Global Backup Power Systems Market for Oil and Gas Industry 2017-2021
About Backup Power Systems
Backup power system is an independent source of electrical power that can supply power automatically when the main grid power fails by utilizing resources available at the source. The backup power system is connected to grid power and has electrical components that allow it to sense an outage and turn on automatically. Backup power systems find their use in residential and non-residential sectors including hotels, hospitals, industries, telecom, mining, oil and gas, offices, educational institutions, utilities, etc.
Technavio’s analysts forecast the global backup power systems market for the oil and gas industry to grow at a CAGR of 4.27% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global backup power systems market for the oil and gas industry 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Backup Power Systems Market for the Oil and Gas Industry 2017-2021
Technavio recognizes the following companies as the key players in the global backup power systems market for the oil and gas industry: Aggreko, Caterpillar, Cummins, Saft, and Trojan Battery.
Other Prominent Vendors in the market are: ALCAD, Altaaqa Global, APac Energy Rental, APR Energy, Atlas Copco, Byrne, Cetronic Power Solutions, EaglePicher Technologies, Energyst, Exide Technologies, Fullriver Battery USA, HBL Power Systems, Hertz Equipment Rental, HIMOINSA, Kohler, Modern Hiring Service, Steatite, SYSTEMS SUNLIGHT, and United Rentals.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increase in use of gas generators in the oil and gas industry. Environmental reforms and stringent emission regulations to reduce emissions have led to a new technology being developed where generators produce increased power output while consuming less fuel. A recent trend has been the shift to gas powered generators. The use of gas for generators produces cleaner power with reduced emissions than diesel generators. The gas generators emit only 15% emissions of a diesel generator and are 35% less costly when compared with a diesel generator.”
According to the report, one of the major drivers for this market is Growing prominence of refineries. One of the major areas of backup power systems use is in the oil refineries. They store and process crude oil to make petroleum products, which are transported to end-users. An oil refinery houses many process plants, which require huge amounts of energy to run its operations and require continuous power supply due to its criticality. In the event of a power outage, the emergency power or backup power system should kick in immediately to avoid any disruption in operations.
Further, the report states that one of the major factors hindering the growth of this market is Decline in upstream activities. Crude oil price has seen a drastic fall since July 2014. This has severely impacted the upstream segment of the oil and gas industry. Drilling activities had reduced, which is evident from the fall in rig count worldwide. As a result, the upstream oil and gas industry witnessed investments decreased by one quarter in 2015 when compared to 2014. This was a result of the cost reductions done by various upstream companies worldwide, caused by the drop in crude oil prices. The fall in crude oil prices highly impacted the drilling segmented. The global rig count fell in 2016 by 31.8% since 2015, and by 55.5% since 2014 levels.
Aggreko, Caterpillar, Cummins, Saft, Trojan Battery, ALCAD, Altaaqa Global, APac Energy Rental, APR Energy, Atlas Copco, Byrne, Cetronic Power Solutions, EaglePicher Technologies, Energyst, Exide Technologies, Fullriver Battery USA, HBL Power Systems, Hertz Equipment Rental, HIMOINSA, Kohler, Modern Hiring Service, Steatite, SYSTEMS SUNLIGHT, and United Rentals.