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.
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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. 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.
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.
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).
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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