Industrial Generator Sets Market Size
The global industrial generator sets market is poised to gain immense momentum over the coming years, owing to growing energy demands across a plethora of industries such as oil and gas, mining, transport & logistics, manufacturing, and others. According to the Energy Information Administration, the industrial sector accounts for 29% of the overall electricity consumption in the United States.
North America Industrial Generator Sets Market Size, By Fuel, 2018 & 2025 (USD Million)
Continuous and reliable power supply is one of the most vital requirements for industries in order to ensure maximum performance. Even a brief power outage can lead to significant losses in terms of revenue and productivity. Given the consequences of a power failure, companies invest substantially in back-up power systems, which will help drive industrial generator sets market share.
Heavy investment in infrastructural development, particularly in emerging economies, will support industry growth. Economic growth depends heavily on optimum infrastructure, including roads, power systems, railways, and airports. The demand for robust back-up power systems from the construction sector will propel industrial generator sets market size.
The construction sector is one of the significant end-users of the industrial generator products. Construction boom across emerging economies like India and China will further support market growth. Due to the burgeoning demand for housing, the construction industry in India and China is predicted to grow at a decent pace throughout 2020. Deployment of industrial gensets for large scale construction projects will further amplify industrial generator sets industry share.
Mining end-use segment is projected to emerge as a leading contributor towards industrial gensets market. Resource-rich countries like Canada and Australia accounted for 14 percent and 13 percent of the global mining exploration expenses. Rapid development in mining processes and increasing adoption of automated solutions and high-performance machinery will accelerate mining equipment market share, which in turn will boost global industrial generator sets industry growth.
According to experts, the oil & gas sector is set for a huge operational overhaul through the adoption of technology and digitization. Market players in this business space are digitizing mechanical processes through robotic process automation. Deployment of such technologies would boost the need for industrial generator sets within the oil & gas industry, thereby boosting market growth.
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The natural gas industrial generator sets market is estimated to attain massive impetus owing to increasing focus on energy efficiency, further supported by regulations concerning environmental conservation and green energy. For instance, New York has introduced new climate targets including net-zero carbon emissions by 2050 and carbon-free electricity by 2040. This will accelerate the adoption of natural gas industrial generators in the region.
The United States industrial generator sets market is anticipated to expand over the coming years. The country is home to several major manufacturing plants and is also the world’s second largest coal producer. The vast industrial base in the nation will generate huge demand for industrial gensets from mining, manufacturing, and other sectors.
Major industrial players from developed nations are seeing huge potential in emerging economies such as India, China, and other ASEAN nations, which is a positive sign for Asia Pacific industrial generator sets market growth.
Government efforts to boost the economy will serve a pivotal push toward industrial growth. For instance, India’s new industrial policy aims to establish nation as a global manufacturing hub. The policy will also encourage the adoption of advanced technologies like robotics and artificial intelligence among existing industries, which will drive the nation’s demand for uninterrupted power-supply, thereby boosting industrial gensets demand.
Unlike residential or commercial gensets, industrial gensets are designed to withstand extreme usage for extended periods. These come in various power rating ranging from 75 kVA to 750 kVA and have an ability to stay active in events of major power outages, which makes them an ideal choice for manufacturing plants across the world. Hence, the constant demand for reliable power supply from textile, automotive, chemical, and food manufacturing industries will continue to foster market growth.
A research report by Global Market Insights, Inc. projects industrial generator sets market to be worth more than 13 billion by 2025.
Author Name : Krithika Krishnan