According to a report by Reports and Data, the global Generator Rental Services Market size was USD 24.08 billion in 2022 and is expected to grow at a revenue CAGR of 5% during the forecast period. This growth is due to the increasing demand for hybrid power systems that combine renewable energy sources with diesel generators, which are more energy-efficient, emit fewer carbon emissions, and have lower operational costs compared to traditional diesel generators. The need for Generator Rental Services that are environmentally friendly, energy-efficient, and comply with regulations and emission criteria is also increasing.
The market for Generator Rental Services is growing due to advancements in smart grid technologies, microgrids, and increasing investment in infrastructure development projects across different countries. The construction sector, particularly in emerging economies like China and India, is driving the growth of Generator Rental Services.
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The report highlights that the up to 50 kW segment is expected to see the highest revenue share from the market during the forecast period, due to the various applications of these systems in the construction industry, small-scale events, and as emergency power backup for homes. The government and utilities segment is projected to have the largest revenue share during the forecast period, as these systems are used for emergency power backup, load sharing, and peak shaving in government and utility sectors. Developing countries with underdeveloped power grids also use these systems for grid stabilization.
Some of The Driving Factors of the Power Rental Systems Market:
- Increasing demand for hybrid power systems that combine renewable energy sources with diesel generators, which offer better energy efficiency, emit fewer carbon emissions, and have lower operational costs compared to traditional diesel generators.
- Growing emphasis on environmental sustainability and energy conservation, which is increasing the need for Generator Rental Services that are both quiet and energy-efficient.
- Rising demand for advanced power leasing systems that comply with regulations and emission criteria to meet the need for temporary power solutions.
- Advancements in smart grid technologies and increasing adoption of microgrids, which offer benefits such as improved efficiency, reduced downtime, and increased reliability.
- Increasing investment in infrastructure development projects across different countries, which is expected to expand the market further.
- The construction sector, particularly in emerging economies like China and India, is driving the growth of Generator Rental Services.
- The up to 50 kW segment is expected to see the highest revenue share due to the various applications of these systems in the construction industry, small-scale events, and as emergency power backup for homes.
- The government and utilities segment is projected to have the largest revenue share due to the growing utilization of Generator Rental Services in emergency power backup, load sharing, and peak shaving in government and utility sectors.
- Asia Pacific is expected to generate the highest revenue share in the coming years due to the rising adoption of Generator Rental Services in countries like China, Japan, and India, where there is a significant shortage of energy and a rising demand for stable power supply.
Some of the notable innovations in the Power Rental Systems Market:
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Atlas Copco AB's QAC 1450 TwinPower generator: This generator has a unique feature of having a dual power node that allows it to provide two distinct power outputs using a single generator.
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Cummins Inc.'s HSK78G gas generator range: This gas generator range offers enhanced efficiency and flexibility for natural gas-based Combined Heat and Power (CHP), microgrid, and standby power applications. It is one of the most fuel-efficient gas generators available today, with an electrical efficiency rating of up to 44.2%.
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Hybrid power systems: These systems combine renewable energy sources with diesel generators and offer better energy efficiency, emit fewer carbon emissions, and have lower operational costs compared to traditional diesel generators.
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Advanced power leasing systems: These systems comply with regulations and emission criteria to meet the need for temporary power solutions. They are energy-efficient, quiet, and have lower maintenance requirements.
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Smart grid technologies and microgrids: These systems offer benefits such as improved efficiency, reduced downtime, and increased reliability. They are increasingly being adopted in the rental systems market.
Some of the key players in the global Generator Rental Services market:
Aggreko, Caterpillar Inc., Cummins Inc., Atlas Copco AB, United Rentals, Inc., Generac Power Systems, Inc., Ashtead Group, APR Energy, Herc Rentals Inc., Kirloskar Oil Engines Limited, and Broadcrown Ltd. The report also highlights recent product launches by Atlas Copco AB and Cummins Inc.
Power Rating Outlook (Revenue, USD Billion; 2022 - 2032)
- Up to 50 kW
- 51 kW – 500 kW
- Above 500 kW
Fuel Type Outlook (Revenue, USD Billion; 2022 - 2032)
- Diesel
- Gas
- Others
End-use Outlook (Revenue, USD Billion; 2022 - 2032)
- Government & Utilities
- Oil & Gas (O&G)
- Construction
- Industrial
- Event Management
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
To know more about the report @ https://www.reportsanddata.com/report-detail/power-rental-systems-market
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