Global Generator Sets Market Outlook Over 2030 | Leading players Atlas Copco, Siemens, John Deere, Supernova Gensets, Mahindra Powerol
Increasing instances of power outages due to extreme weather conditions is anticipated to drive global generator sets market size over the coming years. Growing significance of emergency preparedness has propelled the demand for generator sets overtime. These equipment are increasing deployment across oil and gas, mining, manufacturing, and construction sectors, add up to its overall market share.
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According to a research report by Global Market Insights, Inc., the global generator sets market is likely to surpass a valuation of $40 billion by 2030.
The competitive landscape of the global generator sets market is inclusive of players such as Yamaha Motor, Caterpillar Ingersoll-Rand, Cummins, SDMO, Briggs & Stratton, Himoinsa, Powerica, C&S Electric, JCB, Greaves Cotton, Escorts, Ashok Leyland, Mitsubishi Heavy Industries, MTU Onsite, and Wartsila among others.
Mentioned below are the major trends augmenting global generator sets market size:
• The U.S. to witness exponential demand
North America generator sets market is set to observe exponential growth over the coming years primarily due to high demand in the United States. The region is observing increasing deployment of generator sets due to the increasing vulnerability of grid infrastructure to weather-related disruptions.
Rise in the strength and frequency of storms, majorly occurring at the time of annual hurricane season should impel product deployment rate. Taking 2017 for instance, more than 10GW of power generation capacity across Texas observed forced outages along with considerable damage to electrical infrastructure due to hurricane Harvey.
• Increasing oil & gas activities
The industrial generator sets market secured a valuation of more than $8 billion in 2018. The increasing adoption of backup power in order to prevent equipment failures and inventory losses would supplement product traction in the oil and gas sector. Growing need to relocate oil and gas activities in remote areas is likely to boost the installation of these generator units.
• Rising concerns over climate change
Gas gensets industry is likely to observe robust growth primarily due to increasing concerns regarding fossil fuel consumption across the world. Implementation of strict environmental norms in order to reduce carbon footprints will favor segment growth. Cost-effectiveness, high efficiency, and lesser emission levels are few important characters aiding the deployment of gas gensets over any other available alternatives in the market. All in all, concerns over climate changing and increasing number of factories in remote locations are likely to push the generator sets market share over the coming years.
Meanwhile, the market for hybrid gensets is projected to witness 10% growth over 2030 on the back of ongoing expansion activities commenced across off-grid locations. Decrease in costs of battery and shift towards renewable energy will encourage system adoption. Moreover, imposition of stern environmental norms to curb air pollution may foster product demand.
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