Extensive uptake across the construction, utilities and oil & gas segments likely to provide a tremendous boost to market growth in forthcoming years
ROCKVILLE, MD / ACCESSWIRE / January 19, 2021 / Fact.MR's recently published report estimates the global temporary power market to scale new heights, expanding at over 5% Y-o-Y growth rate in 2021. The long-term outlook remains positive, with an anticipated CAGR worth nearly 6% CAGR between 2020 and 2030. Extensive developments across the construction industry is likely to steer growth in a positive direction.
Prolific developments are in store for the United States market, attributed to the growing numbers of construction projects being undertaken in recent years. According to the Associated General Contractors of America, the US construction industry generates almost US$ 1.3 trillion of structures each year. Hence, Fact.MR projects it to lead by nearly a third of the market share across the forecast period.
Furthermore, Fact.MR also projects growth to flourish amid heightened oil & gas exploration activities. In spite of a sharp drop in production amid the coronavirus crisis, the industry is expected to make significant gains in the future. The International Energy Agency expects global oil demand to surge by nearly 6 million barrels per day until 2025, thus paving way for increased exploration projects. Thus, Fact.MR expects the demand for temporary power to aggrandize until 2031.
"Prominent manufacturers are targeting lucrative markets, especially across the emerging economies of the Asia-Pacific region, attributed to a surging demand for energy which is providing stimulus to the utilities segment," says the Fact.MR analyst.
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Key Takeaways from Fact.MR's Temporary Power Study
- Diesel powered generators to remain primary end-users of temporary power by 2021-end
- UK to remain in core focus of the market, attributed to increasing scramble for renewable energy
- Burgeoning scope of the construction and automotives industry to drive the German and French markets to new heights
- Japan and South Korea to attract significant investments besides China, attributed to surging power generation requirements
- Utilities to remain lucrative application area amid burgeoning need for electricity, water and natural gas for housing projects
Prominent Drivers
- High demand for ushering in energy efficiency in appliance operations is expected to pave way for heightened temporary power equipment sales
- Demand to likely aggrandize on the back of increased adoption of temporary power generators across medium and small enterprises
- High growth potential exists across developing regions on the back of booming construction projects and the consequent rise in demand for utilities
Key Restraints
- Fluctuating weather patterns to limit efficacy of temporary power usage across renewable energy power plants, such as solar power driven units, due to zero usage during non-sunny days
- Dearth of expert handling and maintenance services to act as a significant impediment to growth
- Plummeting construction and infrastructure projects in 2020 due to the pandemic crisis has ushered in a downswing, expected to rebound in the forthcoming years
Discover more about the global temporary power market with 85 figures and 23 data tables, along with the table of contents. You will also find detailed market segmentation on https://www.factmr.com/report/1672/temporary-power-market
Competition Analysis
Fact.MR's temporary power market report has profiled the following players: Larson Electronics LLC, Hybrid Power Hire, Aggreko Plc., Cummins Inc., SES Smart Energy Solutions FZCO, APR Energy, Enerwhere, Altaaqa Global, Energyst B.V., Sudhir Rental Solutions, Ashtead Group Plc. and Bennett Engineering LLC among others.
With the entry of more players each year, the market is becoming highly competitive, prompting existing vendors to undertake numerous expansion strategies ranging from capacity expansion and strengthening distribution networks to acquiring smaller players, introducing new product lines and continuous R&D to bring about innovations in product design and advanced marketing strategies.
More Insights on Fact.MR's Temporary Power Market
In the latest report by Fact.MR, we offer an unbiased analysis of the global temporary power market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of power source (diesel generator, gas generator, dual fuel generator, solar generator), end use (utilities, oil & gas, mining, construction, manufacturing, events and hospitality, and others), across six major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania, MEA).
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About Fact.MR
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SOURCE: FactMR