North America Commercial Genset Market size is anticipated to register exponential CAGR between 2021 and 2027 owing to continuous construction activities driven by increasing government funding towards restructuring and new infrastructure development. Ongoing technological upgradation coupled with shifting consumer inclination towards adoption of power backup solutions will fuel the product installation. Moreover, rising demand for uninterrupted power supply following frequent power failures and voltage fluctuations will augment the industry revenue.
COVID-19 Impact Analysis
The sudden outbreak of corona virus has resulted in several economies imposing strict ban on public movement with an aim of controlling the virus spread, severely impacting the industry operations. However, rising urgency to construct make-shift hospitals to cater to the accelerating count of infected patients and increasing medical tourism will positively influence the product deployment across healthcare establishments. Furthermore, necessity to provide reliable and consistent power supply to the ICUs engaged in COVID-19 hospitals will continue to entail the large-scale product deployment.
Rising electricity demand following the ongoing digitalization and booming IT sector has forced power utilities to opt for load shedding periods, thereby augmenting the product deployment across peak shaving applications. Shutdown or postponement of commissioning of most of the electricity generation plants following the virus spread will further complement the market growth.
North America Market, By Power Rating
50-125 kVA rated gensets will experience increased adoption during the forecast period on account of heightened energy usage driven by implementation of work from home regime by several MNCs to curb COVID-19 spread. The inability of power grids to sustain an amplified demand load in line with recent occurrences of severe hurricane events, most notably the Hurricane Harvey & Hurricane Irma, has fueled the market demand. In addition, rising research and development activities focused on driving innovations across the gensets industry while offering more energy & fuel-efficient units.
North America Market, By Fuel
Diesel generator sets will gain an appreciable momentum through 2027 due to their ability to provide flexible and reliable engine performance. Introduction of hybrid fueled engines owing to rising environmental concern focused at reducing the overall carbon emission may pose serious challenge for the deployment of diesel gensets. However, ability to offer economical pricing and prolonged lifespan in conjunction with successful integration of emission effective solutions will strengthen the market size.
North America Market, By Country
The U.S. commercial genset market is poised to dominate the revenue share till 2027 impelled by robust construction of healthcare establishments with an aim to cater to the booming medical tourism. Increasing unreliability of power grid driven by unfavorable weather conditions and natural catastrophes comprising hurricanes and snowstorms has resulted in nation-wide electricity outage.
Competitive Industry Landscape
Key participants operating across genset market includes Cummins, Caterpillar, Mitsubishi Heavy Industries, Atlas Copco, Kohler, Generac, Briggs & Stratton, and HIMOINSA amongst others. Prominent industry players are practicing backward integration to achieve quality standards, economies of scale and in order to sustain their market size.