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Report

North America Power Rental Market - Strategic Assessment & Forecast 2023-2029

Market Report I 2023-05-17 I 174 Pages I Arizton Advisory & Intelligence

The North America power rental market is expected to grow at a CAGR of 4.24% during 2022-2029.

KEY HIGHLIGHTS

- The Federal Government of Canada took measures to advance investment tax credit for hydrogen, storage, and net-zero technologies according to a commitment made in April 2022 as of hydrogen in its Fall Economic Statement in November 2022 which shall drive investments toward clean energy sources.
- Under the Rural Energy for America Program (REAP), the U.S. Department of Agriculture (USDA) will provide USD 285 million in grants and loans for 844 critical infrastructure development projects in rural areas across 46 states. These projects will enable rural communities to acquire renewable energy systems and energy-efficient farm equipment.
- The DOE of State and Community Energy Programs (SCEP) attempts to disburse USD 8.8 billion in refunds from the Inflation Reduction Act to Tribes and states for home energy efficiency and electrification projects.
- The U.S. Department of Transportation has published a Notice of Funding Opportunity (NOFO) for USD 1.5 billion in grant funding through the Rebuilding American Infrastructure with Sustainability and Equity (RAISE) discretionary grant program for 2023. The popular program helps communities nationwide carry out projects with significant local or regional impact. In 2022, RAISE funded 166 projects in all 50 states.
- Canada announced a USD 964 million program in 2022 to assist smart renewable energy and grid modernization projects that would reduce emissions by investing in clean energy technologies such as wind, solar, storage, hydro, geothermal, and tidal. Several wind farm & solar projects are progressing in regions such as Quebec, Ontario & Alberta, which is expected to trigger the demand for power equipment rental.

Governments Focus on Electrification in Rural and Indigenous Communities to Boost the Demand for Power Rental Equipment

- Canada's Smart Renewables and Electrification Pathways (SREPs) Program allocated USD 1.56 billion towards smart renewable energy and electrical grid modernization projects. These projects shall gradually reduce greenhouse gas emissions with increased renewable capacity, which will further support Canada's energy transition towards a net zero economy by 2050, also attaining 100% net zero electricity by 2035.
- Focusing on clean power, the Canadian federal government launched the 2030 Emission reduction plan in assurance to support local power solutions and community-driven projects, which are intended to enhance the resilience of energy commodities for forthcoming generations. This plan will increase the number of projects and contribute to the North America power rental market.
- Under the Rural program, the U.S. government will invest nearly USD 2 billion in infrastructure development programs across rural areas until 2026. Such infrastructure investments will enhance highways, bridges, and tunnels and address highway safety issues. Also, such projects will boost access to agricultural, commercial, energy, or freight facilities that support the economy and offer flexible transportation services to rural regions, as announced in December 2022. Applications for funding worth USD 10 billion were submitted to the Department of Energy, significantly more than the funding amount of just USD 300 million for 2022.

Demand for Leasing Power Equipment Backed by Restoring Power Occurred Due to Natural Calamities in Various Regions of North America

- A severe storm occurred in Quebec between December 23 and December 25, 2022, and the breezes were 110km/hr in major parts of the province. The effect caused around 7,500 outages and affected about 640,000 people. The storm left 380,000 homes without electricity, and it took around 63 hours to restore 85% of the electricity. Harsh climatic conditions and the need for electricity are raising the demand for rental power generation equipment in the North America power rental market.
- In 2020, extreme weather events accounted for 1.33 billion outage hours 2020, up 70% since 2019. According to the U.S. Department of Energy, outages cost the U.S. economy USD 150 billion annually. Market surveys of eight economic sectors, including batch manufacturing, healthcare/hospitals, continuous manufacturing, digital economy, government/education, grocery/food stores, and retail, found that a four-hour power disruption costs individual businesses an average of USD 10,000 to USD 20,000.
- The U.S. Environmental Protection Agency has granted its first certification to Caterpillar's fast reaction natural-gas generator sets for emergency and non-emergency situations. They can also be ordered with different emissions-reduction technologies that reduce NOx levels to as little as 0.5 g/bhp-hr without after-treatment. As customers concentrate on their environmental, social, and governance goals, natural-gas generator sets are becoming more and more appealing to standby power solutions.

SEGMENTS ANALYSIS

Segmentation By Fuel

- Natural Gas
- Diesel
- Others (Propane, Hydrogen, Renewable Sources)

Segmentation By Power Rating

- <75KVA
- 75-375KVA
- 375-1,000KVA
- Above 1,000 KVA

Segmentation By Equipment

- Generators
- Load Banks
- Transformers
- Others

Segmentation By End-User

- Construction
- Retail
- Oil & Gas
- Mining
- Events
- Utilities
- IT & Data Center
- Manufacturing
- Others

Segmentation By Application

- Standby
- Continuous
- Peak Shaving

VENDOR LANDSCAPE

- The key players in the North America power rental market are United Rentals, Sunbelt, Aggreko, Herc Rentals, Atlas Copco, Caterpillar, Cummins, and Kohler Power.
- In 2022, United Rentals announced that it had entered into a definitive agreement to acquire the assets of family-owned Ahern Rentals Inc. for approximately USD 2.0 billion.

