Global industrial generator sets market is projected to expand its market share by 200 thousand units by the year 2025, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2025.
The industrial generator set is known to have varied applications owing to its operational simplicity, reliability, and quick response. Its market growth can be attributed to the growing need for dependable power supply for infrastructural expansion, real estate development, and rapid industrialization.
Various factors that influence the industrial generator sets market, as per the report, constitute prolonged electricity outages caused by frequently occurring weather disasters along with widespread deployment of industrial generator sets as main power source. Numerous remotely located industrial sectors such as mining, automotive, pharmaceuticals, and construction prefer gensets as there is unavailability of power grid supply, which in turn boosts the growth of industrial generator sets market.
In terms of power rating, the industrial generator sets with power rating of >375-750 kVA are presumed to dominate the market owing to the rise in mining activities, especially across North America region. The operations for metal, gas, iron or coal mining involve extreme remote conditions and some heavy-duty electric equipments such as excavating conveyor belts, machinery, and cranes, hence driving the demand for mobile generator sets.
Based on the findings of the report, the Oil & Gas end-use segment of industrial generator sets market contributed the market share of over USD 1.5 billion in the year 2018. The industry involves many electricity consuming processes such as drilling, pumping, and loading. The remote on-site installation of industrial gensets is an essential component of the oil & gas industry propelling the market growth.
As accounted in the report, industrial gensets market for prime power is expected to witness significant growth opportunities in developing economies following the growing infrastructure development and increasing industrialization. Moreover, based on fuel, diesel industrial generator sets are anticipated to cross 6% market share over the forecast timeframe owing to continuous power generation and low up-front investments.
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In terms of regional contribution, Asia Pacific is cited to observe substantial growth in the industrial generator sets market as a result of lesser operating costs. The ASEAN countries are evolving into an export hub receiving massive investments from manufacturing industries for gensets installation, which again bolsters the growth of industrial generator sets market.
The key players contributing to the industrial generator sets market growth include Kirloskar Oil Engines Limited, Briggs & Stratton, Generac, Himoinsa, Cummins, Mahindra Powerol, Caterpillar, MTU Onsite, and SDMO among others.