Temporary Power Market Highlights
Acknowledging the
exponential growth, the market is observing currently; Market Research Future
(MRFR) in its recently published study report asserts that the global temporary
power market is expected to create a significant revenue pocket by 2023,
registering approximately 10% CAGR between 2016-2023.
The growth of the
temporary power market is majorly driven by the shortage of electricity faced
by the developing economies due to lack of permanent power capacity. Failure of
predicting the future electricity demand and the inability to finance major
power projects by both private and government entities has led to the growth of
market for temporary power solutions. Factors such as limited electricity
access in all regions across the globe and the rise in global construction and
infrastructural activities are driving the global market for temporary power
solutions. However, the growth of this
market can be restrained by payment issues for availing electricity and power
in underdeveloped & developing nations.
Industry Segmentation
The report has
been analyzed based on the fuel type, generator rating, end-use and region.
Among all end-users, the oil and gas industry is expected to grow rapidly. The
rapid industrialization and the increase in demand for incessant power supply
by various industries are expected to drive the growth of the temporary power
market over the forecast period. The
increase in the number of planned events such as media & entertainment and
sports activities, which requires continuous electricity backup, is further
expected to drive the growth of the market.
Regional Outlook
The North
American region is expected to retain its dominance over the global temporary
power market attributing to the aging power transmission and distribution
systems, leading to frequent power outages. Also, the upsurge in the
construction activities in the region is expected to drive the market growth.
The market in the
Asia Pacific region is emerging as another lucrative market for temporary power
due to the unavailability of proper access to the electricity mainly in the
underdeveloped regions. Several countries in the APAC region still do not have
100% access to the electricity. These factors are estimated to augment the
demand in the temporary power market during the forecast period.
Leading Players
The key players
of global temporary power market are Aggreko PLC (U.K.), Ashtead Group Plc.
(U.K.), Caterpillar Inc. (U.S.), Hertz Corporation (U.S.), Speedy Hire (U.S.),
Smart Energy Solutions (UAE), Power Electrics (U.K.), United Rentals (U.S.),
Cummins Inc. (U.S.), Rental Solutions and Services (UAE), APR Energy Inc.
(U.S.), Kohler (U.S.) and others.
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