Temporary power generation/Power Rental Market 2020 Emerging Economies Expected to Influence Growth: Aggreko, HSS, SL Power Electrics, Generator Power, Speedy Hire, A-plant, Energyst

Overview-

Temporary power is an independent source of electric power, which supports various sectors with power supply in situations such as blackouts and power outages. It is a continuous, uninterrupted, and reliable power source which helps end-users to run equipment and tools over an extended period. The key end-users are utilities, construction, and mining, among others. Utilities are the key end-user of temporary power as utilities use temporary power sources in order to meet the increasing electricity demand during peak hours. The global temporary power market is estimated to reach US$ 3.82 Billion in 2016 and is expected to reach US$ 6.45 Billion by 2021.

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Drivers-

Market growth is driven by factors such as growing demand for power, aging grid infrastructure, and lack of access to electricity, and increasing construction and infrastructural activities across the globe. According to WMR, the construction sector is expected to grow by 3.3% worldwide between 2017 and 2021. An increase in the number of power failures and investments in the renewable sector will lead to the growth of the market.

Restraints-

An increase in transmission and distribution investments globally and payment issues restrict the growth of temporary power generation.

Regional Insights-

North America holds the largest share due to rising power demand and power generation capacity addition plans in the region. According to the EIA Government, in 2020, the electric power sector generation from natural gas-fired power plants will increase from 37% to 39%. The U.S and Canada are the key countries driving temporary power market growth in the North American region due to the aging power grid infrastructure. The Asia Pacific is expected to grow at the fastest rate during the forecast period owing to growing industrialization in Southeast Asian countries such as Indonesia, Malaysia, Philippines, Thailand, and so on in the region and due to rising demand for continuous power supply in the region.

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Competitive section-

Aggreko, HSS, SL Power Electrics, Generator Power, Speedy Hire, A-plant, and Energyst are some of the key players in the market.

In July 2020, SL Power Electronics announced a strategic partnership with Electronic Sales Masters/ HHP Associates.

In January 2020, SL Power announced their new product– the NGB425 developed for next-generation medical and industrial applications.

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