Global temporary power market is anticipated to accumulate over US $10.6 billion by the year 2026, demonstrating a 11.5 percent CAGR over the forecast period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
Generally, the temporary power systems are installed with an intent to prevent loss due to sudden cut-off of the traditional power supply. These power systems are deployed in telecommunication equipment, submarines, laboratories, ships, hospitals, and more. The temporary power systems are of great use when the main source of power is lost because of extreme weather conditions, grid failure, or blackout. For instance, in ships and airplanes, the temporary power systems function as the chief power source and are charged or replaced from time to time.
According to the latest study, the burgeoning demand for power, along with the increasing occurrences of power outages and blackouts, has led to the higher adoption of the temporary power solutions. The absence of proper power infrastructure in emerging countries, coupled with rise in infrastructure development and construction activities, will further boost the global temporary power market size. In addition, the ascending number of sports and corporate events, as well as amplifying demand from hospitals and construction & mining sites, stimulate market growth. The report also enumerates other crucial factors promoting market growth encompassing higher demand from developing countries, technological enhancements, plummeting costs of power generation, growing construction activities, rising adoption of data centers, and fast-paced urbanization.
Speaking of the fuel type, the temporary power market is bifurcated into gas, diesel, and others. Furthermore, in terms of power rating, the worldwide market is segmented into less than 80 kW, 81 to 280 kW, and more than 280 kW. The report also draws attention to the diverse end user landscape of the global temporary power market, fragmenting it into retail, manufacturing, oil & gas, mining, healthcare, utilities, and others. As reported, the utilities end-user segment led the market worldwide during the year 2018, in terms of revenue.
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The latest report provides an insightful study of the global temporary power market drivers, dynamics, challenges, and opportunities, in addition to the present market scenario and future prospects. A deep-dive analysis of the business sphere in view of prevailing industry trends, Porter's five forces, regional landscape, competitive ranking analysis, and competitive vistas, has also been included in the report.
Based on the regional outlook, North America turned out as the leading contributor to the global temporary power market revenue in 2018 and is further anticipated to generate the highest revenue over the estimated timeframe. Growth in this region is stimulated by growing demand for power from the healthcare, industrial, and utilities sectors. The United States held the largest market share in the temporary power market, given the expansion in infrastructure & construction development in the country. Whereas, the Asia Pacific region is projected to expand at the highest rate throughout the forecast period. Augmented demand for power supply by the manufacturing industries, besides low rate of electrification, has elevated the demand for temporary power solutions in the APAC market. The regional growth is further fueled by rise in the number of planned events and the presence of poor grid infrastructure, cites the report.
The global temporary power market is highly competitive including renowned industry players such as Hertz Equipment Rental Corporation, Smart Energy Solutions, Ashtead Group PLC, Caterpillar Inc., Cummins Inc., Diamond Environmental Services, Atlas Copco CB, Kohler Co. Inc. and Aggreko PLC. These companies are focusing on introducing new products and are teaming up with other leading players, looking to widen customer base and fulfil their growing needs.