Selbyville, Delaware, Sept. 23, 2020 (GLOBE NEWSWIRE) -- Based on Global Market Insights Inc., report, the global Commercial Genset Market was estimated at $5 billion in 2019 and is slated to surpass $8.4 billion by 2026, registering a CAGR of 8% from 2020 to 2026. The report provides an in-depth analysis of the key investment avenues, drivers and opportunities, key winning strategies, wavering industry trends, competitive scenarios, and market estimations as well as size.
Rising consumer awareness toward backup power solutions along with smart technological upgradations in existing generator sets is anticipated to encourage the product adoption over the forecast timeframe. Rising public & private investments to develop commercial establishments coupled with initiation of smart city projects specifically in developing economies will strengthen the overall commercial gensets market landscape.
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Increasing development rate of mega commercial projects including malls, supermarkets, hotels and other public facilities as a consequence of rapid urbanization is projected to encourage the 375-750 kVA demand. In addition, growing awareness pertaining to emergency electricity backup specifically across areas in North America that experience frequent power outages will enhance the commercial genset market outlook. Ongoing utilization of these systems across hospitality & healthcare facilities with an aim to cater to the surging demand for uninterrupted power supply will further complement the market growth.
Standby commercial gensets are commonly installed in emergency situations, primarily during an electrical outage. These systems are ideal for application across commercial buildings and have gained prevalent & strategic importance to address the unavoidable power deficits. Their potential utilization has witnessed a transition from being an additional energy source to a necessity across an extensive multitude of applications.
Some key findings of the commercial genset market report include:
- Resurgent demand for backup gensets on account of fuel flexibility coupled with the ability to offer continuous power supply to facilities including healthcare, telecom & data centers.
- Strict emission norms discouraging the utilization of fossil fuel will encourage the adoption of gas & hybrid gensets.
- Prime industry participants operating include caterpillar, Kirloskar Oil Engines, Cummins, Mitsubishi, Generac and SDMO Industries.
- Easy fuel availability driven by mass adoption of CGD & Oil and Gas exploration projects will complement the business landscape.
For Europe, Russia, UK and Germany accounted for over 40% of the region’s market share in 2019. Surging number of COVID-19 patients followed by the necessity to cater to the healthcare facilities will encourage the product demand. Moreover, rising deployment of these units across telecom sector & data centers on account of cost efficiency and increased engine lifespan will drive the commercial gensets market growth.
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Limited availability of 24*7 power supply across off-grid locations is encouraging consumers to opt for an alternative source of energy. Further, key players across the commercial gensets industry are emphasizing on product differentiation based on aesthetics and technology, thereby positively impacting the business scenario.
Prominent market players analyzed in the commercial genset industry include Caterpillar, JCB, Aggreko, Cummins, Powerica Ltd., Kirloskar Oil Engine limited, Himoinsa, Briggs & Stratton, Generac, Atlas Copco, John Deere, Escorts Group, Yamaha, Motors Pvt. Ltd, Wärtsilä, MTU Onsite Energy, and Ashok Leyland amongst others.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
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