Market Research Report
Published: February 1, 2022
Global Industry Analysts, Inc.
Content info: 478 Pages
Delivery time: 1-2 business days
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Global Temporary Power Market to Reach $7.4 Billion by 2024
Temporary power is an independent electrical energy source for supporting critical electrical systems at times when the regular power supply is disrupted for certain time period. Temporary power systems constitute the emergency power systems which are made operational to supply essential systems with power during such grid failures. Power supplied by such temporary sources is used for running tools and equipment, which helps user industries save capital expenditure and lead times. Amid the COVID-19 crisis, the global market for Temporary Power is projected to reach US$7.4 Billion by 2024, registering a compounded annual growth rate (CAGR) of 10.0% over the analysis period. United States represents the largest regional market for Temporary Power, accounting for an estimated 20.2% share of the global total. The market is projected to reach US$1.5 Billion by the close of the analysis period. Asia-Pacific is forecast to emerge as the fastest growing regional market with a CAGR of 12.9% over the analysis period.
Growing demand for electricity, dearth of proper power infrastructure and the benefit of less turnaround time are driving growth in the market for temporary power systems at the global level. With utilities struggling to meet the growing demand for power due to lack of adequate capacity, the need to narrow the gap between supply and demand is contributing to the growth of temporary power. The absence of reliable supply of electricity in certain regions of the world, increase in infrastructural expansion and construction activities, and growing number of planned events being worldwide are increasing importance of uninterrupted energy supply. Certain regions, especially rural areas in developing and underdeveloped countries lack permanent facilities for power supply. All of these factors add to the temporary power market growth. A major trend in the temporary power market is the increasing penetration of power sources that are semi-permanent, which are neither temporary nor permanent. Semi-permanent power is ideal for certain unique electricity applications such as serving mobile power needs, power supply in remote places etc. To address intermittency issue of renewable power integration, temporary power solutions are being increasingly sought after.
In North America, growing power demand as well as increased capacity expansions of major players operating in the industry are propelling temporary power market. Factors such as increasing natural calamities as well as aging power grid infrastructure leading to frequent outages are also driving increased adoption of temporary power supply solutions in the region. The healthcare and automobile sectors in Asian countries are becoming major users of temporary power systems. Growing urbanization and emergence of smart cities in some of the major Asian economies also fuel growth in the market.
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