Top 3 growth trends stimulating commercial gensets market share till 2026 | Caterpillar, Cummins, Kirloskar Oil Engine limited

The commercial genset market is likely to experience decent growth as more people prioritize on utilizing efficient power backup solutions. Businesses are looking to overhaul their existing generator sets with advanced models that offer features like high-efficiency and cost-effectiveness. Rapid growth in private & public investments to build commercial establishments along with increasing expansion of smart city projects could boost the demand for commercial gensets.

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Rising occurrence of power outages caused due to extreme weather conditions is expected to aid the growth of the global generator sets market. Power outages have instigated consciousness about the importance of emergency preparedness among people living in regions with harsh climatic conditions.

Besides, increasing investments in construction and commercial sectors could play a critical role in facilitating product demand. Industries such as construction, mining, equipment manufacturing, and oil & gas have currently become a few of the major industrial end users that are constantly using gensets on a large scale.

Additional factors like limited availability of constant power supply across remote locations could compel consumers to buy gensets for alternative sources of power. Emerging demand from across these regions have encouraged manufacturers to develop products that cater to such specific demands. These companies are also focusing on offering diverse product ranges on the basis of technology and aesthetic. Major companies like Cummins are introducing high-range gensets that ensure efficiency, versatility and reliability to customers.

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According to a study conducted by Global Market Insights, Inc., the commercial gensets market might record annual installation of more than 400 thousand units by the end of 2026. This growth can be contributed to some of the ongoing trends listed below:

Growing popularity of standby gensets -
Standby commercial gensets are playing a vital role in emergency situations, often during a power outage. These systems find immense application in commercial buildings and have become a crucial device to combat the unavoidable power deficits. Over the years, standby gensets have transitioned from being an additional power source to a necessary appliance across numerous applications.

Escalating demand across Europe -
European countries like the UK, Germany and Russia are heavily relying on commercial gensets for a constant source of power. These three countries constituted more than 40% of Europe market share in 2019.
Increasing cases of COVID-19 patients have compelled organizations to install necessary power backup devices in healthcare facilities to maintain efficient operations. Additionally, surging demand for commercial gensets across data centers and telecom sectors to maintain cost efficiency could enhance the business outlook over the forecast timeframe.

Implementation of innovative growth strategies -
Prominent industry players like Kirloskar Oil Engines, Caterpillar, Mitsubishi, Cummins, SDMO Industries, and Generac are focusing on a number of business strategies to expand their business operations and product portfolio.

Taking November 2020 for instance, Kohler Co. launched the top-end variant of its much-awaited KD Series diesel-powered generator sets for 4000kW and 3500kW. This furthers deepens the KD generator series of Kohler.

Related News:

https://www.prnewswire.com/news-releases/generator-sets-market-value-to-reach-40-billion-by-2030-says-global-market-insights-inc-301109259.html

https://www.prnewswire.com/news-releases/portable-generators-market-to-reach-7-4-billion-by-2026--says-global-market-insights-inc-301154375.html

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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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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