Generator Sets Market report gives attention to market segmentation, market size, and forecast of 2018-2024 to help stakeholders in making a good decision for the future investments. The industry report segmented into types, application, and regions with providing production, revenue, import/export.
Generator Sets Market is predicted to reach over USD 35 billion by 2024. Inadequate power supply coupled with rising demand for consistent and continuous power will positively influence the generator sets market. The industry landscape is extensively driven owing to growing population and urbanization worldwide. Escalating frequency and intensity of weather-related calamities resulting in continued outages will further propel the product adoption.
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The U.S. generator sets market, in 2017, was valued over USD 4 billion. Ageing electrical infrastructure coupled with worsening grid resiliency to natural disasters will enhance the industry growth. For instance, in 2017, Hurricane Irma knocked out electricity to approximately two-thirds of the power consumers of Florida. Furthermore, the insufficiency of the power grids to sustain rising demand load will further positively influence a wide-scale distribution of these units.
Increasing acceptance of power backup equipment to mitigate system interruptions, and loss of in-process data across information centers will enhance the generator sets market growth worldwide. Installation of power backup equipment has become dominant in the data center with the escalating outages cost. For instance, the Delta Airlines data center, in 2016, suffered a loss of more than USD 150 million resulting from outage occurring owing to electrical grid failure.
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Gas generator sets market is set to gain over 9% by 2024. Rising implications for energy safety, concerns over conventional fuel consumption, coupled with increasing focus toward cleaner fuels will sway the business growth. Stringent emission compliances, particularly the EU Stage V limits and the Environment Protection Agency Emissions Standards will play a key role in the industry growth.
Europe generator sets market is expected to expand over 6% by 2024. Increasing infrastructural investments coupled with improving commercial & construction activities will offer a stimulus to the industry expansion. In addition, the ongoing growth of IT infrastructure is further enhancing the significant demand across the region. For instance, recently Amazon in Frankfurt constructed a new data center to comply with strict German data protection laws.
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>1000 kVA gensets Market will continue to expand on account of high-power requirement rising from industrial facilities. Growing dependability on backup power solutions with automatic & quick start-up and optimal reliability will further increase the use of these units. Robust industrialization, infrastructural development, and flourishing construction activities will further positively impact the business landscape.
Nigeria generator sets market is anticipated to grow over 13% by 2024. These products constitute over three-fourth of the nation’s primary power supply across businesses, public institutions, and households. As per the Rural Electrification Agency (REA) 2017 audit, seven federal universities rely on around 1000 gensets as a secondary power source.
Eminent industry participants in generator sets market includes Kirloskar, Caterpillar, Briggs & Stratton, Honda, Generac, Kohler, Cummins, Ingersoll Rand, Yanmar, Atlas Copco, Manlift Group, John Deere, Mitsubishi amongst others.