Generator Rental Market: Current Analysis and Forecast 2021-2027

Generator Rental Market is expected to exceed the market valuation of more than US$ 13.8 billion in 2027 and is expected to grow at a significant CAGR of 7.8% during the forecast period (2021-2027). Manufacturing and Construction Companies mainly work on electric power and the constant investment required in the buying and repairing of the generator equipment can be very costly. By using a generator rental service, these companies can save a lot of money. Power failures occur occasionally, in businesses, an emergency generator rental service in this case can give the companies access to good quality generators for the required time. Generator rentals are gaining popularity because of their ease of use. When a generator is rented there is no need to get it serviced as it has already been serviced and maintained by someone else. Going to service procedures or hiring your own technicians increases the cost. Whereas one can have the peace of mind with rented generators as they are certified and well maintained, with no extra charge. Key reasons for the growth of this market are the importance of power in most industries and homes. Additionally, keeping a backup generator takes a lot of storage and is also not as cost efficient as renting one when necessary. This is because generators need servicing no matter what. Over the last decade there have been many extreme climate behaviors and power cuts have become extremely common. For example, the recent Texas winter storm in February 2021, caused a spike in generator rentals and sales as Americans were struggling to better secure their homes. For this reason, it is important to keep an emergency generator rental company handy whenever such a situation occurs. Additionally, the use of generators for events such as barbecue parties, shows, or other such events is very common and since these are short time events, renting a generator for them is the best option.
Caterpillar, Cummins Inc., HIMOINSA, AKSA POWER GENERATION, Aggreko plc, United Rentals, Inc., APR Energy, AGCO Corporation, Herc Rentals Inc., and Ashtead Group plc. Wartsila are some of the prominent players operating in the Generator Rental market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Power Rating, above 750 kVA segment holds the major share"
Based on power rating, the Generator Rental Market is segmented into Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA. Amongst power rating, the above 750 kVA segment of the market held the significant market share in 2020. Although, above 375-750 kVA are the most popular because generator rentals are mostly for the use of heavy-duty applications. Additionally, since these are large size generators renting them saves a lot of storage space for companies. Certain rental companies, like Clifford Power, U.S.A., first asks for all details related to the potential loads that will be connected to the generators during rental from the customers.
"Amongst Fuel Type, Diesel Segment holds the major share"
Based on Fuel Type, the Generator Rental market is segmented into Diesel, Gas, and Others. Amongst fuel type, diesel segment accounted for a significant market share in 2020. Diesel generators are the most common because of its higher energy density, diesel generators can extract more energy from the same amount of fuel. Diesel generators are however costlier than gas generators.
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"Amongst Application, Continuous Load segment holds the major share"
Based on Application, the generator rental market is segmented into Continuous Load, Standby Load, and Peak Load. The continuous load segment generated held significant market share in 2020. Continuous load power are designed to operate continuously for extended periods of time. The disadvantage with continuous loads is that they cannot operate with variable loads as compared to a consistent load.
"Amongst End-User, Mining Segment holds the major share"
Based on end-user, the generator rental market is segmented into Mining, Construction, Manufacturing, Utility, Events, Oil & Gas, and Others. Amongst end-user, the mining segment of the market held prominent market share in 2020. Mining is usually done in distant locations without the access to the grid. Thus, generators are necessary to provide power in such places.
"Asia Pacific represents one of the largest markets of Generator Rental market"
For a better understanding of the market dynamics of the Generator Rental market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market in 2020, owing to increased industrialization in the region.
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- Deep dive regional level analysis of the industry
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Manufacturing and Construction Companies mainly work on electric power and the constant investment required in the buying and repairing of the generator equipment can be very costly. By using a generator rental service, these companies can save a lot of money. Power failures occur occasionally, in businesses, an emergency generator rental service in this case can give the companies access to good quality generators for the required time.
Generator rentals are gaining popularity because of their ease of use. When a generator is rented there is no need to get it serviced as it has already been serviced and maintained by someone else. Going to service procedures or hiring your own technicians increases the cost. Whereas one can have the peace of mind with rented generators as they are certified and well maintained, with no extra charge.
Another reason why renting is preferred is because it is cheaper to rent a generator than to buy one, especially when the generator is only needed for a short event or project. Savings also include that of maintenance, storage, and transport.
Based on power rating, the generator rental market is segmented into Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA. Amongst power rating, the above 750 kVA segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027.
Based on Fuel Type, the Generator Rental market is segmented into Diesel, Gas, and Others. Amongst fuel type, diesel segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analysed period.
Based on Application, the generator rental market is segmented into Continuous Load, Standby Load, and Peak Load. The XXX segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F.
Based on end-user, the generator rental market is segmented into Mining, Construction, Manufacturing, Utility, Events, Oil & Gas, and Others. Amongst end-user, the mining segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027.
For a better understanding of the market adoption of Generator Rental Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia Pacific will dominate the Generator Rental market on account of increasing industrialization.
Some of the major players operating in the market include Caterpillar, Cummins Inc., HIMOINSA, AKSA POWER GENERATION, Aggreko plc., United Rentals, Inc., APR Energy, AGCO Corporation, Herc Rentals Inc., and Ashtead Group plc. Wartsila. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Generator Rental Market was valued at US$ XX million in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX million in 2027. The Generator Rental Market is expected to witness a boost on account of its high adoption in the Asia Pacific region.