America Generator Sets Market Growth is projected to undergo rapid growth on account of rising demand for reliable & uninterrupted power supply coupled with increasing requirement from various industrial applications. Upsurge in demand for continuous power across industry verticals including mining, healthcare, and data centers along with expanding product portfolios & technology development by major market players is projected to augment the business scenario.
Standby gensets are mainly installed in emergency situations on account of an electrical outage or natural disaster. Slumping production across the board owing to the COVID-19 pandemic has adversely influenced the overall industry growth. However, post realizing the economic impact of the corona virus, the second quarter will bring about lucrative opportunities as major manufacturers resume production activities. Demand for new projects and increasing investment towards infrastructure development is set to strengthen the market scenario.
>75 kVA will witness significant growth on account of the rising demand for compact & powerful generator sets. Growing incidence of natural disasters, rise in power failure instances, aging grid infrastructure and blackouts are some of the major factors significantly contributing toward complementing the industry growth. Additionally, the changing business outlook toward digitization and information technology will positively impact the market growth.
Natural gas will register high growth rate owing to the rising environmental awareness along with major market players directing investments toward the development of clean fuel. Strict government directives regarding the limitation of emissions will propel the product demand. Additionally, the developing LNG infrastructure and the ease of availability of natural gas will complement the business scenario.
Agriculture is set to undergo high growth owing to the efforts of avoiding catastrophic consequences for confined livestock in case of a power interruption/failure situation. Growing demand for power backup and eventual rise in application base including farm pumps, dairy refrigeration systems, and irrigation systems will further strengthen the market scenario. Additionally, establishment of distribution channels has enabled access to an untapped customer base resulting in additional revenue streams for the manufacturers.
Canada will grow rapidly owing to the increasing rate of industrialization along with major commercial overhaul. Growing rate of urbanization, rising demand from areas without steady supply of electricity and a robust service sector are few of the key contributing factors propelling the product demand. Additionally, ongoing technological advancements coupled with increasing disposable income among individuals are few of the paramount factors augmenting the gensets adoption.
The major market players are focused on backward integration to maintain economies of scale and to deliver high quality standard generator sets. Few key players in the America Generator Sets Market include, Yamaha, Himoinsa, Kirloskar, Briggs & Stratton, Cummins, Generac, Caterpillar, Ingersoll-Rand, Mahindra Powerol, MTU, John Deere, Ashok Leyland, Mitsubishi, Atlas Copco, JCB, and Wärtsilä among others.