How Temporary Power Market will Grow at Highest CAGR

Recent innovations are likely to create lucrative growth opportunities for the global temporary power market, predicts Fortune Business Insights in their recent report. Several leading companies are focusing on innovations and product launches to gain a competitive edge. For instance, Vertiv, an electrical equipment company, announced the launch of its new service offering in the United States in May 2018. This service offering allowed consumers to secure the temporary power need to their critical load by renting either standalone batteries or three-phase or single uninterruptible power supply (UPS) systems.

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The report is titled, “Temporary Power Market Size, Share and Global Trend by Fuel Type (Diesel, Gas, Renewable, Others), By End User (Events, Utilities, Oil and Gas, Construction, Mining, Manufacturing, Shipping, Others), and Geography Forecast Till 2026.” It predicts that increasing demand for a reliable power source is a major factor boosting the market.

The market is categorized on the basis of fuel type, end-user, and geography. Based on end-user, the market is divided into shipping, mining, oil and gas, events, manufacturing, construction, utilities, and others. With respect to fuel type, the market is categorized into renewable, diesel, gas, and others. Gas generators segment is currently gaining popularity because of the rising need to mitigate the emission of greenhouse gases. On the other side, uninterruptible power supply (UPS) and batteries are also anticipated to generate high CAGRs during the forecast period. The noiseless operation features of UPS and batteries have led to their extensive use in IT parks and office spaces, thus making this segment attract high market revenue.

Some of the companies operating in the global temporary power market include:

Cummins Inc
APR Energy
Power Electric
Caterpillar Inc.
United Rentals
Aggreko
Kohler Power
Energyst
Rental Solutions and Services
Smart Energy Solutions
Ashtead Group
Vertiv

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The report focuses on various factors impacting the market’s growth trajectory, both positively and negatively. The information included in this report is obtained from trusted sources. Moreover, primary and secondary research methods are used to study the market’s trajectory over the forecast period.

“Need for Reliable Source of Power to Promote Market Growth”

The rise in construction activities, coupled with rapid industrial growth, has fueled the demand for uninterruptible power supply, ultimately boosting the global temporary power market growth. The constant need for a reliable power supply in case of events such as music concerts, international sporting events, and others are also increasing the need for temporary power backup. Additionally, the surge in gas and oil exploration activities and the rise in shipping activities are also anticipated to gear up the temporary power market growth during the forecast period.

“Lack of Grid Infrastructure in Developing Nations Drives Temporary Power Market”

Fortune Business Insights foresees the North America market for temporary power to witness excellent growth opportunities because of the region’s tremendous technological and industrial development, coupled with the rising demand for reliable, safe, and continuous power supply. Moreover, the increase in the number of data centers demanding uninterruptible power supply, especially in cases of extreme weather conditions, that causes frequent power outrage and blackouts are also anticipated to bode well for the temporary power market.

On the other side, the temporary power market in the Asia Pacific is expected to emerge as one of the fastest-growing regions in the world because of its rapidly growing economies such as China and India. Ongoing urbanization and industrial growth are important factors boosting the demand for electricity. Furthermore, the lack of grid infrastructure results in a lack of electricity in most parts of this region, and this ultimately propels the growth of the temporary power market in the region.

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