us power rental market outlook
The United States emerged as the frontrunner in the power rental market, commanding a substantial market share of 76.30% in 2016, with an impressive market value of USD 2,879.5 million. Projections indicate that the U.S. market is poised to exhibit the highest Compound Annual Growth Rate (CAGR) of 8.01% during the forecast period. Following closely, Canada secured the position of the second-largest market in 2016, with a valuation of USD 894.4 million, and is anticipated to grow at a commendable CAGR of 7.49%. The robust growth of the power rental market in the United States can be attributed, in large part, to the dynamism of the construction industry, a stalwart driving force behind the nation's economic prowess. With a declining unemployment rate, there is an upswing in investments in both residential and commercial construction in the U.S. This, in turn, augments consumer confidence and spending within the sector, injecting a surge of money into the economy. The ripple effect of increased spending in construction translates to heightened demand for goods and services, further fueling the impetus in the power rental market. Within the realm of power sources, diesel emerged as the dominant force in 2016, capturing the largest market share at 60.87%, equating to a market value of USD 1,752.8 million. Diesel is projected to continue its ascendancy, with the highest anticipated CAGR of 8.34% during the forecast period. Gas, holding the second-largest market share in 2016 at USD 966.0 million, is poised to grow at a commendable CAGR of 7.75%. Examining power rental applications, the Base Load segment took precedence in 2016, commanding the largest market share of 44.69%, equivalent to a market value of USD 1,286.8 million. The Base Load segment is anticipated to exhibit the highest CAGR of 8.73% during the forecast period. Following closely, the Peak Shaving segment, valued at USD 821.6 million in 2016, is projected to grow at a robust CAGR of 7.62%. In terms of end-users, the Utilities segment secured the leading position in 2016, capturing the largest market share of 29.05% and a market value of USD 836.6 million. The Utilities segment is forecasted to experience the highest CAGR of 9.39% during the forecast period. Conversely, the Oil & Gas segment, holding the second-largest market share in 2016 at USD 784.8 million, is projected to grow at a substantial CAGR of 6.90%. The comprehensive analysis of the power rental market in the U.S. and Canada underscores the robust growth potential fueled by construction industry dynamics, diverse power sources, applications, and end-user segments. The evolving landscape in these regions signifies not only sustained market dominance but also an avenue for continuous innovation and strategic positioning in the global power rental arena.
| Report Attribute/Metric |
Details |
| Market Size 2021 |
USD 11.2 billion |
| Market Size 2022 |
USD 12.11 billion |
| Market Size 2030 |
USD 21.03 billion |
| Compound Annual Growth Rate (CAGR) |
8.20% (2022-2030) |
| Base Year |
2021 |
| Market Forecast Period |
2022-2030 |
| Historical Data |
2018 & 2020 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Fuel Type, Application, End-Use, and Region |
| Geographies Covered |
North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Aggreko Plc. (U.K.), Caterpillar Inc. (U.S.), Cummins Inc.(U.S.), Herc Rentals Inc. (U.S.), Speedy Hire Plc.(U.K.), Ashtead Group Plc. (U.K.), United Rentals Inc. (U.S.), APR Energy (U.S.), Breaenoord Exploitatiemij B.V. (Netherlands), L.M. Generating Power Co. Ltd. (Canada), |
| Key Market Opportunities |
Increasing intensity & frequency of weather-related disasters Escalating data center outage costs Rising demand for uninterrupted power supply Rapid industrialization & infrastructure in the telecom & construction sector |
| Key Market Dynamics |
Rising demand for constant power supply from mining and oil & gas industries  |
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