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The Mobile Power Generation Equipment Rentals market size is estimated to grow at a CAGR of 6% between 2022 and 2027. The market size is forecast to increase by USD 629.21 million. The growth of the market depends on several factors such as increasing infrastructural activities, rising demand from the mining and oil and gas industry, and demand for emergency power during natural disasters.
This report extensively covers market segmentation by application (enterprise and personal), product (generator and turbine), and geography (North America, APAC, Middle East and Africa, Europe, and South America). It also includes an in-depth analysis of drivers, trends, and challenges.
Mobile Power Generation Equipment Rentals Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
There has been an increase in infrastructural development across the world with new projects being launched every day. This infrastructure development can include engineering, maintenance, management, and development which are undertaken by both government and non-government sectors. Some of the maintenance activities as well as events including concerts or sports events need high-power solutions for a prolonged period of time.
Therefore, there is increasing adoption of mobile power solution for such purposes as it serves as an ideal option for such situations due to their cost-effectiveness and efficiency. Power is an essential aspect of any event as the operations of these events require a constant uninterrupted power supply for the functioning of equipment. Thus, such requirements are expected to fuel the demand for mobile power generation equipment rentals which in turn will drive the market growth.
One of the essential requirements for the development of a nation is electricity. There is an uninterrupted power supply in developed countries whereas there is a lack of consistent electricity supply in developing and under-developed nations, especially in rural areas. As a result, there are several measures undertaken by the government in these countries to electrify these rural areas in developing countries.
Furthermore, as per the IEA, the proportion of the population with access to electricity in Sub-Saharan Africa was just between 40%-45% in 2023. As the establishment of newer power plants for a consistent supply of electricity is time-consuming and expensive, there is increasing adoption of mobile power generation systems in these regions to offer a reliable power supply for a short period. Hence, such factors are expected to drive market growth during the forecast period.
Several factors such as the increasing demand to reduce emissions, and the implementation of favorable regulations and policies in several countries are significantly fuelling the increasing demand for the adoption of renewables. The ESS is considered as an essential tool to utilize the benefits of renewables for a resilient and clean power supply.
Additionally,, several advancements in technology have enabled grid operators in managing the variations of renewable supply from renewable energy sources including wind and solar. ESS is widely used to store energy generated during peak generation hours. Some of the main types of ESS include conventional batteries and flow batteries. There is increasing adoption of ESS across different sectors due to its low cost of installation as well as the reformation of energy markets to allow the usage of distributed networks. Hence, such factors are hindering the market growth during the forecast period.
The enterprise segment is estimated to witness significant growth during the forecast period. There is an increasing adoption of mobile power generation equipment rentals by several businesses in order to meet their short-term or remote power demands. The main advantage of this mobile power generation equipment is that it enhances operational efficiency and guarantees uninterrupted operations.
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The enterprise segment was the largest segment and was valued at USD 915.25 million in 2017. Some of the main applications of mobile power generation equipment include portable generators by construction companies at off-the-grid job sites, the powering of large-scale events by event planners, and the continuous power supply that data centers offer during maintenance or emergencies. Factors such as flexibility, cost-effectiveness, and scalability of rental alternatives which enable enterprises to acquire reliable power solutions without making significant upfront commitments are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
Based on the product, the segment is classified into generator and turbine. Several factors such as increased public infrastructure constructions, the expanding industrial base, the requirement for large volumes of power during events and activities, and power supply to remote and distant areas. are significantly contributing to the growth of this segment. Additionally, there is an increasing demand for primary power, backup power, and standby power solutions. Furthermore, there is an increasing adoption of rental generators in rural areas of developing countries where there is limited access to electricity. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the market growth during the forecast period.
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APAC is estimated to contribute 27% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. Another region offering significant growth opportunities to vendors is North America. The rising vulnerability of the utility grid assisted with traditional power infrastructure has led to the increasing focus on alternative backup solutions for continuous electric supply in the US. There is an increasing demand for mobile power generation equipment due to frequent power outages in the region. For instance, there is an increasing case of power outages in the US with weather-related power outages being the prime reason.
Furthermore, some of the prime markets for mobile power generation equipment rentals include the US and Mexico due to frequent oil and gas drilling activities and thus exhibit a high demand for this equipment from drilling rigs. Hence, such activities require continuous uninterrupted power supply which in turn fuels the demand for mobile power generation rental equipment in the region. Hence, such factors are expected to drive market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global mobile power generation equipment rentals market witnessed a significant slowdown to supply chain disruptions in the market, which created a shortage of raw materials used in the manufacturing of mobile power generation equipment. in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in industrial sectors. Such factors are expected to drive the market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Aggreko Plc: The company offers mobile power generation equipment rentals such as diesel generators, gas generators, and hybrid power solutions.
We also have detailed analyses of the market’s competitive landscape and offer information on 16 market companies, including:
Alta Equipment Group Inc., Ashtead Group Plc, Atlas Copco AB, ATLAS Corp., BigRentz Inc., Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Herc Holdings Inc., PowerPlus, RPC Inc., Siemens AG, The Taylor Group Inc., United Rentals Inc., and Wacker Neuson SE.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The mobile power generation equipment rentals market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Mobile Power Generation Equipment Rentals Market Scope |
|
Report Coverage |
Details |
Page number |
166 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6% |
Market growth 2023-2027 |
USD 629.21 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.45 |
Regional analysis |
North America, APAC, Middle East and Africa, Europe, and South America |
Performing market contribution |
APAC at 27% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aggreko Plc, Alta Equipment Group Inc., Ashtead Group Plc, Atlas Copco AB, ATLAS Corp., BigRentz Inc., Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Herc Holdings Inc., PowerPlus, RPC Inc., Siemens AG, The Taylor Group Inc., United Rentals Inc., and Wacker Neuson SE |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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