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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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. 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.
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.
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.
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.
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