Prominent Vendors

- United Rentals
- Sunbelt Rentals
- Herc Rentals
- Aggreko
- Caterpillar
- Atlas Copco
- Cummins Inc.,
- KOHLER

Other Prominent Vendors

- Generac
- APR Energy
- H&E Equipment Services
- Sunstate Equipment
- Home Depot Rental

KEY QUESTIONS ANSWERED:

1. How big is the North America power rental market?
2. What is the growth rate of the North America power rental market?
3. What are some significant trends in the North America power rental market?
4. Which fuel type is projected to dominate the North America power rental market?
5. Which are the key vendors in the North America power rental industry?

1. Introduction
1.1. Key Insights of North America Power Rental Market
1.2. Executive Summary

2. North America Power Rental Market
2.1 Future Outlook - North America Power Rental Market by Value
2.2 North America Power Rental Market- By Segments
2.2.1 North America Power Rental Market by Value
2.2.1.1 North America Power Rental Market Size and Forecast by Million ($million)
2.2.2 Power Rental Market, By Fuel
2.2.2.1 Diesel, Market Size and Forecast 2020-2029($ Million)
2.2.2.2 Natural Gas, Market Size and Forecast 2020-2029($ Million)
2.2.2.3 Others, Market Size and Forecast 2020-2029($ Million)
2.2.3 Power Rental Market, By End User
2.2.3.1 Construction, Market Size and Forecast 2020-2029($ Million)
2.2.3.2 Retail, Market Size and Forecast 2020-2029($ Million)
2.2.3.3 Oil and Gas, Market Size and Forecast 2020-2029($ Million)
2.2.3.4 Mining, Market Size and Forecast 2020-2029($ Million)
2.2.3.5 Events, Market Size and Forecast 2020-2029($ Million)
2.2.3.6 Utilities Market Size and Forecast 2020-2029($ Million)
2.2.3.7 IT & Data Centers, Market Size and Forecast 2020-2029($ Million)
2.2.3.8 Manufacturing, Market Size and Forecast 2020-2029($ Million)
2.2.3.9 Others, Market Size and Forecast 2020-2029($ Million)
2.2.4 Power Rental Market, By Equipment
2.2.4.1 Generator, Market Size and Forecast 2020-2029($ Million)
2.2.4.2 Load Bank, Market Size and Forecast 2020-2029($ Million)
2.2.4.3 Transformer, Market Size and Forecast 2020-2029($ Million)
2.2.4.4 Others, Market Size and Forecast 2020-2029($ Million
2.2.5 Power Rental Market, By Application
2.2.5.1 Standby power, Market Size and Forecast 2020-2029($ Million)
2.2.5.2 Continuous power, Market Size and Forecast 2020-2029($ Million)
2.2.5.3 Peak shaving, Market Size and Forecast 2020-2029($ Million)
2.2.6 Power Rental Market, By Power Rating
2.2.6.1 (0-50KW) Market Size and Forecast 2020-2029($ Million)
2.2.6.2 (50-500KW) Market Size and Forecast 2020-2029($ Million)
2.2.6.3 (500-2500KW) Market Size and Forecast 2020-2029($ Million)
2.2.6.4 (Above 2500KW) Market Size and Forecast 2020-2029($ Million)
2.2.7 Power Rental Market, By Country
2.2.7.1 US Power Rental Market Size and Forecast 2020-2029
2.2.7.2 Canada Power Rental Market Size and Forecast 2020-2029

