Hybrid Power Solutions sought after by Manufacturers
Power sources that are semi-permanent are used to suffice the energy demands that are not permanent. Different operations like operations at remote places and mobile power needs come under this category. Different energy verticals including construction industry are evolving continuously. An array of factors including variable power demand, space constraints, emission and noise control, and location accessibility are the common characteristics of different end-user industries in temporary power market. Semi-permanent power generation solutions are introduced by the manufacturers in the global market to meet the demands for variable power in different utilities of power-intensive industries. Flexible power services are also provided by the manufacturers that include long-term contracts and power equipment.
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Renewable energy sources preferred
Renewable energy sources are preferred for energy needs owing to the factors like increasing fuel price, stringent regulations for emission and accelerating energy demand across the globe. EU region leads the market in adopting renewable energy resources as there has been a demographic shift from conventional to renewable energy sources. Big energy plants are installed world-wide to harness energy from different sources including wind, solar energy and water. These renewable energy plants face challenges in terms of fluctuating weather like sunshine and low wind. These changes pose threat to the continuous energy supply that is required. This can result in intermittent power which enhances the significance of temporary power sources in renewables sector. Fact.MR report states that the advancements in generation of power from wind and solar energy sources is expected to generate lucrative opportunities during the forecast period.
Hybrid power solutions have cropped up as significant options owing to the variations in power demand. These solutions assist in the cases of low power demand and include both types of power system, i.e. temporary as well as permanent. Temporary power systems have several advantages such as enhanced fuel efficiency, low operational cost and improved power output. Manufactures are focused to develop hybrid power solution which are cost effective and durable. These solutions are expected to have less maintenance and are noise-free.
Utilities segment leads
Global market for temporary power can be segmented into different verticals including utilities, construction, events & hospitality, oil & gas and manufacturing. Of all the segments utilities segment is expected to lead the market in power demand. Different factors like population expansion, industrialization and urbanization are going to increase in the coming future. Utilities segment is anticipated to own one-fourth of the global market in near future.
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Mining industry has surfaced as a major consumption area of temporary power sources. Installations for temporary power is being done in construction industry and mining industry as there are operations that require electricity for limited time-period. Investments are being done in developing nations to improve the infrastructure which generates lucrative opportunities for temporary power market. Manufacturers with short-term contracts are an important part of temporary power market. Rental power has emerged as key strategy and plays a vital role to satisfy the accelerating power demand and will continue to do so in future.
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