Global Commercial Standby Generator Sets Market Size By Fuel Type, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Commercial Standby Generator Sets Market Size By Fuel Type, By Application, By Geographic Scope And Forecast
Commercial Standby Generator Sets Market Size And Forecast
Commercial Standby Generator Sets Market size was valued at USD 6.3 Billion in 2023 and is projected to reach USD 16 Billion by 2030, growing at a CAGR of 7.11% during the forecast period 2024-2030.
Global Commercial Standby Generator Sets Market Drivers
The market drivers for the Commercial Standby Generator Sets Market can be influenced by various factors. These may include
Dependability of the Power SourceCommercial standby generator sets are in high demand in order to assure continuous operations, particularly in important facilities like manufacturing plants, data centres, and hospitals, where there is a requirement for a dependable and uninterrupted power supply.
Growing Number of Power OutagesBusinesses are encouraged to purchase standby generators as backup power because of the increase in the frequency and length of power outages, which can be attributed to natural catastrophes, grid failures, or other causes.
An increasing reliance on electronic systemsBusinesses mainly rely on data infrastructure and electronic systems. In order to avoid data loss, equipment damage, and downtime during power outages, standby generators offer a backup power supply.
Commercial Infrastructure GrowthGrowing office complexes, shopping malls, and industrial facilities are examples of the commercial infrastructure that is contributing to the need for standby generator sets to protect corporate operations.
Tight Rules to Ensure Business ContinuityBusinesses must include standby generators in their disaster recovery and continuity plans due to regulations and standards that require resilience and business continuity planning.
Growing Usage of Digital TechnologyThe significance of a reliable power source is amplified by the digital revolution of enterprises and their dependence on cloud-based services. Digital operations run smoothly are supported by standby generators.
Growing Concern for Energy SecurityThe use of standby generator sets is being fueled by businesses’ growing awareness of the value of energy security and the possible financial losses linked to power outages.
Globalisation and the Resilience of Supply ChainsReliability of operations is a top need for businesses with worldwide operations and intricate supply chains. In order to maintain chain continuity and reduce interruptions, standby generators are useful.
Global Commercial Standby Generator Sets Market Restraints
Several factors can act as restraints or challenges for the Commercial Standby Generator Sets Market. These may include
Exorbitant starting costsFor certain firms, especially small and medium-sized ones, the initial financial outlay involved in the acquisition and installation of commercial standby generator sets might be substantial.
Costs of Continued MaintenanceFor standby generator sets, regular maintenance and servicing are necessary and add to the overall cost of ownership. The cost of continuous maintenance may be a barrier for some companies.
Fuel Cost and AvailabilityThe cost and accessibility of fuel, such as natural gas or diesel, might affect standby generator running costs. Difficulties could arise from fluctuations in gasoline costs and interruptions in the supply chain.
Compliance with regulations and the environmentThe usage of some standby generator sets may be restricted by rigorous environmental restrictions pertaining to emissions and noise levels. Installations may become more complicated and expensive to comply with these standards.
Low Fuel Economy for Lightweight LoadsWhen standby generators are used at lower loads than their rated capacity, their fuel efficiency may decrease. Businesses with different power requirements can find this inefficiency to be problematic.
Impact of Noise on the EnvironmentStandby generator noise can be an issue, particularly in locations with a high population density. It could be difficult to reduce the negative effects of generator operating on the environment and address noise pollution.
Obsolescence of TechnologyOlder standby generator models may become obsolete due to rapid improvements in generator technology, necessitating regular equipment updates from enterprises to remain competitive.
Restricted Installable SpaceInstalling standby generator sets in businesses with limited physical space may be difficult, particularly in urban settings or small-space structures.
Global Commercial Standby Generator Sets Market Segmentation Analysis
The Global Commercial Standby Generator Sets Market is Segmented on the basis of Fuel Type, Application, Geography.
By Fuel Type
DieselKnown for their dependability and fuel efficiency, diesel engines power standby generator sets.
Natural GasCharacteristicsGenerator sets powered by natural gas have lower emissions and a cleaner burn than diesel.
By Application
Commercial BuildingsDescribedStandby generator sets are utilised to guarantee continuous power for essential operations in commercial buildings, such as malls, offices, and retail establishments.
Healthcare FacilitiesDescribed as followsGenerator sets are placed in hospitals, clinics, and other healthcare facilities to ensure a constant supply of electricity for patient care and medical equipment.
By Geography
North AmericaDescribes the market segment encompassing the United States and Canada in North America.
Europe Describes The region of the European market that includes the UK, Germany, and other nations.
Asia-PacificDescribes the market sector that encompasses the region’s biggest economies, which include Australia, Japan, China, and India.
Key Players
The major keyplayers in the Commercial Standby Generator Sets Market are
Caterpillar Inc.
Cummins Inc.
Generac Power Systems, Inc.
Kohler Co.
MTU Onsite Energy (Rolls-Royce Power Systems AG)
Himoinsa S.L.
ABB Ltd.
Wärtsilä Corporation
Atlas Copco AB
FG Wilson
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2020-2030
BASE YEAR
2023
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2020-2022
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Caterpillar Inc., Cummins Inc., Generac Power Systems, Inc., Kohler Co., MTU Onsite Energy (Rolls-Royce Power Systems AG), Himoinsa S.L., ABB Ltd., Wärtsilä Corporation, Atlas Copco AB, FG Wilson, & Yanmar Holdings Co., Ltd.
SEGMENTS COVERED
By Fuel Type
By Application
By Geography
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