Commercial Gensets Market size to exceed USD 21bn by 2027
Published Date: March 22, 2021 Authors: Ankit Gupta, Asmita Semwal
Commercial Gensets Market size is expected to surpass USD 21 billion by 2027, as reported in the latest study by Global Market Insights, Inc.
Commercial gensets industry is set to grow owing to frequent natural disasters and rising weather unpredictability accounting to increasing power cuts. Growing stringency of environmental compliances, energy efficiency, cost reduction, and shifting focus on utilization of cleaner fuel sources are the prominent trends shaping the market growth. Therefore, prime manufacturers are introducing hybrid fuel gensets while offering flexibility, better designs, and aesthetics.
Surging demand for reliable and continuous electricity supply is set to augment the installation of <50 kVA rated gensets
< 50 kVA rated commercial gensets market will witness increased adoption on account of aging grid infrastructure and increasing power failure driven by frequent natural catastrophes. Shifting consumer preference toward less powerful and compact units owing to their operational suitability & economic viability is set to stimulate the market statistics.
Stringent emission control norms along with growing emphasis on adoption of sustainable units will boost the deployment of commercial gas gensets
Gas based commercial gensets market share will gain a significant momentum on account of stringent regulatory regime, environmental concerns, and fluctuating oil prices. Shifting industry focus towards adoption of emission effective power solutions coupled with declining gas prices is set to escalate the installations of these units. Further, growing funding by both global and regional agencies towards development of environment-friendly backup power solutions will drive the market forecast. For instance, the Government of Sri Lanka (GoSL) plans to completely shift to renewable electricity generation by 2050 under the Climate Vulnerable Forum agreement.
Ongoing digitalization and prevailing industrial revolution 4.0 will result in large-scale adoption of gensets, primarily across data centers
Data centers segment is set to register over 4% CAGR between 2021 and 2027. Ongoing digitization, primarily across emerging countries along with development of commercial establishments comprising third-party data centers is set to drive the product demand. Surging demand from data centers on account of nationwide curfews and adoption of work from home regime by several companies will complement the market share. Moreover, ability to counterbalance the huge costs incurred by the data centers during a power outage will continued to entail the deployment of these units.
Focus on improved rates of electrification will drive the prime commercial gensets market demand
Peak shaving application is set to grow because of prolonged load shedding periods implemented by power utilities to counter surging electricity usage. Furthermore, the limitation on the amount of electric power which can be drawn from the grid necessitates end beneficiaries to opt for commercial gensets. The ability to operate as the chief power source for an extended time frame will further drive the large-scale adoption of these units.
Browse key industry insights spread across 750 pages with 997 market data tables & 59 figures & charts from the report, “Commercial Gensets Market Forecasts By Power Rating (<50 kVA, 50-125 kVA, 125-200 kVA, 200-330 kVA, 330-750 kVA, >750 kVA), By 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:
Booming medical tourism primarily across the U.S. is set to propel large scale deployment of commercial gensets
Booming construction sector driven by development of make-shift hospitals in order to cater to the surging count of COVID-19 patients along with flourishing medical tourism will enhance the sale of gensets across the U.S. Moreover, rising project funding by government towards expansion of commercial spaces along with rising consumer awareness towards emergency power backup solutions will augment the business landscape.
The prominent industry players are striving for integration of newer technologies into their product spectrum with an aim of maintaining their market share. Key players functioning across commercial gensets market include Kirloskar Oil Engines, Mitsubishi, Cummins, Briggs & Stratton, Generac, Himoinsa, SDMO, Wärtsilä, Escorts Group, Siemens, JCB, Yamaha, Mahindra Powerol, Powerica, Ashok Leyland, Supernova Gensets, Huu Toan, Caterpillar, Atlas Copco, and John Deere amongst others.