Rapid industrialization across myriad global geographies will drive the generator sets market, in tandem with the increasing population and augmented demand for consistent and reliable electricity supply. A rise in commercial activities like construction, mining and oil exploration have ensured continuous consumption for the global generator sets industry. In addition, both predicted and unforeseen natural calamities can cause prolonged interruption in power supply to industries and residential areas, warranting a demand for power backup.
Technology firms, which are dependent on constant functioning of IT infrastructure, virtually mandate the installation of generator sets as an unfailing power backup equipment to minimize system downtime and data loss. Residential buildings and communities are increasingly setting up generators to counter any possibility of power outage that can affect hundreds of people dwelling there.
What is the importance of generator sets market in regard to the commercial and industrial segments?
Generators are essentially developed for ensuring that a continuous electricity supply is maintained if the power grid fails, enhancing the efficiency of the grid systems. Many parts of the globe are susceptible to frequent earthquakes, cyclones, floods and other disasters, affecting not only the life of people but also the manufacturing, retail and agricultural industries.
A category 4 hurricane, Hurricane Harvey had hit southern Texas in the U.S. in 2017 and became the country’s first major hurricane after 2005. The calamity led to over USD 125 billion in damages and was followed by Hurricanes Irma and Maria which caused USD 140 billion in losses combined. Such disasters underscore the importance of industrial generators to provide energy to hospitals, supply centers, farms and construction sites over long distances.
How will Europe fare in the global generator sets market over the coming years?
The gradual recovery of the construction and commercial segments after the financial crisis has boosted the demand for energy in most of the European countries. The advent of online platforms and AI-driven technologies have directed efforts to build advanced IT infrastructure, unveiling a lucrative target segment for the generator sets industry. The segment is also influenced by the strict compliance and data protection laws in countries like Germany, which have coerced global corporations like Amazon to establish local data centers. Subsequently, the Europe generator sets market is anticipated to expand over 6% over 2018-2024.
What will the future be like for the global generator sets industry?
With constant tightening of emissions laws all over the world, the generator sets market will transition more towards the development of more efficient gas powered generators. Rising environmental concerns associated with consumption of fossil fuels along with the demand from consumers for a cleaner fuel will propel the industry growth. Gas generator sets market will witness a growth of more than 9% by 2024, as strict compliances such as the EU Stage V limits and EPA Emissions Standards steer industries on the road to adopting more efficient equipment.
The generator sets industry comprises of many international and domestic players to hold a sizable chunk of the global share. These include Atlas Copco, Caterpillar, Cummins, Honda, Kohler, Mitsubishi, Grupel and John Deere, among others.
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