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
aging power infrastructure across the globe is encouraging the market growth.
Temporary power is referred to as an independent source of electric power which
highly supports several sectors with power supply during scenarios like power
outage and blackouts. It is an uninterrupted, continuous, and a reliable power
source which enables the end-users to run tools and equipment over an extended
period.
Industry
Highlights
One of the key drivers for the growth of temporary
power market is the rising demand for energy due to growing infrastructural and
construction activities, surge in the number of planned events, accompanied
with the scarcity of electricity. Poor grid infrastructure is leading to
regular blackouts, which gives rise to the need for rental power. A detailed
analysis report of COVID-19 impact on Temporary Power Market Size is provided with the
report.
Developing countries have a huge demand for energy.
Due to the existing grid infrastructure, which is not satisfying the increasing
power demand blackouts and power outages have been frequent and boost the
demand for the temporary power. The blackouts prove very expensive for the
industries in terms of loss of production.
Generators (temporary power systems) come to the rescue as they supply
the power to the industrial, residential and commercial sectors, in cases of
power cut. The growing number of events such as sports and other big events are
also driving the temporary power market.
Global Temporary Power
Market Segmentation:
The
MRFR analysis the Temporary Power
Market is segmented into four key
dynamics for the convenience of understanding;
By
Fuel Types: Comprises Diesel, and Gas among others.
By
Generator Ratings: Less than 80 kW, 81-280 kW, and More than 280 kW.
By
End-Uses: Events, Construction, and Mining, among others.
By
Regions: North America, Europe, APAC and the Rest-of-the-World.
Competitive Analysis
The well-established,
temporary power market appears to be fiercely competitive due to the presence
of several large, small and new entrants operating in the market. The market is
estimated to witness an intensified competition further.
Top Players:
Some of the leaders driving
the global temporary power market include Ashtead Group Plc (UK), Aggreko PLC
(UK), Caterpillar Inc. (US), Speedy Hire (US), Hertz Corporation (US), Smart
Energy Solutions (UAE), United Rentals (US), Power Electrics (UK), Cummins Inc.
(US), APR Energy Inc. (US), Kohler (US) and Rental Solutions Services (UAE).
Regional Frontiers
Geographically,
the temporary power market has been studied under regions namely, Asia Pacific,
North America, the Middle East & Africa, Europe, and South America.
Considering
the global scenario, the North American region is anticipated to command for
the largest market share owing to the surging demand for power and power
generation capacity addition plans. Canada and the US are the primary economies
fueling the growth of the market in this region owing to the aging power grid
infrastructure. natural calamities also cause frequent power outages which is
likely to contribute to the growth of the market.
The
Asia Pacific region is anticipated to expand at the fastest rate during the
review period. The region is likely to retain its position due to the surging
industrialization mainly in the Southeast Asian economies like Malaysia,
Indonesia, Thailand, Philippines, and others. The increasing demand for
continuous power supply is bolstering the market growth. The unavailability of
power access to electricity especially in the underdeveloped areas is likely to
offer lucrative opportunities to the regional market.
North
America region is expected to drive the growth of the market due to the
increasing demand of power in the region. The transmission and distribution
system, having been established long back in the region is causing frequent
blackouts of power, thereby driving the demand for temporary power systems in
the region. The advancements in the construction industry in the region are
also driving the growth of the market. In the developing economies of
Asia-Pacific region, where there is limited or no access to electricity, there
is demand for temporary power market.
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