SAN ANTONIO, TX, UNITED STATES -- A new analysis by Verify Markets shows the Global Temporary Power Projects Market was valued at $2,062.0 million in 2021 and is expected to continue growing at a compound annual growth rate (CAGR) of over 7.0 percent from 2021 to 2028.Temporary power projects are defined as generators over 400 kVA that are rented through short- to medium-term contracts. These contracts generally have a fixed rental cost based on the power output and a variable operation and maintenance cost based on the electricity generated or the hours of operation.
"Many power rental companies have stated that large end users are increasingly requiring complete energy solutions that involve operation and maintenance services. Moreover, some companies are expanding their services to include fuel provisions, site permits, and more,” states Senior Consultant for Verify Markets Georgina Carraway.
The COVID-19 outbreak has had a negative impact on revenues for temporary power companies in 2020 and 2021. Most companies have been affected by lower demand and supply chain constraints. However, the market has been recovering and is expected to experience higher than pre-pandemic growth rates in 2022, driven by the expansion of mining and oil & gas activities and the lack of government investment in energy infrastructure in most developing countries.
Among the different regions, the Middle East & Africa region held the majority of the temporary power projects opportunity with 47.1 percent of the global market. Middle East & Africa is also the fastest growing region. In 2021, the oil & gas and mining sector combined represented almost half of total temporary power opportunity in world. This segment is expected to continue dominating the market driven by the rapid increase in the oil & gas and metal prices.
The Global Temporary Power Projects Market report has been segmented by region (Middle East & Africa, Latin America, Asia Pacific, and Europe), fuel, output, application, and end user. Main customers include utilities, mining, oil & gas, and industrial. Utilities have traditionally been one of the main end users for temporary power projects to supplement the power demand while expanding the permanent energy capacity or during periods of high electricity demand. They also rent generators to provide electricity to remote areas. Power projects are highly preferred in the mining and oil & gas industries since the companies prefer to outsource the power generation to a rental company, concentrate on their core business, and not worry about equipment operation, maintenance, and fuel provision.
Some of the key companies covered in the 2022 Global Temporary Power Projects Market report include Aggreko plc, Caterpillar, Inc., Altaaqa Global, APR Energy, Tecnogera-Locação E Transformacao de Energia Ltda, A Geradora Aluguel de Máquinas S.A., and Clarke Energy. This report provides an in-depth analysis of the overall Global Temporary Power Projects Market. The report captures various market dynamics such as growth drivers, restraints, market revenues and forecasts, technology trends and a competitive landscape assessment.
A copy of the 2022 Global Temporary Power Projects Marketresearch report can be obtained at www.verifymarkets.com. Follow us for more updates on Twitter @verify_markets and LinkedIn. This report is part of Verify Markets’ Rental Equipment & Power Solutions Subscription market research and consulting practice. Other market reports include:
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