2031. Low emission and sound levels are being preferred in generators. Himoinsa - a designer and manufacturer of diesel generator and gas generator sets is taking advantage of this opportunity and has gained recognition at the Executive Hire Show for one-of-its-kind LPG rental generator sets (HRGO 30, HRGO 40 and HRGO 70).
Long running time, low maintenance, and operation costs are being associated with LPG rental generator sets. Manufacturers in the Europe generator rental market are boosting their R&D muscle to develop LPG rental generator sets with additional external fueling options, double-body heavy-duty chassis, and ventilation sensors to gain a competitive advantage over other market players.
Scalable Power Generation Achieved with Natural Gas, Diesel Generators
The global generator rental market is projected to clock a modest CAGR of ~5% during the forecast period. Natural gas and diesel generators are gauging high demand in oil & gas, telecom, and utilities industries. Aggreko - a supplier of temporary power generation equipment and of temperature control equipment, is gaining recognition for its natural gas and diesel generators that deploy an output ranging from 125 to 2100 kVA to ensure a reliable, portable, and scalable power generation. Flexible rent packages are creating revenue opportunities for suppliers in the generator rental market.
Flexible Rental Packages Delivering Cost Efficiency in Utilities, Construction Sites
Companies in the generator rental market are directing investments toward establishing nationwide and worldwide service locations to expand their income streams. Flexible rent packages are being tailored as per a client’s timeframe, fuel, and power needs to fit into the client’s budget. Suppliers are increasing their portfolio in different generator sizes in order to deliver exact amount of power to utilities, mining, and construction sites.
In cases where the power demands fluctuate for clients, suppliers in the generator rental market are designing a load-on-demand setup where portable generators automatically turn on and off as per the site’s load demand. This helps clients to save on fuel, emissions, and costs.
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In order to reduce the vulnerability of healthcare systems post the COVID-19 pandemic, hospitals are anticipated to invest in portable generators and its rentals that help in providing power to first-responders and medical front-line staff. Breakthrough innovations in portable gensets involve quiet operation, safety, durability, and robust designs to suit client needs. However, limitations in clean electricity production due to CO poisoning are restricting the adoption of portable generators. Hence, companies in the generator rental market should increase awareness about super-portable power units such as the Champion 2,500 Watt Inverter Generator, which has built-in sensors that trigger an automatic shut-off if CO emission levels increase in enclosed spaces.
Generator Rental Market: Overview
- According to Transparency Market Research’s latest research report on the global generator rental market for the historical period 2020 and the forecast period of 2021 to 2031, rise in demand for uninterrupted power supply in end-use industries and rapid industrialization are the key factors expected to boost the global generator rental market during the forecast period
- In terms of value, the global generator rental market is estimated to surpass US$ 6.2 Bn by 2031, expanding at a CAGR of ~5% during the forecast period. In terms of end user, utilities is anticipated to be a highly lucrative segment of the global generator rental market during the forecast period. Based on type, the diesel segment dominated the global generator rental market in 2020. Ease of availability, reliability, and cost effectiveness are major factors propelling the segment of the global generator rental market during the forecast period. In terms of power rating, the above 1000kVA segment dominated the global generator rental market in 2020.
Rise in Incidence of Power Outages: Key Driver of Generator Rental Market
- The number of days with power outages has been increasing since the past few years due to natural calamities, transmission line failure, distribution line failure, and faults in equipment at power generation stations or substations across the globe. This is expected to drive the global generator rental market. Generator rental is a prominent alternative of power received from transmission and distribution line.
- Manufacturing industries located in remote areas depend significantly on rental power services, such as rental generators, as most of the times, remote areas in several countries across the globe experience power outages. This boosts the generator rental market.
- Fluctuation in power can cause considerable damage to electric equipment. The damage can also effect humans operating those equipment or machinery.
- Lack of timely maintenance of power grid across the globe hinders power distribution and increases the dependence on rental generators. This, in turn, propels the generator rental market.
- Power outages also reduce industrial output and lead to loss of revenue. Furthermore, they cause discomfort, malfunctioning, and unproductivity in residential, commercial, government, and other facilities. Hence, most consumers prefer generator sets to safeguard their equipment and lower the demand for power during peak hours.
- Thus, rise in demand for electricity and increase in incidence of power outages across the globe are expected to boost the global generator rental market during the forecast period
Increase in Demand for Generator Rental in Construction Sector
- Of late, the construction sector has been expanding significantly across the globe, due to rapid urbanization and industrialization
- Generators are used in the construction industry to ensure proper functioning of heavy equipment such as concrete mixers, air compressors, and welders during the shortage of power supply
- Therefore, rapid growth of the construction industry is anticipated to propel the global generator rental market during the forecast period
Generator Rental Market: Competition Landscape
- Detailed profiles of companies operating in the global generator rental market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global generator rental market are
- Caterpillar, Cummins Inc.
- AKSA POWER GENERATION
- Aggreko plc, Kohler Co.
- United Rentals, Inc.
- APR Energy
- AGCO Corporation
- Herc Rentals Inc.
- Ashtead Group plc. Wartsila
- Generac Power Systems, Inc.
- Cooper Equipment Rentals
Generator Rental Market: Strategic Partnerships
- Prominent companies operating in the global generator rental market, such as Caterpillar, Cummins Inc., and Aggreko plc. are focusing on technological innovation to expand their global footprint. Key developments in the global generator rental market are highlighted below:
- In November 2020, Aggreko plc. introduced 600kVa, a range of Tier 4 Final/Stage V compliant generators. The generator offers 96% reduction in NOx gases and 98% reduction in particulates. It can run on diesel and biofuel.
- In October 2020, Aggreko plc. launched 1 MW solar power rental solution. The 1 MW PV solution is optimized for off-grid applications and delivers clean energy innovation without long-term financial or technical commitment.
- In June 2020, Atlas Copco AB introduced four portable generator models (250, 325, 450, and 660) of the QAS 5 series. These generators are compact, optimize fuel economy, and reduce carbon emission. These generators are suitable for usage in construction, events, and utility applications.
- In the global generator rental market report, we have discussed individual strategies, followed by company profiles of providers of generator rental. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global generator rental market.
Generator Rental Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global generator rental market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for growth of the global generator rental market in order to identify opportunities for stakeholders. The report also provides insightful information about how the global generator rental market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global generator rental market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the global generator rental market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global generator rental market and estimates statistics related to the market in terms of value (US$ Mn).
This study covers detailed segmentation of the global generator rental market along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global generator rental market, wherein various developments, expansions, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Generator Rental Market
The report provides detailed information about the global generator rental market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which type segment of the global generator rental market would emerge as a major revenue generator during the forecast period?
- Which power rating segment of the global generator rental market would emerge as a major revenue generator during the forecast period?
- Which end user segment of the global generator rental market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenues in the global generator rental market?
- What would be the Y-o-Y growth trend of the global generator rental market between 2019 and 2030?
- What are the winning imperatives of leading players operating in the global generator rental market?
Research Methodology – Generator Rental Market
The research methodology adopted by analysts for compiling the report on the global generator rental market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecasts of the global generator rental market.
During the primary research phase, analysts have interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global generator rental market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global generator rental market.
Generator Rental Market – Segmentation
TMR’s research study assesses the global generator rental market based on type, power rating, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global generator rental market.