March 09, 2023 09:00 ET | Source: Transparency Market Research Transparency Market Research
Wilmington, Delaware, United States, March 09, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - As per a TMR study, the generator rental market was valued at US$ 4.7 Bn in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2023 to 2031. 50hz Silent Type Diesel Generator
Generators are products which are used to ensure consistent supply of electricity during a power outage. Generators are available in four different power ratings- below 100 kVA, 100-500kVA, 501-1000kVA, and above 1000kVA.
However, not all enterprises globally can afford to purchase generators and as a result are likely to seek rental generators to meet their needs. Some of the benefits associated with renting generators are low maintenance costs, zero installation expenditure, easy scalability, and improved flexibility.
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New generator launches are helping leading market players in generating revenue and in gaining an edge over other companies. In 2023, Caterpillar launched a new portable generator set for standby power applications. Additionally, companies are collaborating with other players to expand their presence and increase revenue share.
Key Findings of Market Study
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Generator Rental Market- Key Drivers
Generator Rental Market- Regional Insights
Generator Rental Market- Key Players
The global generator rental market is considerably consolidated with few leading players who account for dominant market share.
Some of the key players operating in the market are Kohler Company, AKSA Power Generation, Cummins Inc., Caterpillar Inc., and Herc Rentals Inc.
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The global market has been segmented as follows:
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