SELBYVILLE, Del., March 25, 2021 /PRNewswire/ -- The commercial gensets market revenue is expected to cross USD 21 billion by 2027, as reported in the latest study by Global Market Insights Inc. Rising demand for reliable and consistent power supply from numerous end users comprising large industries, real estate, infrastructure sector, amongst others will stimulate the product adoption. Capability to reduce the overall costs incurred during an outage by counter- balancing the break-in operational flow will further strengthen the commercial gensets industry outlook.
Robust development of commercial spaces comprising hotels, supermarkets, malls and other public spaces as a result of rapid urbanization is anticipated to encourage the adoption of 200-330 kVA rated gensets. Burgeoning population growth along with rapid urbanization has increased the demand for consistent and reliable electricity supply to facilitate continuous business operations thereby increasing the deployment of commercial gensets.
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Prime power commercial gensets is set to experience surging deployment on account of their wide applications across off-grid and remote areas having limited or zero access to electricity. For instance, in 2019, as per IEA Energy Access Outlook, there were 771 million people globally which lack basic electricity access. Furthermore, 75 percent of this population belongs to the Sub-Saharan region of Africa. Consequently, surging electricity demand from underdeveloped regions which face prolonged power cuts even during prime hours will enhance the adoption of commercial gensets.
Some key findings of the commercial gensets market report include:
- Resurgent demand for commercial gensets owing to fuel flexibility and easy availability is projected to drive the product demand.
- Promising investment scenario driven by rising participation from both global and local organizations comprising of World Bank to encourage the infrastructural development will stimulate the business outlook.
- Implementation of stringent pollution control norms promoting the utilization of cleaner alternate fuel will enhance the adoption of gas & hybrid fuelled gensets.
- Key industry participants functioning across the market include Caterpillar, Generac, Cummins, Kohler, and Atlas Copco.
Browse key industry insights spread across 750 pages with 997 market data tables & 59 figures & charts from the report, "Commercial Gensets Market Statistics By Power Rating (<50 kVA, 50-125 kVA, 125-200 kVA, 200-330 kVA, 330-750 kVA, >750 kVA), Fuel (Diesel, Gas, Hybrid), End-Use (Telecom, Healthcare, Data Centers, Educational Institutions, Government Centers, Hospitality, Retail Sales, Real Estate, Commercial Complex, Construction, Infrastructure, Large Industries), Application (Standby, Peak Shaving, Prime/Continuous), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
For Europe, Germany accounted for over 13% of the region's market share in 2020. The country is set to gain a significant rise owing to the rising government focus on environmental compliances, cost reduction, and energy efficiency. In addition, favourable private and public investment scenario existing across the region with a focus on driving innovations across the industry will complement the product deployment.
Improving living standards following rise in wages coupled with growing end user awareness towards emergency preparedness will complement the commercial gensets market statistics. The key industry participants are offering smaller gensets integrated with high-end features and improved aesthetics in order to sustain their market presence. Further, prime market players operating across the commercial gensets industry are focusing on product differentiation, thereby positively impacting the industry forecasts.
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Commercial Gensets Industry Forecasts 2021-2027
SOURCE Global Market Insights Inc.