Global Temporary Power Market Projected to Discern Stable Expansion During 2018 to 2026|| Market Drivers- Larson Electronics LLC, Cummins Inc., Aggreko Plc., Energyst B.V., SES Smart Energy Solutions FZCO, Hybrid Power Hire, Bennett Engineering LLC
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Temporary Power Sources Market Prospects Buoyant as Renewable Energy Sources Gain Centerstage
Growing reliance on the renewable energy sources against the backdrop of rising fuel prices, stringent emission standards, and increasing global energy demand has augured well for the temporary power market. Adoption of renewable energy resources remains prominent in the EU region while witnessing a significant shift from conventional to renewables in the past decade. In particular, wind, water and solar energy resources are significantly harnessed in major renewable energy plants across world regions. However, the renewable energy plants face challenges of weather-related intermittency such as periods of low wind and sunshine. This leads to intermittency in energy supply against the growing demand for power. With the potential to address power intermittency during not only unfavorable weather but throughout the entire lifecycle of the plant, temporary power sources are highly sought after in the renewables sector. The rapid expansion of wind and solar power generation presents lucrative opportunities for the temporary power market during forecast and beyond.
Growing Investments in Hybrid Power Solutions Contributing to Growing Adoption
Utilization of hybrid power solutions has increased significantly against the backdrop of power demand variations during operational and non-operational times in multiple industries. In times of low-power demand, hybrid power solutions that include both permanent and temporary power system, temporary power system takes over fuel generator, increases fuel efficiency, improves power output and reduce operational costs. Owing to their efficacy in power generation, manufacturers have introduced cost-efficient, durable, reduced maintenance, with low-emissions and noise-free hybrid power solutions.
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Utilities at the Forefront of Temporary Power Source Demand
End-use verticals of the temporary power market include utilities, oil & gas, mining, construction, manufacturing, events & hospitality and others. Among these utilities sector is expected to present the highest demand for temporary power sources. As an expanding population across the globe coupled with rapid urbanization and industrialization presents an incremental demand for energy, need for temporary power sources is likely to swell in the years to come. That said the utilities sector is estimated to account for one-fourth of the total temporary source market revenue by 2018 end.
Rental Contracts to Seize Major Revenue of the Temporary Power Market
The temporary power market is marked by manufacturers operating in short-term rental contracts where temporary power systems are rented rather than owned. In fact, rental power plays a key role in delivering electricity demand of any intensity. As utilities sector continues to deal with an inadequacy of power capacity and broadening gap between supply and demand, the rental market for temporary power is being established in the sector. Leading suppliers of temporary power have specialized in power rental solutions and thus contribute to the largest market revenue share in the temporary power market.
Temporary power systems are installed for a definite period of time according to the end-user applications including construction, mining, utilities, oil & gas, manufacturing and others. Temporary power systems are rented on contractual basis and are mobile and portable installations rather than fixed and permanent power sources.
About the Report
A team of analysts at FactMR has studied the temporary power market and has revealed an exclusive market analysis in the report titled ‘Temporary Power Market: Global Industry Analysis and Forecast 2018-2026’. Based on power source, end users and region, the temporary power market report delivers the exhaustive market insights in terms of trends, drivers, challenges and future opportunities.
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