Commercial Gensets Market Demand, Regional Overview, Business Growth & Forecast To 2027
commercial gensets market is estimated to record annual installation of more than one million units by 2027. This can be credited to the advantages offered by commercial generator sets such as fuel flexibility, easy availability, reliability, cost saving during power outage by counter- balancing the break in operational flow.
The world is witnessing a significant expansion of commercial spaces as a result of growing urbanization along with rising industrial and infrastructure developments. With this, the demand for reliable and uninterrupted power supply has also propelled over the past few years. This is the major factor that has impelled the adoption of power supply solutions such as generator sets.
According to Global Market Insights, Inc., commercial gensets market is estimated to record annual installation of more than one million units by 2027. This can be credited to the advantages offered by commercial generator sets such as fuel flexibility, easy availability, reliability, cost saving during power outage by counter- balancing the break in operational flow.
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Rising investments toward infrastructure development by various private and public institutions are stimulating the business outlook further. For instance, in 2020, the US International Development Finance Corporation announced its plans of investing USD 54 million in the National Investment and Infrastructure Fund in India for supporting the development of critical infrastructure projects. Such initiatives are positively influencing the product adoption.
Development of advanced products by key market players
Major industry players operating in commercial gensets market such as Generac, Caterpillar, Cummins, Atlas Copco and Kohler are focusing on developing technologically advanced products considering the burgeoning consumer demand. Such product developments are not only strengthening the company’s market presence globally but are also opening new growth opportunities for the overall industry. Quoting an instance, in 2020, Caterpillar Inc. announced the launch of its new diesel generator sets Cat® GC, which is its new range of standby power solutions. According to the company, these gensets are configured with an optimized set of features that offer excellent reliability and productivity.
Rising adoption of gensets with power rating of 200-330 kVA
Significant developments in commercial spaces such as hotels, supermarkets, malls and other public spaces on account of rapid urbanization has enormously increased the demand for gensets with 200-330 kVA power rating. In addition, high population growth coupled with rapid urbanization has fostered the demand for reliable and uninterrupted electricity supply for running the business operations smoothly which, in turn has impelled the adoption of generators for commercial purposes.
Growing popularity of prime power commercial gensets
Prime power commercial gensets are observing a significant surge in installations attributing to their wide applications across remote and off-grid areas with limited or zero access to electricity. According to IEA Energy Access Outlook, in 2019, over 771 million people across the globe lack basic electricity access and 75% of this population belongs to Sub-Saharan region of Africa. Rising electricity need from underdeveloped regions that face prolonged power outages even in prime hours is fueling the installation of commercial gensets.
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Increasing deployment in Germany
Commercial gensets market is witnessing tremendous growth in Germany, wherein the country had accounted for over 13% of regional market share in 2020. This is majorly due to increasing focus of government bodies towards environmental compliances, energy efficiency and cost saving. Besides, supportive private and public investment scenario in the region, aimed at driving innovations across the industry, is complementing the product deployment further.
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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