Emphasis on Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, Above 750 kVA); Fuel Type (Diesel, Gas, Others); Application (Continuous Load, Standby Load, Peak Load); End-User (Mining, Construction, Manufacturing, Utility, Events, Oil & Gas, and Others); Region/Country
Generator Rental Market is expected to exceed the market valuation of more than US$ 13.8 billion in 2027 and is expected to grow at a significant CAGR of 7.8% during the forecast period (2021-2027). Manufacturing and Construction Companies mainly work on electric power and the constant investment required in the buying and repairing of the generator equipment can be very costly. By using a generator rental service, these companies can save a lot of money. Power failures occur occasionally, in businesses, an emergency generator rental service in this case can give the companies access to good quality generators for the required time. Generator rentals are gaining popularity because of their ease of use. When a generator is rented there is no need to get it serviced as it has already been serviced and maintained by someone else. Going to service procedures or hiring your own technicians increases the cost. Whereas one can have the peace of mind with rented generators as they are certified and well maintained, with no extra charge. Key reasons for the growth of this market are the importance of power in most industries and homes. Additionally, keeping a backup generator takes a lot of storage and is also not as cost efficient as renting one when necessary. This is because generators need servicing no matter what. Over the last decade there have been many extreme climate behaviors and power cuts have become extremely common. For example, the recent Texas winter storm in February 2021, caused a spike in generator rentals and sales as Americans were struggling to better secure their homes. For this reason, it is important to keep an emergency generator rental company handy whenever such a situation occurs. Additionally, the use of generators for events such as barbecue parties, shows, or other such events is very common and since these are short time events, renting a generator for them is the best option.
Value Chain of Generator Rental Market
Caterpillar, Cummins Inc., HIMOINSA, AKSA POWER GENERATION, Aggreko plc, United Rentals, Inc., APR Energy, AGCO Corporation, Herc Rentals Inc., and Ashtead Group plc. Wartsila are some of the prominent players operating in the Generator Rental market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Power Rating, above 750 kVA segment holds the major share”
Based on power rating, the Generator Rental Market is segmented into Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA. Amongst power rating, the above 750 kVA segment of the market held the significant market share in 2020. Although, above 375-750 kVA are the most popular because generator rentals are mostly for the use of heavy-duty applications. Additionally, since these are large size generators renting them saves a lot of storage space for companies. Certain rental companies, like Clifford Power, U.S.A., first asks for all details related to the potential loads that will be connected to the generators during rental from the customers.
“Amongst Fuel Type, Diesel Segment holds the major share”
Based on Fuel Type, the Generator Rental market is segmented into Diesel, Gas, and Others. Amongst fuel type, diesel segment accounted for a significant market share in 2020. Diesel generators are the most common because of its higher energy density, diesel generators can extract more energy from the same amount of fuel. Diesel generators are however costlier than gas generators.
“Amongst Application, Continuous Load segment holds the major share”
Based on Application, the generator rental market is segmented into Continuous Load, Standby Load, and Peak Load. The continuous load segment generated held significant market share in 2020. Continuous load power are designed to operate continuously for extended periods of time. The disadvantage with continuous loads is that they cannot operate with variable loads as compared to a consistent load.
“Amongst End-User, Mining Segment holds the major share”
Based on end-user, the generator rental market is segmented into Mining, Construction, Manufacturing, Utility, Events, Oil & Gas, and Others. Amongst end-user, the mining segment of the market held prominent market share in 2020. Mining is usually done in distant locations without the access to the grid. Thus, generators are necessary to provide power in such places.
“Asia Pacific represents one of the largest markets of Generator Rental market”
For a better understanding of the market dynamics of the Generator Rental market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market in 2020, owing to increased industrialization in the region.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis (industry At A Glance)
4. Executive Summary
5. Generator Rental Market Revenue (us$ Bn), 2021-2027f
6. Covid-19 Impact
7. Market Insights By Power Rating
8. Market Insights By Fuel Type
9. Market Insights By Application
10. Market Insights By End-user
11. Market Insights By Region
12. Generator Rental Market Dynamics
13. Generator Rental Market Opportunities
14. Generator Rental Market Trends
15. Legal And Regulatory Framework
16. Demand And Supply Side Analysis
17. Value Chain Analysis
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Analyzing the historical market, estimation of the current market, and forecasting the future market of the Generator Rental market were the three major steps undertaken to create and analyze the adoption of Generator Rental in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Generator Rental market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Generator Rental through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Generator Rental market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as Power Rating, Fuel Type, Application, and End-User. Further country-level analyses were conducted to evaluate the overall adoption of Generator Rental in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Generator Rental. Further, we conducted factor analysis using dependent and independent variables such as increasing industrialization and increasing popularity of equipment rentals. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Generator Rental sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Generator Rental market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Generator Rental market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Generator Rental market.
The main objective of the Generator Rental Market Study
The current & future market trends of Generator Rental were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
Deep dive regional level analysis of the industry
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