A significant rise in global population along with substantial infrastructure developments and urbanization has proposed an exceptional demand for consistent and reliable electricity supply worldwide. This has urged people to adopt efficient power supply solutions such as generator sets for ensuring uninterrupted energy supply.
Besides, rising severity of weather-related power outage along with growing dependency on emergency power solutions for sustaining the day-to-day operations is driving their demand further. When speaking of gensets, gasoline generators are gaining massive traction owing to their efficiency and lesser environmental which is driving the industry growth considerably.
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According to a recent report by Global Market Insights, Inc., global gasoline gensets market is projected to witness annual installations of more than 6 million units by 2027.
An overview of some of the pivotal trends, that are augmenting the market growth is outlined as under:
Development of innovative products by major industry players
Considering the rising application of gasoline gensets, prominent manufacturers operating in gasoline gensets market such as Kirloskar Oil Engines, Atlas Copco, Cummins, Briggs & Stratton, Kohler, etc. are engaged in developing advanced products in order to serve the growing consumer demand effectively. For instance, in 2019, Cummins Inc. announced the launch of HSK78G, its natural gas generator series. According to the company, the series offers a whole package of gas generator capabilities as well as innovative gas technology especially for prime and peaking electricity applications.
Growing adoption of gasoline gensets rated 2 kVA - 3.5 kVA
Shifting consumer inclination towards installing compact units of smaller power ratings for efficiently catering to the electricity requirements has impelled the adoption for gasoline gensets with power rating of 2Kva-3.5 kVA to large extent. Reportedly, the industry is projected to witness annual installation of more than one million units by 2027 for these gensets.
They offer numerous benefits such as operational suitability, light weight and compact design which is accelerating their adoption. Rising dependency of businesses on digitization and information technologies, which has necessitated uninterrupted supply of power, is also expected to produce a demand spurt for 2Kva-3.5 kVA rated gensets.
Increasing installation across residential establishments
Elevating demand for electricity on account of growing population and urbanization is positively impacting the installation of gasoline gensets across the residential establishments. With the worldwide outbreak of COVID-19 several industrial and commercial operations have been halted which has increased the demand for power supply due to rising load from residential establishments as a result of the implementation of nationwide lockdowns.
Heightened demand in Nigeria
According to the report, Nigeria gasoline gensets market share is estimated to exceed USD 65 million by 2027.One of the major reasons for the mounting demand for power generation units in Nigeria is the inability of utility grids to meet the surging electricity demand in the country.
In addition, factors such as inadequate distribution & transmission networks, growing population and high electricity prices are favoring the adoption of these units further. Initiatives by government such as the introduction of Economic Recovery and Growth Plan (ERGP) which is aimed at attracting investments in the manufacturing sector, is also augmenting the business significantly.
Growing environmental concerns among people and stringent regulations regarding emissions is stimulating the application of gas-based gensets. This is encouraging the manufacturers to develop more efficient solutions to widen their portfolio and gain strong market presence.
For instance, in 2020, Caterpillar Inc. launched its natural gas-fueled generator Cat® G3412 with the U.S. EPA Stationary Emergency Certification. According to the company, this genset with 500 kW rating is designed to meet full suite of market requirements, such as quick loading and starting capability.
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