Power Rental Market Growth Projections by SkyQuest
![Power Rental Market Growth Projections by SkyQuest](https://investorshangout.com/images/blog/investors-hangout-newswire.jpg)
Power Rental Market to Gain USD 16 Billion by 2031
SkyQuest projects that the Global Power Rental Market will attain a value of USD 16 Billion by 2031, with a CAGR of 5.60% during the forecast period. Energy volatility forces businesses to investigate alternative power sources, fostering innovation in the power rental market. In the industry, the adaptability of the generator fleets is crucial. Furthermore, power rental companies are expected to meet the requirement for renewable fuels. Additionally, the market will always rely on its ability to be flexible. Further propelling market expansion include global industrialization, the need for a steady supply of energy, and the rising demand for a reliable power source.
Power Rental Market Overview
The market revenue in 2023 is reported to be $9.8 Billion, with an estimated value reaching $16 Billion by 2031. The growth rate is poised to grow at a CAGR of 5.60%. The forecast period extends from 2024 to 2031, focusing on value in USD billion, covering segments such as rental type, power rating, fuel type, equipment, and region.
Market Insights
The key reasons behind the predominance of diesel fuel in this market include its affordability, reliability, and efficient use across various industries. Diesel fuel's high energy density allows for extended usage, ensuring uninterrupted operations. Moreover, a strong infrastructure for diesel supply supports its widespread utilization, meeting diverse energy needs across sectors.
Application Growth
The standby power application is the largest growing sub-segment due to its necessity in maintaining operations during power outages. An increase in natural calamities and grid failures has heightened this demand, leading industries to prioritize backup solutions to reduce operational interruptions.
Regional Market Analysis
The early adoption of advanced technologies has allowed North America to dominate the power rental market. A strong infrastructure, coupled with a booming construction and industrial sector, drives the demand for temporary power solutions. Additionally, the presence of established rental companies with large fleets and service networks consolidates North America’s position.
Market Challenges and Opportunities
The market faces several challenges such as rigorous government regulations and product shortages affecting operations. However, there are notable opportunities for growth through technological advancements and integration of renewable energy into rental equipment.
Prominent Players in Power Rental Market
Prominent companies in the power rental market include Aggreko, Ashtead Group plc, United Rentals, Inc., Herc Rentals Inc., Generac Power Systems, Inc., Wacker Neuson SE, Caterpillar, Atlas Copco AB, Cummins Inc., and Briggs & Stratton.
Contact Information
Contact:
Mr. Jagraj Singh
Skyquest Technology
1 Apache Way, Westford, Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
Frequently Asked Questions
1. What is the projected value of the global power rental market by 2031?
The projected value of the global power rental market is anticipated to reach USD 16 billion by 2031.
2. Why does diesel fuel dominate the power rental market?
Diesel fuel is favored due to its efficient use, affordability, and reliability across various industries.
3. What are the major challenges facing the power rental industry?
Challenges include government regulations, product shortages, and the impact of natural disasters on power supply.
4. What factors are driving the growth of the power rental market?
Drivers include the increasing need for backup power solutions, industrial growth, and energy supply stabilization in emerging economies.
5. Which companies are leading in the power rental market?
Key players include Aggreko, United Rentals, and Generac Power Systems among others.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/