Generator Control Panel Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027, Segmented By Power Type (Single Phase, and Three Phase), By Rated Power (15-40 kVA, 50-100 kVA, 130-160 kVA, Above 150 kVA), By Fuel (Diesel, Gas), By Fitting (Standalone, Wall-Mounted, Shelf-Mounted), and By Region

The global generator control panel market is anticipated to grow at a steady CAGR in the forecast period, 2023-2027. Factors such as the increasing demand for uninterrupted and stable power supply, rapid urbanization, and improved living standards are expected to drive the demand for the global generator control panel market. Rapid occurrence of cases of power outages and failures, which can adversely affect normal functioning, makes the concerned authorities take the step to improve and stabilize the power supply by having requirement of backup power devices. Especially the demand from developing economies like China and India and the increase in the revolution of data centers have boosted the installation of gensets on the premises. The growing need to install power backup devices and increase in investments by private and public players to ensure constant power supply is expected to boost the global generator control panel market growth in the coming years.

Rapid Urbanization and Booming Construction Industry Drives the Market Growth

Improvement in the economic condition of the developing countries is increasing the per capita income of consumers. People are shifting to cities to find new job opportunities and live comfortably in homes equipped with all basic amenities. The government of different countries focuses on fulfilling the requirements of consumers by investing in infrastructure development and constructing residential, industrial, and commercial buildings. Also, there is increased emphasis on the construction of energy-efficient buildings, which are expected to boost the demand for generators. They are required to ensure that the power is supplied to the construction site in a case where there is no power line established to buildings. Introduction of the plan by the leading authorities such as in India, the government is undertaking initiatives like ‘Housing for All’ and ‘Smart Cities Mission’ and allocated Rs. 13,750 crores (US$ 1.89 billion) to AMRUT and Smart Cities Mission are expected to fuel the demand for power back-up devices. In March 2021, the Parliament passed a bill to set up the National Bank for Financing Infrastructure and Development (NaBFID) to fund infrastructure projects in India. Therefore, the growing demand for generators for different purposes is expected to propel the growth of the global generator control panel market over the next five years.

Advancements in Technology Supports the Market Growth

There is a continuous search for new and innovative fuel sources to replace the conventional sources of energy. Several original equipment manufacturers are introducing hybrid generators that are basically internal combustion engines combined with a battery. Hybrid generators lower the running time of generators, fuel consumption, and noise and find wide applications in mining and urban area construction centers. Similarly, bi-fuel generators provide advantages over both gas and diesel generators. Many generator manufacturers are adopting bi-fuel technology to comply with the diesel emission standards and lower operational costs. Inverter technology is a novel technology that makes the use of advanced electronic circuits and high-tech magnets. They are majorly used to run current sensitive appliances. The continuous advancements in technology and innovations are expected to fuel the demand for generators which in turn is expected to accelerate the market growth in the next five years.

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Market Segmentation

In terms of country, the United States is expected to hold a significant market share over the forecast period, 2023-2027. A surge in investments by the public and private market players to support industrial development in the country and stringent government policies to ensure energy security drives the market growth in the country.

Market Players

ABB limited, Advanced Diesel Engineering Ltd., Siemens AG, WoodWard, Delcot Engineering Private Limited, Highvolt Power & Control Systems Pvt. Ltd., A. P. Associates, Rajshree International Manufacturing Pvt. Ltd., General Power, Shiv Power Corporation are the leading players operating in the global generator control panel market.