3 Geographical Analysis
3.1 Key Economic cities in UK

4 Market Dynamics
4.1 Market Trends
4.2 Market Drivers
4.3 Market Opportunities
4.4 Market Restraints

5 Technological Development
6 Competitive Landscape
6.1 Company Profile of major Vendors
6.2 Other Prominent vendors

7 Report Summary
7.1 List of Abbreviations

8 Appendix (Report Scope & Definition)
8.1 Research Methodology
8.2 Market Definition, Inclusion & Exclusion

LIST OF EXHIBITS

1. North America Power Rental Market ($ million)
2. Global Power Rental Market by Geography 2022
3. North America Power Rental Market ($Million)
4. Global electricity demand
5. US Power Rental Market ($Million)
6. Canada Power Rental Market ($Million)
7. Power rental by end user 2022(%)
8. Natural Gas power rental by value ($ million)
9. Diesel power rental by value ($ million)
10. Others, power rental by value ($ million)
11. <75 KVA power rental by value ($ million)
12. 75-375 KVA power rental by value ($ million)
13. 375-1,000 KVA power rental by value ($ million)
14. Above 1,000 KVA power rental by value ($ million)
15. Generators power rental by value ($ million)
16. Load Bank power rental by value ($ million)
17. Transformer power rental by value ($ million)
18. Others power rental by value ($ million)
19. Construction power rental by value ($ million)
20. Retail power rental by value ($ million)
21. Oil & Gas power rental by value ($ million)
22. Mining power rental by value ($ million)
23. Events power rental by value ($ million)
24. Utilities power rental by value ($ million)
25. IT & Datacentre power rental by value ($ million)
26. Manufacturing power rental by value ($ million)
27. Others power rental by value ($ million)
28. Standby power rental by value ($ million)
29. Continuous power rental by value ($ million)
30. Peak shaving power rental by value ($ million)
31. US Energy Consumption by source 2021
32. US, Natural Gas power rental by value ($ million)
33. US, Diesel power rental by value ($ million)
34. US, Others, power rental by value ($ million)
35. US, <75 KVA power rental by value ($ million)
36. US ,75-375 KVA power rental by value ($ million)
37. US ,375-1,000 KVA power rental by value ($ million)
38. US, above 1,000 KVA power rental by value ($ million)
39. US, Generators power rental by value ($ million)
40. US, Load Bank power rental by value ($ million)
41. US, Transformer power rental by value ($ million)
42. US, Others power rental by value ($ million)
43. US ,Construction power rental by value ($ million)
44. US, Retail power rental by value ($ million)
45. US, Oil & Gas power rental by value ($ million)
46. US, Mining power rental by value ($ million)
47. US, Events power rental by value ($ million)
48. US, Utilities power rental by value ($ million)
49. US, IT & Datacentre power rental by value ($ million)
50. US, Manufacturing power rental by value ($ million)
51. US, Others power rental by value ($ million)
52. US, Standby power rental by value ($ million)
53. US, Continuous power rental by value ($ million)
54. US, Peak shaving power rental by value ($ million)
55. Canada, Natural Gas power rental by value ($ million)
56. Canada, Diesel power rental by value ($ million)
57. Canada, Others, power rental by value ($ million)
58. Canada, <75 KVA power rental by value ($ million)
59. Canada,75-375 KVA power rental by value ($ million)
60. Canada ,375-1,000 KVA power rental by value ($ million)
61. Canada, above 1,000 KVA power rental by value ($ million)
62. Canada, Generators power rental by value ($ million)
63. Canada, Load Bank power rental by value ($ million)
64. Canada, Transformer power rental by value ($ million)
65. Canada, Others power rental by value ($ million)
66. Canada, Construction power rental by value ($ million)
67. Canada, Retail power rental by value ($ million)
68. Canada, Oil & Gas power rental by value ($ million)
69. Canada, Mining power rental by value ($ million)
70. Canada, Events power rental by value ($ million)
71. Canada, Utilities power rental by value ($ million)
72. Canada, IT & Datacentre power rental by value ($ million)
73. Canada, Manufacturing power rental by value ($ million)
74. Canada, Others power rental by value ($ million)
75. Canada, Standby power rental by value ($ million)
76. Canada, Continuous power rental by value ($ million)
77. Canada, Peak shaving power rental by value ($ million)
78. US Power Rental Market, Top cluster share 2022
79. Canada Power Rental Market, Top cluster share 2022
80. Energy Generation in Ontario 2021
81. Existing Capacity by Energy Source in MW 2021
82. Market share 2021(% share)
83. United Rentals, Total Revenue ($ Billion)
84. Sunbelt rentals, Total equipment rental by segment 2021(% share)
85. Herc Rentals, Total Revenue ($ Billion)
86. Aggreko, Total sales by segment 2020 (% share)
87. Atlas Copco, Total Revenue ($ billion)
88. Cummins, Total Revenue ($ billion)

LIST OF TABLES

1. By Fuel Type, Total Incremental Opportunity, 2022-2029
2. By Power Rating, Total Incremental Opportunity, 2022-2029
3. By Equipment, Total Incremental Opportunity, 2022-2029
4. By End user, Total Incremental Opportunity, 2022-2029
5. By Application, Total Incremental Opportunity, 2022-2029
6. Clean Energy Projects in Canada -2022
7. Upcoming Projects in US 2023
8. Natural Disasters across US in 2022(January- September)
9. Natural Disasters in Canada
10. Power Outages by Region 2022
11. Average Electricity price per KWh by Region
12. Developments/ projects
13. Power Rental Market size & forecast, by type ($ million)
14. Power Rental by Fuel Market Size & Forecast ($ million)
15. Power Rental by Power Rating Market size & Forecast ($ million)
16. Power Rental by Application Market Size & Forecast ($ million)
17. Power Rental by Equipment Market Size & Forecast ($ million)
18. Power Rental by End-user Market Size & Forecast ($ million)
19. List of abbreviations

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