NEW YORK, Dec. 24, 2015 /PRNewswire/ -- US Prime Power Generators Market Analysis : Analysis of Developing Regions and Their Key Market Dynamics
Increased power demand and limited grid access due to insufficient infrastructure, along with more severe and unpredictable weather disasters are likely to drive the demand for prime power generator sets during 2016–2020. This market insight evaluates current issues along with revenue forecasts and key regional trends that are expected to impact North American Electricity Reliability Corporation (NERC) regions. Further, key Implications of market dynamics and industry challenges on market growth are analyzed. The base year is 2015 and the forecast period is 2016 to 2020.
Frost & Sullivan values the total US prime power generator set market at $ million in 2015 and estimates it to have grown by % compared to 2014.
-In 2015, the diesel segment accounted for a majority of revenue with more than % contribution. However, Frost & Sullivan expects that during the forecast period 2016–2020, the natural gas segment, growing at a Compound Annual Growth Rate (CAGR) of %, will be the fastest growing segment.
-There is sustained growth in the regional market as a result of the steady growth in prime power demand, rising natural gas prices, more stringent environmental regulations, and consistent growth in renewable energy generation.
-An increase in the labor force, growth of capital stocks, and higher productivity contribute to the growth in aggregate supply.
-In the long term, natural gas is expected to fuel more than % of the new generation that is needed and most of the remaining generation is expected from renewable energy. Coal and nuclear energy generation remain fairly flat primarily because utilization rates at existing units are high and new units have extremely long lead times.
-A surge in shale gas production is expected to drive a strong manufacturing sector in the US till 2019. This will not only increase the competitiveness of the US but is also likely to result in high GDP growth during the forecast period.
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