The Europe power rental market is expected to grow at a CAGR of 7.1% during the forecast period. It is estimated to be USD 1.6 billion in 2019 and is projected to reach USD 2.3 billion by 2024. The major factors driving the Europe power rental market include the increasing power demand, lack of power infrastructure, and revamping of old T&D infrastructure.

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The gas fuel type segment is expected to be the fastest growing fuel segment of the Europe power rental market from 2019 to 2024. Countries around the region have set emission reduction targets and are working toward achieving these targets, which has resulted in the increased share of environmentally friendly fuel for power production. Countries such as the UK, Germany, France, and Italy are expected to increase their focus on environmentally friendly technologies, driving the market for gas powered generators during the forecast period.

The report segments the europe power rental market in terms of application segment into peak shaving, baseload/continuous power, and standby power. The standby power segment is expected to grow at the fastest rate during the forecast period. Standby power refers to the energy consumed by electronic and electrical appliances while they are switched off or in standby mode. A standby generator is an electrical back-up system that operates within seconds of a power outage. The transfer switch senses the loss of power and accordingly starts or shuts off the generator. Most units run on diesel, natural gas, or liquid propane gas. These generators are used in hospitals, office buildings, and schools, among others.

The 501-2,500 kW power rating segment is expected to be the largest segment of the Europe power rental market during the forecast period. 501-2,500 kW generators are used mainly in the mining, oil & gas, manufacturing, shipping, and utility sectors. These generators can be used to provide standby power as well as power during peak shaving. The adoption of natural gas for the 501-2,500 kW generators is the primary reason for the fastest growth projection of the segment during the forecast period.

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Germany is expected to exhibit the fastest growth within Europe power rental industry from 2019 to 2024, followed by France. Countries such as the UK and Russia are the largest markets for Europe power rental. Both countries are implementing policies to boost their industrial sectors. Inadequate power transmission & gas distribution networks in developing countries in Europe are also expected to create a demand for power rental equipment.

Companies like Aggreko and Caterpillar can invest in emerging economies, as these areas are increasing their expenditure on industrial activities. The power generating plants are either old, or have not been modernized. The power rental companies can use these opportunities as it creates a requirement for reliable backup.