Power Generation Equipment Rental Market Forecast: Anticipated Reach of USD 23.5 Billion by 2034
Global Power Rental Market Poised for Rapid Growth
The global Power Rental Market is expected to experience significant growth in the coming years, with a forecasted value of USD 18.9 billion by 2034 and a compound annual growth rate (CAGR) of 5.8% from 2025 to 2034 [1]. This growth is driven by a variety of factors, including increasing industrial sector expansion, government infrastructure projects, rising construction activities, and a growing preference for natural gas-powered generators alongside renewable energy integration to reduce carbon emissions.
The benefits of power rental, such as operational flexibility, reduced installation and maintenance costs, rapid deployment, and lower upfront capital investment, are fueling demand worldwide [1]. Notably, the 501-2,500 kW power range offers a balance of high power output and cost-effective temporary deployment and held a leading 43.7% share of the Power Rental Market in 2024.
Several key players in the market, such as Aggreko, APR Energy, and Caterpillar, are focusing on hybrid power solutions to cut emissions and improve efficiency. For instance, Aggreko expanded its hybrid power solutions, including solar, battery storage, and diesel generators. Similarly, Cummins also expanded its energy storage and hybrid power rental solutions, integrating solar with diesel generators.
The construction sector plays a significant role in the Power Rental Market's end-use segment, accounting for a 34.1% share in 2024. In 2024, North America held a 46.7% share and generated USD 5.3 billion in the global Power Rental Market.
Digital monitoring, such as IoT and remote tracking, is becoming standard in the Power Rental Market. Companies like Atlas Copco launched QIS and QES generator series, designed for fuel efficiency and low noise, while Caterpillar expanded its Cat XQP rental generator line, offering higher efficiency and lower emissions. Additionally, Cummins introduced Tier 4 Final mobile generators with reduced emissions.
APR Energy has been integrating fast-track gas turbine solutions for rapid power deployment. Notably, the Global Power Rental Market is projected to reach USD 23.5 billion by 2034. The market's growth is expected to be at a CAGR of 7.4% from 2025 to 2034, suggesting a promising future for this sector.
In conclusion, the Power Rental Market is poised for robust growth in the coming years, driven by various factors such as the increasing demand for cleaner energy solutions, the need for operational flexibility, and the growing importance of the construction sector. The market's focus on hybrid and eco-friendly solutions, digital monitoring, and rapid deployment solutions will further fuel its growth.
The growth in the Power Rental Market, driven by expanding industrial sectors, is also propelled by financing opportunities in the energy industry and government-led infrastructure projects that require temporary power solutions (finance, energy, industry, business, power rental). Furthermore, the increasing preference for natural gas-powered generators alongside renewable energy integration within the market will continue to attract investor interest from the finance sector (finance, energy, power rental).
