North America gasoline market growth through the coming years is set to be stimulated by the ample availability of fuel owing to the large-scale adoption of oil & gas exploration and C&D projects in the region. The industry expansion is driven by an increase in project funding by both national and international organizations including the World Bank and IMF.
Numerous gasoline gensets manufacturers are entering into collaborations for the expansion of their geographical footprint and for enhancing product penetration. For instance, in March 2020, Cummins, Inc., and the Liebherr Components Division entered into a cooperation in the area of power generation. As per the agreement, Liebherr will supply fully equipped gas engines for the new Cummins C25G gas generator series.
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Owing to similar advancements, the North America gasoline gensets market size is slated to register an annual installation of more than two million units through 2027.
The growth is impelled by prolonged power outages on account of the increasing severity of weather-associated disasters and the surging consumer reliance on power backup solutions. In addition, aging electric grid and the increasing end-user preference for emergency readiness are expected to provide considerable impetus to the demand for gas generators.
Furthermore, increasing investments in R&D initiatives for boosting product development, in terms of fuel, compactness, and aesthetics, is poised to boost business scenario through the forecast period.
Apart from these drivers, some key trends that are likely to influence North America gasoline gensets industry forecast are as follows:
Escalating electricity demand in Canada
The gasoline gensets market in Canada is projected to surpass a revenue of USD 150 million through 2027. The product demand is propelled by the incapability of utility grids to counterpoise the soaring demand for electricity and their inability to provide constant power supply to offshore areas.
Additionally, the increasing intensity of winter storms that result in damaged distribution and transmission networks and also lead to massive blackouts is estimated to bolster the demand for gas generator sets in the country.
Increasing power requirement across medical tourism
North America is witnessing a rising demand for power from the booming medical tourism sector and the availability of numerous COVID-19 vaccines and advanced healthcare equipment. These factors are touted to drive unit deployment across commercial establishments.
Furthermore, the soaring electricity demand from residential establishments on account of the implementation of nationwide curfews for curtailing the spread of coronavirus is set to augment industry share through the projected period.
Rising usage of 2 kVA – 3.5 kVA rated gensets
The 2 kVA – 3.5 kVA rated gensets segment in the North America gasoline gensets industry will surpass an annual installation of more than 600 thousand units through 2027. The expansion is propelled by the shifting consumer inclination towards the adoption of compact generator units with smaller power ratings for adequately catering to their requirements of power.
It is to be noted that the product adoption is majorly influenced by various factors including compact design, lightweight, and the suitability of operation. Further, the industry outlook is driven by the rising dependency of small businesses on gensets for the provision of uninterrupted and continuous power supply.
In a nutshell, the increasing demand for electricity owing to the thriving immigrant and student population will propel North America gasoline gensets market share through the analysis period.
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