The mobile power plant market is projected to reach $1.73 billion by 2022, growing at a CAGR of 4.56% from 2017 to 2022.
The growth of the mobile power plant market can be attributed to an increase in remote area electrification, frequent natural disasters across the globe, and increase in onshore oil & gas rigs. Concerns regarding emission regulations imposed by various agencies are the major challenges faced by the players in this market.
The remote area electrification segment is expected to grow at the highest CAGR from 2017 to 2022. The remote area electrification segment is estimated to grow at the highest CAGR in the mobile power plant market during the forecast period. The increase in the global remote area electrification has accentuated the need for the development of onsite power generation systems. A centralized power generation system requires a huge capital investment, which is not feasible in rural and coastal regions of the world. Hence, the demand for onsite fast power generation solutions such as mobile power plant has increased for remote area electrification.
Natural Gas/LPG: The largest market for mobile power plant, by fuel type. Natural gas/LPG is estimated to hold the largest share of the mobile power plant market in 2016 and is expected to grow at a decent pace during the forecast period. Natural gas is considered as a cheap and clean fuel, which is one of the major driving factors for the growth of the natural gas mobile power plant market. The IEA predicts that natural gas will gain a stronger foothold in South and East Asia in countries such as China and India.