Press release
Generator Sets Market size for 2016 was valued over USD 17 billion and is set to witness an annual shipment of over 13 million units by 2024
The exponential expansion of the data center industry corresponds to a significant growth in the generator sets market. Strengthening demand of gensets across the financial services firms, insurance companies, and IT services will positively impact the business landscape. Ability to backup power interruptions including voltage fluctuations or electrical outages will reinforce the deployment of generator sets.
Superior fuel efficiency, lower capital and operational expenditure along with lower emission generation are the key defining features encouraging the DC generator sets market. Ability to offer harmonized integration with renewable solutions including solar and wind power will fuel the industry growth.
Increasing consumer awareness coupled with unreliable grid infrastructure will amplify the AC generator sets market growth. The product application is predominantly suited for residential installations owing to its operational suitability for low power ranges.
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Competitive fuel prices, reduced emission profile and abundant availability of natural gas on account of shale gas boom and expanding LNG infrastructure will foster the gas generator sets market share. Rigorous EPA enforcement of minimum emission standards coupled with strengthening clean fuel initiatives will further validate the product’s supremacy over its other counterparts.
Diesel generator sets in 2016, accounted for over 50 % of the global generator sets market share in terms of revenue. Favourable capital structure, fuel reliability, high efficiency and longer durability will sustain the product deployment across higher power ranges. However, increasing research and development investments to ensure compliance with the emissions norm will increase the overall manufacturing costs.
Polyphase is predicted to expand over 6 % by 2024. High flexibility, invariable power supply, and appreciable material efficiency are some of the distinguishing characteristics supporting the product growth. These gensets are primarily installed for larger industrial power generation and across commercial environments.
Economic viability to fulfil low power requirements across the residential applications will stiumate the demand for single-phase units. The key applications entailing these gensets primarily include single family households.
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Industrial applications are anticipated to witness strong growth owing to rapid industrialization and population explosion in emerging economies. Escalating industrial activities including road construction, mining and railways hold strong potential for the deployment of generators.
Commercial generator sets market, in 2016 was valued over USD 4 billion. Substantial investments in power backup systems to circumvent the prohibitive costs of revenue and productivity losses caused during power interruptions. The product finds prevalent applications in sectors including chemical, petrochemicals, agriculture, automotive, telecommunication and healthcare.
Prime power in 2016, accounted for over 50 % of generator sets market share. Sizeable investments toward infrastructural development along with rapid industrialization across the emerging economies will make its adoption preferable. The product finds extensive applications in industries including mining, ships, oil & gas operations, construction where grid supply is inaccessible.
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