Albany – NY, Sept. 20, 2016 (GLOBE NEWSWIRE) —
The rising gap in the demand and supply of electricity among commercial and industrial consumers is driving the increased installation of generators across the globe. The existing grid infrastructure is struggling with an increase in the power load and rise in power outages. Both industrial and commercial facilities face extensive monetary losses owing to power outages and this is significantly propelling the uptake of generators. According to a report published by Transparency Market Research (TMR), the global generator market is expected to rise from US$16.61 bn in 2015 to reach US$24.76 bn by 2024 expanding at a CAGR of 4.58% between 2015 and 2024.
TMR analysts address three important questions that companies operating in the generators market have:
What are the strategies that companies in the global generators market need to adopt in order to grow in the market?
With government and environmental bodies keeping an eye on carbon emissions, improvement in the efficiency in terms of fuel consumption should be the key strategy among key players in the generators market. Manufacturers should also focus on developing generators that make less noise, offer advanced facilities such as remote monitoring and wireless connectivity. Companies can focus on emerging economies by spreading their distribution channels to these areas. This will help them gain competitive edge above other players.
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Which market—diesel or natural gas—is expected to have a promising future?
Although the diesel generators market is currently leading owing to their wide presence or availability, the conventions are expected to change their course. In the long term, the natural gas generator market is expected to expand at a fast pace owing to a growing emphasis on minimizing harmful emissions. The natural gas generator market is expected to expand at a 7.94% CAGR from 2015 to 2024.
What are the recent developments by key players in the global generator market?
Briggs & Stratton Corporation has introduced PowerSmart Series™ Inverter Generators to enable soccer fans to experience an uninterrupted show in October. These generators have reduced noise levels and are expected to be efficient. Caterpillar Inc. announced on September 2016 that the company will restructure its operations in Northern Ireland. The consideration for restructuring is expected to reduce the cost of generator production and is a smart response by the company to the current economic and business conditions.
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Multiquip Inc. has opened a new 28,000 square foot production facility on August 2016 for its MQ Power Generators in Carson, U.S. This new facility is expected to enable the company to shorten its response time for customization and modification requests by consumers. It is also expected to help the company provide improved customer support for the Southern California region.
Such considerations and realignment by key players for the benefit of consumers are expected to help the market grow significantly in the coming years.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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