Temporary Power Market to rise at CAGR of 12.5% through 2027 - Report by Market Research Future (MRFR)
New York, Aug. 02, 2021 (GLOBE NEWSWIRE) -- Temporary Power Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Temporary Power Market Research Report, Fuel Type, Generator Rating, End User and Region - Forecast till 2027” the market size is predicted to grow at a 12.5% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
COVID-19 Analysis
Owing to the crisis and the containment measures being undertaken worldwide, travel has almost come to a halt that led to changing service and product needs. Such changes are likely to impact the power generation industry and in turn the global temporary power market in the forecast period. The complete or partial lockdowns in different countries have directly or indirectly affected several industries resulting in disruptions in vendor operations, product commercialization, and supply chains, among other activities. There is a high probability that this crisis will have long-term impact on the buying behavior and lifestyles of consumers. The pandemic has induced temporary blip across key end user industries like building and construction, and mining, thus decelerating growth of the temporary power industry. But with the world returning to normalcy by adopting the new normal the market is likely to recover fast and grow exponentially in the days to come.
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Key Players
Key players profiled in the global temporary power industry report include –
Aggreko Ltd. (UK)
Atlas Copco (Sweden)
Caterpillar Inc. (US)
Cummins inc. (US)
Kohler Co. Inc. (US)
APR Energy PLC. (US)
Atco Power Ltd. (Canada)
Temp-Power Inc. (US)
Ashtead Group PLC. (UK)
Speedy Hire PLC. (UK)
United Rentals Inc. (US)
Hertz Equipment Rental Corporation (US)
Smart Energy Solutions (New Zealand)
Rental Solutions & Services LLC. (UAE)
Trinity Power Rentals (Canada)
Diamond Environmental Services LLC. (US).
The temporary power market is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers , including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches, and more.
Industry Updates
The European Commission has approved Australian temporary power market reserve in view of the structural congestion issues that the Australian electricity grid is facing.
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Drivers
Frequent Power Outages and Blackouts to Boost Market Growth
The frequent power outages and blackouts will boost market growth. The growing need of power from sewage treatment plants, construction sites, and hospitals are supporting the growth of the temporary power industry.
Opportunities
Increase in Smart Cities to offer Robust Opportunities
The increase in smart cities will offer robust opportunities for the market over the forecast period for the growing demand for temporary power in the construction industry. The growth of megacities will boost infrastructure and residential construction projects all across the globe. The over 9,280 ongoing megacity construction projects across the globe will create robust demand for temporary job site power.
Restraints
Fluctuating Weather Patterns to act as Market Restraint
Fluctuating weather patterns will have a negative impact on the temporary power market share over the forecast period. The power equipment that runs on solar energy can be ineffective on a cloudy day and those that run on wind power can be unstable on a non-breezy day.
Challenges
Need for Expert Handling and Maintenance to act as Market Challenge
There are a set of codes and rules that needs to be compiled at the time of installation and uninstallation of temporary power set-up that needs handling and maintenance by experts thus impeding market growth.
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Market Segmentation
The temporary power market has been segmented based on end user, generator rating, and fuel type.
By fuel type, the diesel segment will lead the market over the forecast period for its increasing use in different applications across different industries such as construction, mining, utilities, events, and more.
By generator rating, the above 280kW segment will dominate the market over the forecast period and at the highest CAGR for its wide applications in mining, oil and gas, and utility sectors.
By end user, the events segment will spearhead the market over the forecast period for the rising number of planned events globally.
Regional Analysis
North America to Spearhead Temporary Power Market
North America will spearhead the market over the forecast period. Rising power demand & power generation capacity addition plans, growing adoption in Canada and the US due to aging power grid infrastructure, aging T&D infrastructure that causes frequent outages of power and blackouts, the improved construction industry, lack of access to electricity, growth in power demand, capacity expansion plans by temporary power companies, tremendous technological and industrial development, demand for safe, continuous, and reliable power supply, rise in number of data centers that need uninterruptible power supply to avoid heavy losses, erratic weather conditions, and upcoming planned international sports and ongoing musical events that need electricity in huge amounts for a short span of time are adding to the global temporary power market growth in the region.
Segmentation of Market covered in the research:
Information by Fuel Type (Diesel, Gas, Others), Generator Rating (Less than 80 kW, 81-280 kW, and Above 280 kW), End User (Events, Utilities, Construction, Oil & Gas, Mining, Manufacturing, Others), and Region (North America, South America, Europe, Asia- Pacific, and Middle East & Africa)
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