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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Rising Demand for Power Rental in the Mining Industry Propelling the Market Growth
The rising demand for power rental in the mining industry is augmenting the market growth. As power equipment, such as generators, require high capital investment, the demand for power rental equipment for uninterrupted power supply during mining operations is surging. With the increasing mining activities, various companies are utilising power rental for urgent power requirements. Moreover, the regular payment schedule of power rental enhances cash flow and enables more accurate budgeting, due to which it is extensively preferred by mining companies. As power rental equipment is maintained by the provider, mining companies are leveraging it to bolster cost-effectiveness., thus invigorating the industry growth.
The enhanced flexibility offered by power rental enables contractors to boost or reduce power ratings in accordance with diverse requirements, due to which it is extensively deployed in mining applications. As power rental services include refuelling, their demand is surging to eliminate the requirement of experts to manage equipment while reducing human capital. With the increasing concerns regarding investments in the mining industry, the demand for power rental is expected to grow, which is anticipated to provide further impetus to the growth of the market in upcoming years.
Power Rental Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global power rental market attained a value of nearly USD 10.30 billion.
The market is projected to grow at a CAGR of 5.80% between 2024 and 2032.
The market is being driven by the rising demand for power rental in the mining industry, the low maintenance and enhanced flexibility offered by power rental, and the increasing investment concerns in the mining industry.
The industry is expected to be propelled by the rising demand for rental generators in the construction industry, the development of innovative power rental equipment, and the increasing trend of sustainability.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major fuel types of power rental in the industry are diesel and natural gas, among others.
The various equipment types of power rental are load bank, generator, and transformer, among others.
The several power ratings of power rental are up to 50 kW, 51-500 kW, 510-2,500 kW, and above 2,500 kW.
The numerous applications of power rental are peak shaving, standby power, and base load/continuous power.
The significant end uses in the market are utilities, oil and gas, events, construction, mining, and data centres, among others.
The major players in the industry are Caterpillar, Inc., Aggreko Plc, Atlas Copco Group, Cummins, Inc., The Hertz Corporation, Generac Power Systems, and Wacker Neuson SE, among others.
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