Over the years, the world has witnessed a significant growth in the demand for temporary power solutions. According to most recent estimates, the market is expected to grow at a Compounded Annual Growth Rate (CAGR) of 10.6%. At this rate, the global market will be worth over $6.4 billion by 2021.
Although rising economies contribute significantly to the growth in global statistics, but the leading consumers in this market are from North America. Several factors are influencing the rise in demand some of which are discussed below.
Reasons for rising demand
Humans are consuming natural resources at a faster rate than at which they can replenish. Despite the fact that there are widespread efforts to move towards renewable sources of power generation, the reliance on conventional methods remains strong. Only 17% of all energy produced in the United States during 2017 came from renewable sources. With global trade balances being disturbed significantly every now and then, these energy sources are becoming highly unreliable. This is one of the primary reasons for increased power outages and blackouts around the world in general and the United States in particular.
Besides this, there are other reasons leading to a rise in demand for temporary power solutions. These include but are not limited to; aging infrastructure, recovering construction industry and rise in number of events that require uninterrupted power supply. When considering less developed countries, outsourcing is putting increased burden on the power generation capacities available in respective countries. Thus, the demand for residential and commercial generators is rising around the globe.
Temporary power markets around the world
Power markets around the world are segmented according to a number of characteristics. Global reports are important for businesses to understand power risks and therefore make necessary arrangements accordingly.
In light of recent statistics, these are some of the major categories of markets for temporary power solutions.
By end users
Events have surpassed any other end user in terms of use and demand for power generators. The expected increase in the amount of events, whether they are sports, entertainment or charity, is contributing considerably to the rise in global demand. North America and Europe are the leading consumer markets. Major sporting events like the Football World Cup are attributed for the surge in requirement for power generators.
By countries
North America is by far the leading region for the demand in temporary electricity generators. USA takes the lead if we further dissect the demand according to the country. They are followed by Asia-Pacific and South America. Natural calamities, the deteriorating grids and power infrastructure as well as recovering industries are leading to a rise in the demand for rental power solutions.
By fuel type
Diesel generators, which are the preferred choice for high-output generators is the leading source according to figures from recent research. This goes to show that commercial users with high requirements for power output are dominating the market for these solutions.
Buying an effective power solution
There are a number of considerations that have to be made before buying an effective power solution. Huntsville generators and the service providers help consumers make informed decisions regarding the best choice for their needs. Fuel types, storage and maintenance are just a few key areas that have to be kept in mind before a generator can be purchased for any purpose. Generator repair and service is another element that has to be factored into the equation for purchase decisions.