Generator Sets Market Value to Reach $40 Billion by 2030, Says Global Market Insights, Inc.

SELBYVILLE, Del., Aug. 11, 2020 /PRNewswire/ -- Global generator sets market revenue is expected to cross USD 40 billion by 2030, as reported in the latest study by Global Market Insights, Inc. Rising awareness among consumers toward emergency power backup and smart technological upgrades along with rapid infrastructure development will stimulate the product adoption over the forecasted timeframe. In addition, increasing investments toward the development of building establishments and the adoption of smart city projects by various emerging economies will complement the overall business landscape.

Rapid urbanization and the increased development rate of mega commercial establishments including supermarkets, malls, hotels and other public facilities is set to boost the mass deployment of generator sets with a power rating of 375-750 kVA. Rising end-user awareness toward emergency power backup specifically across North America which experiences severe natural disasters will enhance the industry outlook.

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The peak shaving generator sets industry is anticipated to grow owing to the rising electricity demand following which the power utilities have to facilitate load shedding periods in order to compensate increased demand. Further, ongoing digitalization and booming IT sector along with the development of data centers and adoption of a work from home regime is set to enhance the mass product adoption. Easy availability of fuel in off-grid locations or in areas affected by frequent power cuts and poor grid infrastructure will significantly enhance the business outlook.

Some major findings of the global generator sets market report include:

• Escalated projects funded by private and global institutions that comprise the World Bank focusing on the development of building infrastructure, together with product advancement, will fuel business growth.
  Resurgent demand for these units on account of fuel flexibility along with its ability to provide continuous power supply to areas including healthcare.
• Stringent emission norms discouraging the use of fossil fuel will stimulate the adoption of hybrid or gas-based gensets.
• Key players operating across the market include Kirloskar Oil Engines Limited, Cummins, Siemens, Mitsubishi Heavy Industries, Generac and SDMO Industries.
• Easy availability of fuel-driven by mass adoption of CGD and O&G exploration projects in conjunction with its ability to provide will augment the business landscape.

Browse key industry insights spread across 720 pages with 1,306 market data tables & 48 figures & charts from the report, "Generator Sets Market Share By Application (Standby, Peak Shaving, Prime/Continuous), Power Rating (<75 kVA, 75-375 kVA, 375-750 kVA, >750 kVA), By Fuel (Diesel, Gas, Hybrid), By End-Use (Residential, Commercial {Telecom, Healthcare, Data Centers, Educational Institutions, Government Centers, Hospitality, Retail Sales, Agriculture, Aquaculture), Industrial {Oil & Gas, Manufacturing, Construction, Electric Utilities, Mining, Transport & Logistics), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020- 2030" in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/generator-sets-market

For Europe, the UK in 2019 accounted for over 11% of the region's market share owing to the necessity to cater to the healthcare establishments driven by surging cases of Covid-19 patients. In addition, the deployment of these units in government centers and the telecom sector coupled with increased engine lifespan will fuel the product demand. The eminent players across the generator sets industry are focusing on product differentiation on account of aesthetics and product.

Increasing adoption of large-scale O&G exploration projects across the Africa region and rising concern towards fossil fuel independency will fuel the gas-based gensets industry growth. Moreover, the unavailability of 24/7 power supply and several off-grid locations will further force the end-users to opt for alternative power supply sources which will propel the generator sets market outlook.

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Browse Related Report:

Global Gas Generator Sets Market By Application (Standby, Peak Shaving, Prime/Continuous), By Power Rating (<75 kVA, 75-375 kVA, 375-750 kVA, >750 kVA), By End-Use (Residential, Commercial, Industrial), Industry Analysis Report, Regional Analysis, Application Potential, Price Trend, Competitive Market Share & Forecast, 2019- 2025

https://www.gminsights.com/industry-analysis/gas-generator-sets-market

About Global Market Insights

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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Generator Sets Industry Forecasts 2020-2030

Related Links

Commercial Standby Generator Sets Market

Portable Generators Market

SOURCE Global Market Insights Inc.