Generator Rental Market to Hit US$ 17.7 Billion by 2033: States Fact.MR
Empowering Growth and Flexibility: Generator Rental Services Cater to Growing Power Demands
Rockville , Oct. 10, 2023 (GLOBE NEWSWIRE) -- The global generator rental market is estimated at US$ 10.3 Billion in 2023 and is expected to expand at a CAGR of 5.6% during the forecast years of 2023-2033.
Generator rental services offer a flexible and cost-effective solution to meet the increasing demand for temporary power across various sectors. With the rising expenses of purchasing, maintaining, and storing generators, renting has emerged as an attractive alternative, especially for short-term or intermittent power requirements. It enables businesses to scale their power capacity based on their specific needs without the burden of long-term ownership.
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Advancements in generator technology, including enhanced fuel efficiency, quieter operation, and cleaner emissions, have further enhanced the appeal of generator rentals. Rental companies consistently update their fleets with the latest models, providing customers with access to efficient and environmentally friendly power solutions.
The generator rental market is poised for significant growth opportunities, due to the expanding need for temporary power solutions in construction, events, oil and gas, manufacturing, and disaster recovery sectors. Additionally, rapid infrastructure development worldwide fuels the demand for generator rentals during construction phases creating growth opportunities for the service providers.
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Report Attribute |
Details |
|
| Value Projection (2033) |
USD 17.7 Billion | |
| Groth Rate (2023-2033) |
5.6% CAGR |
|
| No. of pages |
170 Pages | |
| No. of Tables |
112 Tables | |
| No. of Figures |
172 Figures | |
Key Takeaways from Market Study
- The global generator rental market is projected to expand at a CAGR of 5.6% and be valued at US$ 17.7 billion by 2033
- The market witnessed a CAGR of 5.8% for the period of 2018-2022
- Under the fuel source segment, diesel generator dominates the market with a 65.1% market share in 2023
- China dominated the market with a 23.3% market share in 2023
- Based on country, the generator rental market is expected to increase at CAGRs of 6.7% and 5.9%, respectively, in China and the United States
“Requirement of Continuous Electricity Supply in the Industrial Sector Is Supporting the Growth of the Market” says a Fact.MR analyst.
Key Companies Profiled in This Report
- Aggreko
- BlueLine Rental
- Cummins Power Generation
- Generac Rental Services
- Herc Rentals
- Rental Solutions & Services (RSS)
- United Rentals
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Country-wise Insights
What part does the United States play in the expansion of the market for rental generators?
The demand for the generator rental market is driven by the expanding lithium mining operations in the USA. Lithium mining frequently takes place in isolated or off-grid locations with little connectivity to the electrical grid. When this occurs, renting generators is necessary to power mining activities as a temporary or backup power source while permanent infrastructure is being built. In these mining locations, this fuels the demand for generator rentals.
Mining companies are expanding their operations and opening new mines across the USA as a result of the rising demand for lithium. These expansion projects frequently involve the development of new mining operations and infrastructure, which call for temporary electricity during the building stage. Construction sites' need for power is met by generator rentals, stimulating industry expansion.
Market Development
In order to curb the demand pool maintaining a well-functioning and up-to-date fleet is crucial. Rental providers invest in regular equipment maintenance, servicing, and repairs to ensure that their generators are in optimal condition. They also stay updated with the latest generator technologies and industry standards, replacing older models with more efficient and reliable options to cater to the needs of the customers and drive market growth.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global generator rental, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of product type (AC generator, DC generator), output (up to 60 kw, 61 to 250 kw, 251 to 500 kw, 501 to 1,000 kw, 1,000 kw- 4,000 kw, above 4,000 kw), fuel source (diesel generator, gasoline generator, gas generator, others (bi-fuel, natural gas, etc.)), application (standby, peak shaving, continuous), installation (stationary, mobile and portable), cooling type (air-cooled, hydrogen cooled, water cooled), end user (commercial (datacentre, healthcare facilities, telecom, hospitality centers, others), residential, industrial (mining, oil & gas, power and energy, water treatment facility, others), military, and others) across major regions of the world (North America, Latin America, Europe, East Asia, South Asia & ASEAN, Oceania, and the Middle East & Africa).
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we delivers deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empowers businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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