The product is mainly installed to provide electricity during the time of emergency or when there is a failure of the power grid. Industrial generator set provides primary power to the location where the access to the grid is not available. In addition to this, scare power supply and dependence on power as well as its secured supply will prompt the demand for industrial generator sets across myriad sectors.
Global Industrial Generator Sets Market: Growth Factors
The rise in the population across the globe has resulted in a massive demand for incessant power supply. Apart from this, escalating need for a reliable supply of electricity for infrastructural growth, real estate & building expansion, and swift industrialization will enhance the growth rate of industrial generator sets industry over the years to come. Furthermore, burgeoning necessity to increase power production for catering to the power requirements of various industries will augment the industrial generator sets market size over the forecast timeline. Moreover, extensive set up of the products is the result of their beneficial features such as quick response time, dependability, and operational efficiency.
The extensive demand for the product in the automotive, construction, pharmaceuticals, oil & gas, and mining sectors will culminate in the cumulative growth of the market revenue. With large-scale funding of ongoing infrastructure projects along with swift industrialization, the industrial generator sets market is set to accrue huge gains over the years to come. In addition to this, the world has been witnessing huge frequency of natural disasters including long duration of power cuts or power outages and this will boost the installation of the products in various industries across the globe on a large scale.
Global Industrial Generator Sets Market: Segmentation
The industrial generator sets market can be sectored intopower rating, end use, application, and fuel. On the basis of power rating, the industry can be sectored into less than 75 kVA, between 75 kVA and 375 kVA, between 375 kVA and 750 kVA, and greater than 750 kVA. In terms of end use, the industrial generator sets industry can be classified into oil & gas, transport & logistics, manufacturing, mining, construction, and electric utilities. Application wise, the industrial generator sets market can be segregated intostandby, continuous, and peak shaving applications. On the basis of fuel, the market can be segmented into gas and diesel.
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Global Industrial Generator Sets Market: Regional Analysis
The U.S. industrial generator sets market size is projected to be influenced by a rise in the product demand, new equipment necessity, and low production capacity. Moreover, the impacts of bad weather interrupt the power supply in the countries such as the U.S. and Canada thus generating the demand for industrial generator sets in North America. Increase in the monetary, as well as production losses due to a power outage in the factories along with the need for a reliable back up services, will boost the regional market trends.
Asia Pacific region is projected to make a notable contribution towards the industrial generator sets market earnings over the review period. The growth can be accredited to the humongous presence of manufacturing units in the region as a result of reduced operating costs. Additionally, the thriving automobile sector that requires an incessant supply of electricity will further boost the product demand in the Asia Pacific region.
Global Industrial Generator Sets Market: Competitive Players
Few of the main participants in the industrial generator sets market include Briggs & Stratton, Caterpillar, Kirloskar Oil Engines Limited, Himoinsa, Cummins, SDMO, Mahindra Powerol, Generac, and MTU Onsite