Press Release Description

Generator Engine Market to Escalate with the Growing Electricity Demand & Increasing Infrastructure Development

The Global Generator Engine Market is projected to grow at a CAGR of 3.8% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The expansion of the market is propelled by various factors, including increasing occurrences of power outages and significant investments in the healthcare sectors. In recent years, global energy consumption has risen due to industrial advancements. The higher power consumption and low power supply have resulted in several power outages, particularly in developing nations.

Additionally, several nations experience fluctuating weather patterns and extreme climatic conditions. As a result, the individuals in these countries extensively use air conditioning systems. This heightened usage of HVAC consequently exacerbates the occurrence of large-scale power outages, disturbing the operations of industrial units. These power shortages are increasingly highlighting the necessity for backup power solutions within industrial units. As a result, industries that are facing power outages are increasingly buying generators, elevating market growth.

Furthermore, the aging population in various regions worldwide is increasing. According to the United Nations World Population Prospects 2022, there were around 771 million people aged 65+ years globally, accounting for almost 10% of the world’s population, growing at an increasing rate, and it’s expected to hit 16% in 2050. This particular age group is at higher risk of getting affected by viruses & infections. Therefore, there is an elevated need for healthcare services, particularly for geriatric care & the management of chronic diseases. Therefore, health administrations across the world are financing healthcare projects. These projects would drive the requirement for generator engines since the equipment used during the construction requires temporary power.

Also, infrastructure development projects in several developing countries are on the rise since these nations are keen on gaining a competitive edge over the developed nations. These projects would continue to fuel the demand for generator engines in the foreseeable future as these engines play a vital role in supplying power to construction sites, further states the research report, “Global Generator Engine Market Analysis, 2024.”

Global Generator Engine Market

Global Generator Engine Market Segmentation Analysis

Disel Engines to Dominate the Global Generator Engine Market

Based on the fuel type segment, the market is further bifurcated into, Diesel and Natural Gas. Off them, diesel remains the dominant choice in the market owing to its superior fuel efficiency, durability, and capability to deliver dependable power over prolonged durations. Diesel engines are favored for applications necessitating high power output and uninterrupted operation, thus securing a substantial market share in the Global Generator Engine Market.

Moreover, diesel engines generally exhibit superior energy efficiency compared to natural gas engines, particularly concerning power output per unit of fuel consumed. This characteristic renders diesel generator engines more appealing in scenarios, where fuel efficiency holds paramount importance.

Asia-Pacific to Hold Prominent Share of Global Generator Engine Market

Geographically, Asia-Pacific holds a substantial market share in the Global Generator Engine Market. The official governing authorities in the region are increasingly working on modernizing their public infrastructure to improve the quality of living of its inhabitants. The upgradation of the infrastructure is resulting in the construction of roads & highways, which is further facilitating the requirement for temporary power solutions to power the construction equipment. Additionally, the countries within this region are registering population growth owing to which there is a consistent rise in the need for accommodation facilities. Hence, the contractors & real-estate developers are constructing high-rise buildings & buildings. These growing construction activities would continue to uplift the demand for the generator engine, supporting market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including (ADE Power Ltd., General Power Limited, Inc., Cummins, Inc., Caterpillar Inc., Generac Power Systems, Inc., Deutz AG, Rolls-Royce Plc, Yanmar Holdings Co. Ltd., Perkins Engine Company Limited, Motorenfabrik Hatz GmbH & Co. KG, Briggs & Stratton, AB Volvo Penta, Marelli Motors, Mitsubishi Heavy Industries, Ltd, and Others) are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Global Generator Engine Market?
  3. What key factors would propel and impede the industry across the region?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across various regions?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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