ID: MRFR/E&P/1863-HCR | February 2021 | Region: Global | 111 pages
The Temporary Power Market Size is expected to grow by 12.5% in the forecast period. The temporary power is an exceptional energy source that supplies electricity at blackouts and power outages. The demand for reliable power is growing every year. The electrical infrastructures in many countries are nearing the maturity period. It is causing plenty of outrages and power cuts. The day to day operations is disrupted due to the power cost. Also, these blackouts cause destructive impacts on a country economy.
Due to these factors, the temporary power solution is implemented in many regions. Power sustainability, reliability and efficiency are some of the exceptional features of temporary power. The larger cities have tremendous demand for the temporary-power solution. Also, the power utility sector is the key end-user of the temporary power market. It is a cost-efficient and reliable power backup solution. The reliance on temporary-power solutions will rise in the upcoming years. All these factors will increase the temporary power market value.
The outbreak of covid 19 has curbed the overall growth of the temporary power market. The temporary-power market operations are facing disruptions due to this pandemic. The market players are facing plenty of challenges during this period. The less availability of raw materials and the fluctuating price is the market limitations.
The key players of the market are taking preventive measures to control the losses in the market. The new wave of covid 19 can be hazardous to the temporary power market. Therefore, the market is changing the approach through new services and products. Some of the other effects of the pandemic are less demand from vendors, supply chain disruptions and product commercialization. There are both direct and indirect effects on covid 19 in the temporary power market. These factors can bring unfavorable changes to temporary power market outlook.
The ageing of power infrastructure acts as a crucial driver for the temporary power market. The replacement of conventional power infrastructure will lead to more adoption of temporary power. The current power infrastructures are not reliable and they do not provide backup electricity. However, the adoption of temporary power will provide continuous, reliable, and undisrupted power to industries. Also, the temporary power will satisfy the unique electricity needs in the market. Also, the supply of power is quick and efficient. These factors drive more demand for temporary power in the forecast period.
The growth of construction activities is another demand driving factor for the market. The construction operations increase the need for constant electricity. Also, the increase in buildings will ultimately raise the need for electricity. The operations of temporary power are wide in consecution and mining activities. Also, the demand for oil-gas and other industrial utilities will drive demand for the market. The rising need for a constant power supply is the most crucial driver. The rising industry and commercial activities are surging the need for continuous power. The temporary power solution meets the industry and commercial power requirements.
The stringent governmental norms to adopt energy-efficient solutions are higher. There is tremendous consumption of power in the residential, commercial and industrial sectors. The use of a massive amount of electricity is depleting the power resources. Three is the constant requirement for power in all the sectors. However, there are plenty of difficulties to provide a constant power supply for residence and industries across the world.
However, the energy efficiency concept saves energy and consumption rate. There are plenty of alternatives for conventional electricity. The temporary power solution is one of the energy-efficient power sources. The adoption of renewable energy will reduce the worldwide demand for constant power supply. Renewable energy is efficient and sustainable. Therefore, there is going to be stringent norms to use renewable energy. It will ultimately create plenty of temporary power market growth opportunities. The rising need for a constant power supply will create more opportunities for temporary power.
Temporary power is cost-efficient energy. However, the market requires high investments. Investments are required to establish new temporary-power plants. The conventional power plants are massive in many regions. However, temporary power is renewable energy. There is a requirement to build new power plants in many regions of the market. The high investments required for establishing a temporary-power plant are the restraint in this market. Allocating investments can affect the production of the market. Also, due to the covid 19 disruptions, there is a severe impact on the economy. The possibilities to allocate massive investments are less for the market.
The installation of energy-efficient temporary power plants is happening in many market regions. However, there is a higher risk of intermittency in this market. The climatic conditions and unexpected events can cause disruptions in the temporary power supply. Most of the end-users adapt to temporary power for the reliable and constant supply of power for commercial and industrial activities. However, these external challenges can affect the reliance on the market. These factors can decline the demand rate in the forecast period. Also, climatic changes can interrupt the supply of power during major industrial operations. The installation of a temporary power plant may slow down in the upcoming years.
The cumulative growth analysis
The temporary power market will witness stable growth during the forecast period. The diesel segment of the temporary power market is expected to witness massive growth. Also, the 280KW segmented of the market will be impressive demand rates. Few drivers will constantly increase market demand.
The ageing of power infrastructure and the requirement for continuous power will drive market demand. Also, the norms regarding the adoption of renewable energy will surge the temporary-power market growth opportunities. However, high investments and climatic changes pose a challenge. The key players of the market are taking measures to increase investment without disturbing market operations. Overall the temporary power market trends show remarkable growth.
North America is expected to hold a massive temporary power market share. The rising requirement for power is driving the temporary power market. There are plenty of renewable energy adoption and power generation capacities in this market. The key contributors in this region are the US and Canada. The ageing of power grid infrastructure is raising the need for temporary power. Also, the replacement of the old power infrastructure will provide growth opportunities for new temporary-power solutions. North America will record the highest demand rate in the forecast period. Also, the market expansion rates will be tremendous for the market.
By fuel type
By power rating
The temporary power industry is segmented into Asia Pacific, Europe, North America and Middle East Africa. North America will dominate the temporary power market in the forecast period. Rising demand for power and power conservation capacity is positively affecting the temporary power market.
USA and Canada are the key contributors to the market. The ageing power grid infrastructure in these regions is a crucial reason for high-market growth in this region. The Asia Pacific region is witnessing massive growth due to rising industrialization. The Asian market has India, Japan, China and Malaysia with exceptional market growth possibilities. Europe is a merging reason with high demand and market expansion rate.
The competition in the temporary poor market is expected to rise in the forecast period. The existing power generation market players will expand their market in the renewable power industry. The need to generate power that reduces carbon emission is the key strategy of the temporary power industry. The key players are establishing exceptional power plants to provide constant backup electricity.
The key players of the temporary power market are
|Market Size||2027: USD 9.41 Billion|
|CAGR||11% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Fuel Type, Generator Rating, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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), and Diamond Environmental Services, LLC. (US)|
|Key Market Opportunities||Due to rising demand for continuous power supply|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
At 12.5% CAGR, the temporary power market can surge in the forecast period.
The temporary power market can attain high valuation by 2023, states MRFR.
The key players of the temporary power market are Diamond Environmental Services, Aggreko Ltd, Trinity Power Rentals, Atlas Copco, Rental Solutions & Services LLC, Caterpillar Inc., Energy Solutions, Cummins Inc, Smart Energy Solutions, Kohler Co., Inc, United Rentals, Inc, APR Energy PLC and emp-Power, Inc.
Utility, oil and gas, manufacturing, and construction are sectors that use temporary power solutions.
In North America, the rise in power demand can cause the temporary power market to surge.