Oil & gas activity, grid stress, and mega projects driving robust 2025 growth.
SAN ANTONIO, TX, May 27, 2025 — A new analysis by Verify Markets shows the North American Power Rental Market generated $2,817.3 million in revenue in 2024 and is projected to reach over $4,400.0 million by 2031. The market expanded by 9.6 percent between 2024 and 2025, propelled by a combination of sustained oil & gas activity, grid modernization needs, and surging demand from large-scale infrastructure projects.
“The market gained solid traction in 2024,” stated Georgina Carraway, Research Manager at Verify Markets. “Power rental benefited from continuous growth in oil & gas output, particularly in the Permian Basin, as well as the rising use of generators for data centers, grid support, and emergency response.”
Oil & gas remained one of the top drivers, accounting for 20.0 percent of total market revenues in 2024. The segment continues to demand reliable rental solutions across exploration, production, and midstream activities, especially in off-grid locations. Concurrently, aging utility infrastructure and more frequent weather-related outages elevated the need for temporary power across North America.
Other key growth segments include industrial and construction, with data center expansion and federally backed mega projects boosting long-term rental opportunities. Despite regulatory and cost pressures from Tier 4 Final emissions standards, demand remains strong for diesel and natural gas generators. Notably, natural gas units now represent 30.0 percent of the market, favored for their lower emissions and fuel flexibility.
United Rentals, Aggreko, Sunbelt Rentals, Caterpillar, and Herc Rentals were the top five players in 2024. Other companies included in the report are H&E Equipment Services, EquipmentShare, Sunstate Equipment Co., PowerSecure, Mesa Solutions, VoltaGrid, Enchanted Rock, Electro-Motion, and 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 www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets. This report is part of Verify Markets’ Energy & Power Equipment market research and consulting practice. Other power rental market reports:
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