North America Power Rental Market size is predicted to expand at a CAGR of over 3.5% from 2021 to 2027, led by robust industrialization and economic development prevalent across the region. Increasing investments in mining, construction, oil & gas, and related exploration activities is set to drive the need for power rental equipment. Ability to regulate fluctuations in the distributed power and to offer constant generation of power and voltage during peak hours will drive the market growth.
Diesel will be the fastest-growing fuel segment during the forecast period on account of the unit’s increased efficiency and easy fuel availability. The sudden outbreak of the COVID-19 has resulted in halting of numerous construction activities, restricting the market expansion. However, economical operation, easy availability, and capability to offer long-term operations with best operational efficiency will boost the market demand.
Degrading electricity grids coupled with frequent power blackouts is set to drive the large-scale deployment of rental units across utilities. The ability of gensets to counter fluctuations in the power levels within the grid while offering extended power supply will positively impact the North America power rental industry revenue. Moreover, increasing demand for uninterrupted electricity supply primarily from remote locations coupled with several prominent corporations depending upon power rental as a strategic stance will fuel the product adoption.
Standby application segment is anticipated to grow at a steady pace through 2027 owing to the unit’s ability to offer grid stability at economical prices within a short duration of time. Generators can be used to provide constant power supply power through peak hour outages. Developed nation faces less power outages than developing countries thus rental power systems will witness increased deployment, primarily in utility-scale power generation plants.
The U.S. is set to dominate market revenue share till 2027 due to growing industry focus on economical substitutes for power backup solutions. Furthermore, continuous high foreign investments and technological investments in the construction industry has resulted in heightened demand for continuous power supply which.
The North America market is influenced by the major participant including Aggreko, HIMOINSA, Cummins, Caterpillar, Atlas Copco, Wärtsilä, Generac, and Wacker Neuson, amongst others. Companies are exhibiting backward integration with an aim to achieve economies of scale, quality standards, and in order to sustain their existing market share.