Amidst Recession Concerns - Power Rental Market Saw Higher Growth Rates in 2022.

Press Release

SAN ANTONIO, TX, February 1, 2023 -- A new analysis by Verify Markets shows the  North American Power Rental Market valued at $1,645.5 million in 2022. The North American Power Rental Market is mature and fragmented, although it has experienced a great deal of consolidation where large national rental companies have been acquiring small, regional competitors and specialty rental providers.

Overall, 2022 was a very good year for growth for the power generation equipment rental industry. One of the main factors driving market growth was supply chain disruptions, which have led to longer lead times for new generators and replacement parts. Accordingly, rental generators have been increasing used due to delays in replacement and maintenance cycles of old equipment. It is also increasingly common for new installations to use rental equipment until permanent generators are delivered. Other drivers include recovery of non-residential construction activities, aging power infrastructure, and higher oil & gas prices, which have also contributed to above average market growth rates for 2022.

In 2023, the power rental market is expected to experience lower demand due to the threat of a U.S. recession, lower oil & gas prices, and supply chain constraints. Fear of impending recession is leading some rental companies to reduce their demand for new equipment. However, economic uncertainty can make some customers opt to rent generators in lieu of making the long-term commitment to purchase equipment. This situation is projected to reduce the impact of an economic recession in the power rental industry,” states Georgina Carraway, Research Manager for Verify Markets.

Besides a risk of an economic recission, rental companies have been deterred by stringent environmental regulations, specifically the Environment Protection Agency’s (EPA) Tier IV Final implementation in the United Sates, and the prospects of Tier V emission standards in California and supplemental corresponding federal-level regulations.

The Energy-as-a-Service (EaaS) model has been impacting the power rental for long-term rental applications. EaaS is a financing model that enables customers to avoid the upfront capital expense of purchasing a microgrid by offering a multi-year contract where the customer only pays for energy used while the service provider assumes the risk of ownership for all microgrid equipment.  Energy-as-a-service is growing rapidly as a type of long-term power rental option for larger electricity customers, including oil & gas, mining, large industrial, and mission critical facilities such as hospitals and data centers, which are looking to lower their carbon footprint, increase resiliency, and offset the power they buy from the local utility.

The North American Power Rental Market report has been segmented by type of fuel type, application, end user industry, and output range. Main customers include industrial, oil & gas, utility, construction, commercial, and entertainment, among others. In 2022, the industrial sector represented the majority share of the total power rental market in North America. The industrial segment includes petrochemicals and refining facilities, mining, manufacturing plants and processing, etc. These companies use rental generators for maintenance, standby power in case of emergency, and seasonal peak shaving. Among the different end user segments, the industrial, utility, and commercial sectors are likely to experience high growth during the forecast period.

Some of the companies mentioned in this report include Aggreko plc., Caterpillar, Inc., United Rentals, Inc., Sunbelt Rentals, Inc., Herc Rental Services, Trane Technologies, Carrier Rentals, H&E Equipment Services, Sunstate Equipment Co., Enchanted Rock, Tangent Energy Solutions, Mesa Solutions, and Doosan Portable Power, among many others. This report provides an in-depth analysis of the overall North American Power Rental Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecast, technology trends, and competitive landscape.

A copy of the North American Power Rental Market research report can be obtained at Follow us for more updates on Twitter @verify_markets. This report is part of Verify Markets’ Rental Equipment & Power Solutions market research and consulting practice. Other power rental market reports:

About Verify Markets:

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