According to IMF, demand for advanced and fuel-efficient generators will accelerate in the coming years. Increased budget allocations for the strengthening of the defense sector will subsequently contribute to the expansion of the market.
The IMF’s report on the generator set for the military market highlights the specific needs of the defense and military sector. It identifies hidden growth opportunities for market players, in addition to warning them of potential threats.
Here are some of the key takeaways from the report:
- Market players are likely to see attractive growth opportunities as military agencies focus on building integrated power systems. This will invariably fuel the demand for generators
- Hybrid generators are likely to be an exceptionally lucrative product category. Ensuring the security of the environment is one of the priorities of military agencies. They are keen to invest in fuel efficient technologies which will also offer a significant reduction in costs.
- Supported by increasing military spending, North America is expected to become the dominant market for generator sets
- While diesel will remain the preferred fuel type, tighter environmental laws will boost the growth prospects for natural gas as a potential fuel source.
- Demand for generators will remain considerably high in field hospitals, field camps and accommodation
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The impact of COVID-19
The COVID-19 outbreak has sent shockwaves across the world. Experts even assume it is the worst crisis the world has seen in recent times. The crisis was unprecedented, as a result it crippled the manufacturing sector of some of the major economic powers.
As the global economy recovers from the shock, manufacturing is expected to be among the hardest hit sectors. The incredible collapse of investments, then revenues generated within the industry, paints a bloody picture.
The electricity sector is no stranger to the crisis either. It is under the weight of late payments and deficits. State-owned distribution companies are particularly hampered. Nationwide lockdowns have posed unique and devastating challenges. The liquidity crisis threatens several companies in the sector.
The leading companies operating in the generator set market have an impressive global presence supported by a strong distribution and sales network. Because the market is fairly consolidated, Tier 1 companies are expected to take the lion’s share.
Market players will primarily focus on expanding their global footprint and product portfolio. Given this, besides mergers and acquisitions, product launches will remain highly preferred strategic moves among competitors.
IMF profiles some of the leading companies operating in the global market. These included
- Cummins Inc.,
- Caterpillar Inc.,
- Rolls-Royce Holdings plc,
- Harrington Generators International,
- Teknel srl,
- GRUPEL SA,
- VÃVOJ Martin,
- HITZINGER GmbH,
- Fischer Panda GmbH,
- Ascot Industriel Srl,
- GREEN POWER SYSTEMS Srl,
- Kohler Co.,
- Kirloskar Oil Engines Ltd., and
- Ausonia Srl
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About the Industrial Automation Division of Future Market Insights
The Industrial Automation & Equipment division of FMI takes an innovative approach and an innovative perspective in analyzing the global machinery and industrial automation market. A range of market research reports from FMI provide comprehensive coverage of equipment, portable, processing, construction, industrial and special-purpose machinery used in the manufacturing sector. The team also performs distinctive analyzes on the installed base, consumables, replacement, and USP feature application matrix, making us a leading voice of authority in the industry. We are partners of choice for the established and budding industry