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Temporary Power Market Latest Trends & Forecast to 2024
Temporary Power Market Latest Trends
As per the report, the temporary power market size has grown rapidly in recent years. It will grow from $6.4 billion in 2023 to $7.25 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The temporary power market size is expected to see rapid growth in the next few years. It will grow to $11.85 billion in 2028 at a compound annual growth rate (CAGR) of 13.1%.
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Construction Activity Boosts Temporary Power Market Growth
The increasing construction activity is expected to propel the growth of the temporary power market. The construction industry refers to an industrial branch of manufacturing and trade-related operations that includes infrastructure development, repair, renovation, and maintenance. Construction activities have been on the rise due to rapid industrialization and urbanization. A temporary power supply will assist the user in obtaining utilities such as electricity and/or water for construction or building activities. For instance, in September 2021, according to reports published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42 %, or $4.5 trillion, to reach USD 15.2 trillion.. Furthermore, according to the 2022 U.S. Construction Cost Trends report, in the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, the increasing construction activity is driving the temporary power market.
Technological Advancements Shape The Temporary Power Market
Technological advancements have emerged as a key trend gaining popularity in the temporary power market. Major companies operating in the temporary power sector are focused on providing technologically advanced solutions to strengthen their market position. For instance, in September 2021, EcoFlow, a US-based developer and manufacturer of eco-friendly and affordable portable power stations, launched the DELTA mini-Portable Power Station. The DELTA mini can charge up to 12 devices at the same time via USB, DC, and AC outlets. With a robust 1400W rated output, it can power 90% of gadgets and appliances, such as band saws, dishwashers, vacuum cleaners, microwaves, and others. It can even support 1800W products with the X-Boost technology. The portable power station has a capacity of 882Wh.
The temporary power market covered in this report is segmented -
1) By Fuel Type: Diesel, Gas, Other Fuel Types
2) By Power Rating: Less than 80 kW, 81 kW-280 kW, 281 kW-600 kW, Above 600 kW
3) By End User: Utilities, Oil And Gas, Mining, Construction, Manufacturing, Events and Hospitality, Other End Users
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Major companies operating in the temporary power market report are Aggreko plc, Caterpillar Inc., APR Energy Inc., Ashtead Group PLC, Smart Energy Solutions, Speedy plc, Cummins Inc., Hertz Corporation, Kohler Co., Bennett Engineering LLC, Altaaqa Global Energy Services, ATCO Ltd., Power Electrics Ltd., Larson Electronics LLC, SES Smart Energy Solutions FZCO, Enerwhere Holdings LLC, Bredenoord B. V., Byrne Equipment Rental LLC, Carrier Rental Systems Inc., Doosan Portable Power, Energyst BV, HIMOINSA S. L., Ingersoll-Rand Company, J. C. Bamford Excavators Limited, MTU Onsite Energy Corporation, Rental Solutions & Services LLC, Generac Holdings Inc., Wärtsilä Oyj Abp, Wacker Neuson SE, Ring Power Corporation
Contents of the report:
1. Executive Summary
2. Temporary Power Market Report Structure
3. Temporary Power Market Trends And Strategies
4. Temporary Power Market - Macro Economic Scenario
5. Temporary Power Market Size And Growth
…..
27. Temporary Power Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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