Top Impacting Factors
Although the construction sector is facing a slowdown, which is affecting sales temporary devices, the temporary power market is expected to recover during the forecast period. One of the reasons for the growth is anticipated to be the rise in focus on shale gas development. Shale gas Is the natural gas obtained from the shale deposits which is trapped in the microscopic level of pores or submicroscopic level of pores.
The rise in demand for oil and gas in different countries such as India, Africa, and China are expected to fuel the growth of the temporary power market. Furthermore, the rise in urbanization across the global has increased the demand to build infrastructure such as residential and transportation. By 2040, the global population is estimated to grow approximately by two billion with the urban population growing by over 40%.
Factors such as the strict government regulations in regards with environment safety and norms for reducing carbon emissions are anticipated to restrain the temporary power market growth. In addition, adoption of renewable sources to reduce the carbon emission is likely to hinder the market growth. Moreover, R&D strategies are expected to provide lucrative opportunities for players to increase their market share in this market.
The rising energy demand due to rise in population leads to market growth in the forecast period. Moreover, high requirement for cost-effective and efficient power sources is expected to boost revenue of temporary power manufacturer by 2030.
The COVID-19 pandemic has shut-down production of various products for the temporary power which affected the sales negatively, mainly owing to prolonged lockdowns in major global countries. This has hampered the growth of this market significantly during the pandemic. The major demand for the temporary power was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which was badly affected by he spread of COVID-19, thereby halting demand for chemical and material industry.
The temporary power market is segmented on the basis of power source, power rating, end-use, and region. By power source, it is divided into diesel, gas, dual fuel, and others. By power rating, it is classified into less than 80 kW, 81-280 kW, and 281-600 kW. By end-use, it is segregated into oil & gas, mining, construction, manufacturing, utilities, and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By power source: Diesel is used in most of the temporary power equipment’s to generate power hence dominates the market share by power source it is followed by the gas which is second most used power source in residential and commercial projects hence is likely to propel the market growth. Due to lack in fossil fuels and increasing rates of diesel petrol and gas many of the manufacturer are introducing hybrid model in which dual power source are used which is in developing phase.
By power rating: The temporary power market is segregated into less than 80 kW, 81-280 kW, 281-600 kW and more than 600kW. The demand for more than 600kW power is expected to increase in forecast period as the demand for high power equipment’s is increased in oil & gas, utilities, and mining sector.
By end-use: The utilities segment holds the largest market share. The growth is attributed to aging of power grid infrastructure in the developed countries and lack of power supply in developing economies of Asia-pacific and African region. Oil and gas industry is expected to grow at significant rate as the demand for oil and gas is increasing day by day.
By region: The temporary power market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominates the market share for temporary power market as the key market players are established in the, American region. The shale gas exploration also plays a vital role which increases the demand for temporary power sources.
Asia-Pacific has a significant market share in temporary power market, due to extensive demand in the construction & infrastructure in regards with oil & gas segment. Furthermore, according to the report published by the IMF organization, there was and strong rebound of the 6.5 % in the Asian regional economy in 2021 and is projected to grow significantly by4.0 % in 2022. This influences the overall growth of construction and manufacturing facilities which also includes the rise in demand for temporary power equipment’s in these regions.
Thus, the improvement in overall production facilities is likely to create opportunities for the growth of the temporary power market in this region. Furthermore, industries such as manufacturing, energy, mining, and agriculture are some of the major industries in Asian countries. Hence, the development of these industries creates opportunities for the growth of temporary power market in Asia-pacific region.
Competitive analysis and profiles of the major players in the temporary power market, such as Aggreko plc, APR Energy, Bennett Engineering LLC, Cummins, Inc., Energyst BV, Energy Solutions FZCO, Enerwhere, Hybrid Power Hire, Larson Electronics LLC, SES Smart, Sudhir Rental Solution, are provided in this report. Major players have adopted technological advancement & product launch, acquisition, business expansion as key developmental strategies to improve the product portfolio of the drilling fluid additives market.
New product Launches to Flourish in the Market
The improvement in the product range offered by the manufacturer is necessary to biffit the market players and give them a tough competition. New advanced products help the customers to ease their work procedures and save time and extra miscellaneous costs.
- In March 2022, EcoFlow, a portable power and renewable energy solutions company, which forayed in India last year, has announced the launch of the EcoFlow River series portable power station series for both home and outdoor purposes.
- In June 2022 Honda Power Sports & Products launches the all-new Honda EU3200i, the newest generator in the Honda Super Quiet EU Series lineup. The high-output Honda EU3200i delivers more power and more convenience than the Honda EU3000i Handi generator, and in a compact, space-saving, portable package.
Global Temporary Power Market Report Highlights
By Power Source
By Power Rating
Key Market Players
Aggreko plc, Larson Electronics LLC, APR Energy, Cummins, Inc., Energyst BV, Hybrid Power Hire, SES Smart Energy Solutions FZCO, Enerwhere, Sudhir Rental Solution, Bennett Engineering LLC