Selbyville, Delaware – The global industrial generator sets market is set to witness exponential growth over the coming years due to escalating need for reliable power backup solutions. Expanding production capacities across industries has fuel the demand for industrial generator sets. The system offers features like quick response, reliability, and simplicity of operations. With growing significance, Global Market Insights, Inc., anticipates that the global industrial generator sets market may record installation of more than 200 thousand units by 2025.
However, heavyweight of diesel generators could hamper product acceptance. These generators require longer time for installation. Meanwhile, natural gas-based industrial gensets are highly expensive to run and emit greater amount carbon dioxide which contributes to climate change. Factors that may impede market outlook.
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Mentioned below are the major trends fostering global industrial generator sets market size:
- Growing preference for 375-750 kVA industrial gensets
The demand for 375-750 kVA industrial gensets have surged considerably across the mining sector of North America. These gensets can effectively support heavy-duty electric machinery like excavating conveyor belts, and cranes. Due to its mobility feature, the product can be used across wide-ranging mining activities which include extraction of coal, gas, metal, and iron.
- Escalating deployment across the oil and gas sector
The industrial generator sets market from the oil and gas application exceeded a valuation of $1.5 billion in 2018. The application sector is likely to observe heavy installations over the coming years owing to the extensive use of the gensets to provide uninterrupted power supply across various activities.
These activities include loading, pumping, and drilling in the oil and gas sector. Substantial deployment of on-site gensets in remote areas to support enhanced drilling equipment would impel segment growth in the near future.
- Rapid industrialization across Asia Pacific
The Asia Pacific is likely to emerge as a prominent market for industrial gensets owing to rising industrialization, majorly across ASEAN nations. Countries in the region are attracting huge investments from foreign companies, establishing greater prospects for product installation. The region’s evolving automotive sector has witnessed a rise in production activities, driving the deployment of industrial gensets.
Acquisition and mergers with international firms is expected to majorly favor APAC industrial generator sets market size. In 2019, PR Industrial (Pramac), a unit of Generac holdings, acquired a majority stake in Indian customized generator manufacturers, Captiva Energy Solutions primarily to expand its power generator footprint in the country.
The competitive landscape of the global industrial generator sets market is inclusive of players such as Briggs & Stratton, SDMO, Mahindra Powerol, MTU Onsite, Cummins, Caterpillar, Himoinsa, Kirloskar Oil Engines Limited, and Generac among others.
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