Generator Hire Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2021 - 2031
Generator Hire Market - An Overview
The global generator hire market is expected to witness moderate growth during the forecast period between 2021 and 2031.
Recent trends suggests that customers have been willing to hire generators rather than purchase generators because of features such as improved flexibility in the power rating and reduced installation and maintenance costs.
Generator hires have also become popular in countries with low-grid infrastructure, which has helped in the growth of the overall generator hire market.
Some of the end-use industries which have deployed generator hires include manufacturing, construction, mining, oil and gas, and utility.
COVID-19 pandemic negatively impacted the growth in the overall generator hire market. With governments imposing strict social distancing regulations and lockdowns in a bid to contain the spread of the virus, mining and infrastructure grid activities were halted temporarily or permanently. This reduced the demand for generator hire and lowered the global market generator hire growth.
Generator Hire Market - Trends and Opportunities
Rising electricity demand for different commercial and industrial applications is the key growth driver for the global generator hire market.
Also, reduced electrification rates in leading economies globally could create novel revenue-generating opportunities for key generator hire market players, in the coming years.
In addition to this growing mining industry, wherein miners will look to consumer energy from generators, could propel the generator hire market, in the years ahead.
Other factors such as rapid industrialization, especially in developing economies could also fuel the demand for generator hires, in future.
Above 750 kVA power rating segment is expected to make the largest contribution, in terms of revenue, to the overall market owing to increasing need for emergency electrical services in several heavy-duty applications.
Generator Hire Market - Competitive Landscape
With the presence of several leading market players, the competition in the overall generator hire market is intense. Many of these players have become successful owing to years of delivering consistent results and are expected to account for a large share in the overall market, in future.
Research and development undertakings to produce improved quality of products could be a key growth strategy for prominent generator hire market players, in future.
Growth strategies such as novel product launches could create revenue-generating opportunities for the well-established generator hire market players and help them gain a competitive edge over other players.
Prominent market players could sign collaborative deals with smaller players in a bid to expand their market presence and increase their revenue shares.
Caterpillar Inc., in November 2021, signed a three-year collaborative deal with Microsoft and Ballard Power Systems to validate a power system comprising of large-format hydrogen fuels to develop reliable backup power for Microsoft data centers.
Some of the leading players in the global generator hire market include Cummins Inc., APR Energy, Atlas Copco, Caterpillar Inc., and ProPower Rentals.
Generator Hire Market - Regional Assessment
The global generator hire market is divided into five regions, namely, North America, Asia Pacific, Europe, Middle East and Africa, and Latin America.
Asia Pacific is expected to offer the maximum revenue-generating opportunities due to the increasing power demand from different end-use industries in countries such as India and China.
North America is projected to witness significant growth in the global generator hire market owing to the presence of several prominent market players in countries such as US and Canada, contributing to market growth in the region.
Europe is anticipated to witness strong growth in the overall market in future because of growing business activities in countries such as UK and Germany, leading to increased power demand in these countries.
Other regions of the world such as Latin America and Middle East and Africa are anticipated to witness moderate growth in the generator hire market, in the years ahead, owing to reduced presence of leading market players in countries belonging to both the regions.
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