The global temporary power market is estimated to garner a hefty amount of revenue and grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing construction and infrastructure activities, and rising number of planned events, triggering a spiraling demand for efficient and faster needs of electricity across the world. Along with these, growing reliance on renewable energy sources coupled with escalating fuel prices, and imposition of strict emission standards globally are expected to auger well for the growth of the market in the upcoming years. According to the International Energy Agency, the global price of crude oil stood at a value of 0.2 USD per liter in the second quarter of 2020, which increased up to 0.3 USD per liter in the third quarter of the same year. Furthermore, rise in installation of hybrid, mobile and portable types of temporary power systems is projected to offer lucrative opportunities for market growth in the near future.
The market is segmented by end user into utilities, commercial, industrial, and others, out of which, the utilities segment is anticipated to hold the largest share in the global temporary power market. This can be accounted to the expanding population, along with rapid rate of urbanization and industrialization worldwide. Apart from these, aging power grid infrastructure in developed regions, and lack of electricity supply in developing nations are also predicted to contribute to the market segment’s growth in the future. Additionally, on the basis of power rating, the above 600 kw segment is assessed to acquire the most significant market share over the forecast period, which can be credited to the rise in demand for power generators with a range of 600 kw and above as these are used in a wide variety of applications ranging from utilities, oil and gas, to mining sectors. CLICK TO DOWNLOAD SAMPLE REPORT
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global temporary power market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the presence of poor grid infrastructure and low rate of electrification in the region. In addition, increasing number of planned events, especially in China, is also expected to propel the region’s market growth in the forthcoming years. Moreover, the market in North America is anticipated to grab the largest share during the forecast period ascribing to the intensifying power demand, growing adoption of temporary power in the United States and Canada, and strong presence of prominent market players in the region. As per the United States Energy Information Administration, in the U.S. total primary energy consumption was equal to almost 92.24 quadrillion Btu, in which the largest share of energy was generated by petroleum, accounting for about 35 percent of the total energy.
The global temporary power market is further classified on the basis of region as follows:
Our in-depth analysis of the global temporary power market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are increasing construction and infrastructure activities globally and rising number of planned events.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.
Expansion of existing grid infrastructure is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the presence of poor grid infrastructure and low rate of electrification in the region.
The major players in the market are Cummins Inc., Aggreko plc, APR Energy Ltd, Caterpillar Inc., Kohler Co., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by fuel type, power rating, end user, and by region.
The utilities segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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