Temporary power market players look to a revival in demand, as growth remained muted in 2020. Study opines market to grow at over 5% in 2021, with adoption by utilities segment key to sustained demand. While the increase in sales footprint of the temporary power manufacturers is backed by the growing demand, rising investments in various power plant productions have further escalated the temporary power generators growth.
As stated by the United States Immigration and Customs Enforcement (ICE), the global volume of construction output is forecast to grow by 85% to US$ 15.5 trillion by 2030, driven by the United States, China, and India. As per the report, the U.S. construction market is set to grow faster than China over next 15 years.
The latest market intelligence study provides an exhaustive overview of the global temporary power market, along with the competition tracking for temporary power manufacturers and suppliers, and the insights of the market trends in 20+ countries across the globe.
- US is expected to lead in the global temporary power market
- China will be in the focus among the potential countries for temporary power
- Diesel generators will fuel the sales of temporary power generators and equipment owing to the high demand
- Utilities industry is expected to exhibit hegemony in terms of end users
- Germany, U.K, U.S, and others to remain in the focus of the temporary power manufacturers
“The utilities industry has grown significantly over the past decade owing to the rise in energy consumption across the globe, especially across countries such as China, Japan, the United States prompting key temporary power manufacturers tend to increase inroads across these lucrative regions in the coming years,” says an analyst.
COVID-19 Impact Analysis
While the outbreak of the COVID-19 pandemic has declined the growth of the temporary power sector due to the decrease in demand from the key end-user industries, such as the building & construction, events & hospitality, and others, the financial crisis has subsided the demand further in the following months.
For instance, according to India Ratings (IndRa), though the construction activities in India have resumed since July, 2020, the increase in fiscal deficit of central and state government is likely to impact the sector in the financial year.
As per the report published by the European Commission (EC) in November, 2020, due to the pandemic the construction industry in the euro area declined by 2.9% in 2020.
However, the recovery of the key end users has gained momentum with the world getting back to the track steadily. As the requirement for the temporary power is rising again, the manufacturers are focusing on a flurry of production to utilize the best out of it.
Who is Winning?
With the competition getting fiercer with each passing year, the temporary power manufacturers are adopting strategic approaches while focusing on launching more diverse categories of products.
- Energyst B.V. launched its new extensive range of temporary power solutions such as Power Plant for Electric Power Generation, Power Rental Solutions for Mining and
Utilities, Energyst Power Plant Hire Solutions, and others in 2020
- Cummins Inc. launched its new range of Prime Power Solutions including temporary power generators and equipment with Complete Power System Assurance in 2020
These insights are based on a report on Temporary Power Market by Fact.MR