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According to Arizton’s latest research report, the North America power rental market will grow at A CAGR of 4.24% during 2022-2029. The North American equipment rental market is expected to grow steadily during the next four years. Factors such as the high government spending on infrastructure development, population redistribution brought on by a vibrant job market with considerably high opportunities for remote and hybrid work, and high acceptance of sharing and rental housing models among younger generations, the complexity of power equipment, and the environment-friendly nature of renting have contributed to a surge in demand for power equipment. Thus, all these factors will contribute to a long-term, multi-decade shift from ownership to renting power equipment.
In 2022, the diesel generator segment held the highest revenue share at 72.2%. The segment is expected to maintain dominance due to the high demand from players in several industries with large-scale operations. Despite the reservations and resistance from environmental groups, regulators and localities reluctantly approve diesel as a primary source of power generation due to low electric grid reliability.
Several vendors in the market offer rental diesel power equipment for customers operating in diverse industry verticals. For instance, NMC offers Cat Connect hardware, which is standard on Cat generator sets of up to 850 kVA for 50 Hz applications and up to 750 kW for 60 Hz applications. The company offers Enhanced Cat Remote Asset Monitoring options to its customers that require additional monitoring of generator set parameters. These monitoring options are provided free of charge to customers who have purchased a Customer Value Agreement or Long-Term Service Agreement. The Cat Connect hardware and a subscription to existing Cat and competitor power solutions can be purchased.
Canada’s Smart Renewables and Electrification Pathways (SREPs) Program allocated USD 1.56 billion towards smart renewable energy and electrical grid modernization projects. These projects shall gradually reduce greenhouse gas emissions with increased renewable capacity, which will further support Canada’s energy transition towards a net zero economy by 2050, also attaining 100% net zero electricity by 2035.
Focusing on clean power, the Canadian federal government launched the 2030 Emission reduction plan in assurance to support local power solutions and community-driven projects, which are intended to enhance the resilience of energy commodities for forthcoming generations. This plan will increase the number of projects and contribute to the North America power rental market.
Under the Rural program, the U.S. government will invest nearly USD 2 billion in infrastructure development programs across rural areas until 2026. Such infrastructure investments will enhance highways, bridges, and tunnels and address highway safety issues. Also, such projects will boost access to agricultural, commercial, energy, or freight facilities that support the economy and offer flexible transportation services to rural regions, as announced in December 2022. Applications for funding worth USD 10 billion were submitted to the Department of Energy, significantly more than the funding amount of just USD 300 million for 2022.
As of December 2022, the Minister of Natural Resources Canada had announced an outlay of approximately USD 3 million from the Smart Renewables and Electrification Pathways program for Fraser Basin Council’s Energy Peers in Indigenous Communities (EPIC) Network, a capacity-building program designed to encourage Indigenous leadership in the renewable energy and electrification sectors across British Columbia.
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