Temporary Power Market: Future Opportunities, Industry Trends, Share, Development Policies and Future Growth 2023
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 Temporary Power market is growing enormously owing to the lack of reliable electricity supply, rise in construction and infrastructural activities, and an increase in the number of planned events, triggering an increasing demand for energy supply.
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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.
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.
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.
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.
Scope of the Report
This research report has provides the insights, on various levels of analyses such industry analysis, market share analysis leading market players and their profiles. This report also helps in studying the target segments by providing views on emerging & high-growth segments and market conclusion. Together the market data comprise and discuss with the basic assessments on the competitive scenarios & strategies, of the Global temporary power, including the high-growth regions, countries and their political, economic and technological environments. Furthermore the project report also provides the views over the historical market values as well as, pricing and cost analysis of the same.
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