The global commercial gensets market size is poised to expand at substantial CAGR during the forecast period as the need for a reliable and infallible power supply has been towering amidst the COVID-19 pandemic situation. Apart from an alarming increase in the frequency of natural disasters, several parts of the world are facing unpredictable weather.
This has left hospitals, clinics, laboratories, offices, department and medical stores, and shopping complexes dealing with the persistent problem of power failure. As these commercial spaces have been seeking effective power backup solutions to mitigate losses, the market for hybrid generator sets, electric generator sets, and gas generator sets is likely to see considerable growth through the forthcoming years.
The following eight factors have been pushing the global commercial gensets market forecast:
Low up-front costs of diesel commercial generator sets
Thanks to the need to invest a lesser amount when compared with electric or hybrid generator sets, the deployment of diesel commercial generator sets has been rising across the commercial sphere in Asia. By 2027, APAC commercial gensets market share will have gained considerably owing to their weather-independent, flexible, and scalable operations. As diesel is an easily available fuel even in underdeveloped areas of the emerging economies, diesel commercial gensets appear to be an ideal solution for end-users who want to achieve higher productivity at lower costs.
330 kVA – 750 kVA rated generator sets across Asia
330 kVA – 750 kVA rated commercial generator segment is expected to see substantial growth through 2026, on account of the ability of these solutions to ensure a constant power supply during power failures and interruptions, preventing massive losses. Hospitals, hotels, telecom towers, educational institutes, and construction sites find these generator sets suitable due to their compact designs and superior power density.
Asia Pacific commercial gensets market might also benefit from the rising funding from private and local entities, who have been looking for robust machinery and equipment to address the need for an uninterrupted electricity supply.
Favorable government policies in India
With favorable government policies backing the fast-paced infrastructural activities in the region, the Indian market is likely to contribute consistently toward the overall Asia Pacific commercial gensets industry share through 2027. The booming telecom industry has been pushing the market. For instance, according to the Telecom Regulatory Authority of India (TRAI), the Indian subcontinent saw over 1,171.80 million telephone subscriptions as of October 2020. The development of several smart cities across the country is paving the way for further growth.
Work from home trend to accelerate demand
The North America commercial gensets market size is expected to grow steadily since several private as well as federal government employees have been working remotely owing to the focus toward curbing the spread of COVID-19 infection, constant power supply has become more crucial than ever. Heavy losses can be incurred due to power cuts. Moreover, as natural disasters including hurricanes have been hampering electricity supply more frequently, 50-125 kVA rated gensets are likely to see higher adoption across enterprises, cafeterias, shared workspaces, and home offices alike.
Reopening of commercial spaces in North America
As several regions are recording a lesser number of COVID-19 cases, the reopening of shopping malls, cinema halls, public libraries, offices, and showrooms is expected to trigger demand across North America’s commercial gensets industry forecast. The travel industry particularly has been recovering from the coronavirus fast this summer. As domestic flights resume, airports and hotels might see more product adoption. The vaccine rollout has revived numerous industries, who have been seeking to recover from financial losses by installing technologically advanced equipment.
Rising infrastructure investments toward healthcare in Europe
The COVID-19 pandemic has resulted in the fortification of the healthcare infrastructure, with the EU, governments, and private organizations focusing on optimum digitalization. As Europe has been facing a rising number of COVID-19 cases, the need for advanced solutions such as advanced monitoring and smart control systems across healthcare facilities has been spiraling. The surging geriatric population coupled with the adoption of IoT-enabled devices across hospitals and laboratories is fueling Europe commercial gensets market forecast.
Growing demand from European agriculture sector
As the agriculture sector is undergoing considerable transformation for the last few years, modern farmers are more inclined to install effective power backup solutions than ever before. Manual farming techniques are replaced with mechanized practices, which has increased the dependence on machines and ultimately, electricity. Thus, for the modern farmer, absence of uninterrupted electricity means lower productivity. Consequently, Europe commercial gensets industry forecast is set to gain from the thriving animal husbandry and agriculture sector in the region.
Benefits of gas-powered commercial gensets
With the European Union promoting the use of clean energy fuels in collaboration with several regional governments, the adoption of gas-powered commercial gensets is likely to soar through the next five years. These gensets are not only environmentally compliant due to their lower carbon footprint, but also cost-efficient. They have a high lifespan and a reliable performance. Simultaneously, Europe commercial gensets market outlook can benefit from the trend of installing ecofriendly, gaseous powered equipment across the industrial sector in the region.
Some of the leading commercial gensets manufactures and suppliers in the global market include Kirloskar Oil Engine, SDMO, Powermax, Mahindra Powerol, Powerica, Yamaha Corporation, Cummins, Mitsubishi Power, Kohler, Ingersoll Rand, Siemens, Caterpillar, Siemens, and Generac Holdings.
