|10-31-2018 05:18 AM CET - Energy & Environment||
Generator Sets Market Eminent industry players include Kirloskar, Generac, Briggs & Stratton, Kohler, Cummins, Caterpillar, Ingersoll Rand, Yanmar, Sterling, Manlift Group, Atlas Copco, Mitsubishi, Mahindra Powerol, America Honda Motors amongst others
Press release from: Global Market Insights, Inc.
Generator Sets Market size will surpass USD 35 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
With a recorded valuation of USD 20 billion in 2017, global generator sets market is set to nearly double its revenue share over the coming six years. The rapidly growing urbanized population and subsequent inadequacy in power supply across some of the major economies are predominantly driving the demand for self-generated power, which in consequence is stimulating generator sets industry size. A recent statistic put forth by the International Energy Agency a few years back depicts that the grid infrastructure across some of the suburbs of Saharan Africa led to the unavailability of power for over 540 hours annually across this belt. In a bid to combat these challenges, electric utilities across the globe are vying with one another to come up with innovative generator sets that not only ensure reliable power supply but also are highly customized.
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CK power, one of the most acclaimed players constituting the competitive spectrum of generator sets industry has unveiled its latest line of commercial NG/LP fuel and diesel portable generator sets. Thise absolutely groundbreaking product range, reportedly, is available in an extensive KW range (10 KW- 45 KW) for meeting diversified application requirements. While the NG/ LP fueled units meet the pipeline EPA certificated requirements, the diesel backed units are claimed to be in accordance with the CARB and EPA Tier 4 Final standardization. Experts have been already raving about this multi-configurated product line, setting it as a precedence for other generator sets market giants.
Leading industry players seem to be highly optimistic about the growth prospects of generator sets industry in the coming years. Recently, Cummins Nigeria, in response to the national grid fall, has committed that it would continue the operation of its 16 gas fired power stations across the country. As it is being reported, the main aim of the project is to replace all the diesel-powered generators with gas generator sets both across both factory and residential premises of Nigeria. Research has shown that constant power discrepancies and inefficiency in the country due to enormous supply demand gap, can be addressed with this massive 100MW power generation project. In this regard, experts believe Nigeria to be one of the strong contenders in gas generator sets market in the years to come, especially against the backdrop where generator usage in the country is on a rapid incline.
Table of Content:
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Generator Sets Industry Insights
Chapter 4 Generator Sets Market, By Current
Chapter 5 Generator Sets Market, By Fuel
Chapter 6 Generator Sets Market, By Power Rating
Chapter 7 Generator Sets Market, By Application
Chapter 8 Generator Sets Market, By End-Use
Chapter 9 Generator Sets Market, By Region
Chapter 10 Company Profiles
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Speaking of the commercialization prospects of generator sets market, it is pivotal to state that regional governmental investments have played a pivotal role in driving the business trends by attempting to mitigate the crucial issues of blackouts and frequent load shedding during peak hours.
The South Australian Government, for instance, has apparently declared its plan of installing up backup power generators in almost four Adelaide locations. Reportedly, as a part of the country’s USD 550 million energy plan, the regional government has refused to disclose the cost of these new diesel power generator sets. However, the nation’s proactive approach toward refurbishment of existing power grid network and quality power distribution is sure to bring forth a slew of opportunities for generator sets market players over the coming years.
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The competitive hierarchy of generator sets industry is all inclusive of renowned giants like Briggs & Stratton, Sterling, Kirloskar, Generac, Yanmar, Caterpillar, Kohler, and Briggs & Stratton. These firms are readily supporting the governmental initiatives to tackle the issue of power supply discrepancies via novel product development. Furthermore, it is noteworthy to mention that regulatory conformance, price affordability, reliable service and distributive network are some of the key growth strategies adopted by the industry participants to secure their position in the competitive landscape.
Primarily backed by the high electricity cost and the dire necessity of supplying uninterrupted power to the growing population base, generator sets market is overt to witness lucrative proceeds in the ensuing years, with a projected CAGR of 8% over 2018-2024.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
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