Thursday 30 June 2022

Industrial generator market set to expand

MANAMA, 22 days ago

Three major trends are pushing industrial generators market globally, even as major players in the market are adding high performance products to their range, says a study by Global Market Insights on ‘Industrial Generator’.
The sector, which was worth $12 billion in 2021, will grow at a CAGR of 6.7% to reach over $22 billion by 2030, says the report.
Driven by the importance of emergency preparedness for storm seasons, global industrial generators market will take a significant leap, highlights the study. 
In the US more than 13 named storms, alongside three major hurricanes are already being predicted by the Colorado State University. As full-grid failures are expected during this period, many companies in the US might consider deployment of standby industrial generators for long-term use.
Meanwhile, genset makers are adding high performance products to their latest offerings. They are strategising profitable mergers, acquisitions, and partnerships to stand out in an increasingly fragmented market landscape. Mahindra Powerol, Kohler SDMO, HIMOINSA, Genset India, Ashok Leyland, JCB, Generac, Wärtsilä, Greaves Cotton, Supernova Gensets, Atlas Copco, and Mitsubishi Heavy Industries are some top industrial generator manufacturers. 
These brands are fortifying their supply chains and distribution networks to gain prominence on a global level. As per industry estimates, Europe industrial generators market size is expected to grow at 5.9% CAGR through 2030. 
According to the study, the following three trends are likely to influence the global industry outlook over the next few years:
Mining industry in Asia Pacific to strengthen reliance on diesel gensets: Asia Pacific industrial diesel generator industry share from mining applications is slated to grow at a significant growth rate. These units play a pivotal role in the mining industry as they are deployed in the extraction of minerals and other products. The sector is growing in the region, with China reportedly witnessing a 12.2% increase in mining production during March 2022 as compared to March 2021.
Large drills and other excavating machinery haul hundreds of tonnes of minerals in a day. Due to lower volatility, diesel generator is considered as a reliable option by mining companies, who are committed to completing tasks within minimal time frames. Easy availability, minimal manpower, and ease of operation offered by manufacturers in their diesel products is enhancing their uptake across Asia Pacific mining industry. 
Persistent threat of natural disasters: Due to the growing uncertainty associated with power supply, especially in the times of natural disasters, LNG is considered as one of the most valuable resources. Canada gas-powered industrial generator industry share is expected to grow due to the refurbishment of national electric grid. Several American provinces have also been seeing increased product uptake due to rising frequency of storms and hurricanes, whereby interrupted power supply has been affecting production across numerous industries. 
Since the US passed a law mandating installation of these units across gas stations almost more than a decade ago, the backup power generator industry share from transportation and logistics applications will rise. South Carolina, Virginia, and North Carolina are likely to see considerable increase in disaster preparedness, thereby fueling product use.
Peak-shaving products likely to see higher adoption: With rising frequency of power failure throughout the world since the 2020 health emergency, manufacturing units have been increasing reliance on new and used industrial generators during peak shaving. Rolling blackouts are becoming more persistent across several Asian and South African economies, where governments are resorting to peak shaving to compensate for power shortages. During loading shedding periods, manufacturing units cannot afford to shut down production, if they are to survive in post-pandemic era. 
Several manufacturers have been providing low-emission, standalone industrial generators to these industries. The peak-shaving industrial generator market share in Asia Pacific and Europe will grow considerably, as manufacturing facilities have been seeking fuel efficient solutions to mitigate downtimes. -TradeArabia News Service


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