Industrial Generator Market size is set to surpass USD 22 billion by 2030, according to a new research report by Global Market Insights Inc.
The market growth is attributed to the increasing consumer focus on backup power solutions to sustain daily-life operations and the rising intensity of weather-related blackouts. Ongoing refurbishment of small & medium-scale industries along with surging emission norms will favor the industry scenario. Growing efforts toward a low-carbon economy in line with increasing climate impacts that correspond to the rising power interruption will accelerate the demand for industrial generators.
The COVID-19 outbreak has led regulatory bodies and central governments to implement full-scale lockdowns, which delayed a wide array of industrial projects. However, the rising demand for construction activities pertaining to the development of hospitals and related facilities will positively influence product adoption.
Growing deployment of clean energy resources will drive the market demand for gas-powered generators
The ongoing boom in unconventional gas resources and tightening emissions regulations will significantly enhance the market for gas-powered industrial generators. A paradigm shift toward the acceptance of sustainable energy resources along with government regulations to limit emissions will stimulate business growth. Additionally, the abundant availability of natural gas favored by an expanding LNG infrastructure & shale gas boom will further escalate the market progression.
Browse key industry insights spread across 680 pages with 1,275 market data tables & 33 figures & charts from the report, “Industrial Generator Market Size, By Power Rating (≤ 75 kVA, > 75 kVA - 375 kVA, > 375 kVA - 750 kVA, > 750 kVA), By End-use (Oil & Gas, Manufacturing, Construction, Electric Utilities, Mining, Transport & Logistics), By Application (Standby, Peak Shaving, Prime/Continuous), By Fuel (Diesel, Gas), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
Increasing electricity demand during peak hours will boost the demand for peak shaving generators
The peak shaving application is expected to reach USD 1 billion by 2030. These generators are typically more complex compared to their alternatives. The rising electricity demand during peak hours along with consumer focus to limit demand to reduce utility costs will augment the industry expansion. The tiered pricing makes these units a feasible option for industrial facilities with large power consumption during peak times.
Stringency of environmental compliances, cost reduction, energy efficiency, and focus on cleaner sources will spur the market for ≤ 75 kVA rated industrial generators. The increasing significance of uptime & reliable power supply along with the growing susceptibility of grid infrastructure to external damage will fuel the deployment of these units. Rising focus on automotive production and the metal industry will proliferate the industry outlook.
Aging grid infrastructure will propel the market expansion in North America region
North America industrial generator market is estimated to attain a 4.6% growth rate till 2030 due to the aging power networks along with frequent weather-related disasters. Government-supported plans along with increasing foreign investments and growth ventures to support regional industrialization will foster product deployment. The growing electricity demand in line with the introduction of more rigorous and stringent emission tiers will increase the business scenario.
Eminent players operating in the market include Kirloskar Oil Engines, Cummins, Kohler SDMO, Powerica, Generac Power Systems, Genset India, HIMOINSA, Sterling Generators, Atlas Copco, Caterpillar, JCB, Supernova Gensets, Mahindra Powerol, Ashok Leyland, Deere & Company, Mitsubishi Heavy Industries, Greaves Cotton and Wärtsilä.
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