Over the recent years, the global generator sets market is being perceived with a renewed vigor owing to the rapid pace of urbanization and the resultant inadequate power supply across numerous developing economies. Apparently, the widespread power outages and crippling blackouts due to the aging grid infrastructure coupled with underinvestment by the cash-strapped state-owned utilities has compelled a host of business verticals to increasingly rely on generator sets. In consequence, the rapid deployment of generator sets across multiple industries along the likes of oil and gas, mining, construction, healthcare, telecommunication, petrochemicals, and automotive among others has been a primary factor fueling generator sets industry share augmentation.
U.S. Generator Sets Market Size, By Application, 2017 & 2024 (USD Million)
According to International Energy Agency’s 2014 publication, titled as Africa Energy Outlook, the severe shortage of essential electricity infrastructure aggravated with the unreliable distribution network has undermined the efforts of regional governments to achieve social and economic development in the continent. The report mentions that 15 out of 20 nations in Africa ranked in the bottom worldwide for per capita consumption of electricity, while 13 out of 20 countries lacked suitable power supply. The Paris-headquartered autonomous intergovernmental institution further takes note of the fact that the electricity tariffs in many nations are among the highest in the world. Apparently, the aforementioned shortcomings have translated into over-reliance on generator sets across almost every business vertical - a factor that has propelled the growth prospects of generator sets industry in the African continent.
In order to tackle these challenges, leading generator sets market players have been vying with one another to develop innovative generator sets that would ensure reliable power supply. One of the most prominent generator sets industry giant, Caterpillar, for instance, has introduced Cat generators that would provide reliable and continuous power to mining operations in the African nations. Reportedly, the latest generators are said to have been engineered to aid mining activities run proficiently, while ensuring personnel safety and minimum environmental harm. As per reliable sources, the NG/ LP fueled generators apparently meet wellhead EPA certification requirements and the diesel-powered ones are stated to conform with the EPA Tier 4 and CARB standards. Furthermore, the team deployed to oversee the upkeep of Cat generators installs customized power systems for each phase of mining operations. Industry experts have been raving about this latest range of generators as it has set a precedent of sorts for other generator sets industry participants.
Elaborating further upon the recent trend of product launches being witnessed across generator sets market, CK power, has released its latest line of commercial portable generator sets. The latest range of generator sets reportedly come with multiple configurations to fulfill the requirements of various business verticals. The configurations include open/sound enclosed, skid/sub-base tank mounted, dedicated/multi-voltage, and stationary/trailer mounted options. Needless to mention, such agile and customized solutions would favorably influence the growth potential of generator sets market over the forthcoming years.
The competitive spectrum of generator sets industry encompasses of acclaimed players such as Yanmar, Kirloskar, Generac, Briggs & Stratton, Kohler, Sterling, and Caterpillar, etc. Rapid industrialization along with increased investments by government bodies toward revamping the existing infrastructure has reinvigorated these firms to develop unique generator sets. Moreover, it would be prudent to take note of the fact that price affordability, regulatory conformance, building reliable distribution channel are a few crucial growth approaches being followed by generator sets market players to retain their prominence in this highly combative business space.
Constituting a total valuation of over USD 20 billion in 2017, the overall generator sets market is certain to chart out a lucrative growth map over the ensuing seven years of timeframe. Primarily backed by the dire necessity of supplying uninterrupted power to the rising population across the globe and high electricity cost, the generator sets industry is bound to expand at an exponential pace over the estimated timeframe.