According to reports, by the year 2024, European generator sets market will cross a valuation of USD 5 billion. Enlisted below are some of the main factors likely to impact the industry size in the near future.
Increasing industrialization and the consequent rise in the establishment of large multinational corporations, factories, and offices have steered the demand for electricity in Europe. Additionally, the rise in disposable income among the people has favored residential construction across the region. All this and more has driven the need for uninterrupted, reliable, and economical power supply due to the inadequate grid infrastructure, supporting growth in Europe gensets market size over the years.
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These gensets carry the ability to provide backup for crucial operations in many essential sectors like healthcare, military, and aerospace. They provide electricity backup during power fluctuations or blackouts. An evident increase in digitization along with a considerable expansion in the data center infrastructure will complement the product demand in the coming times.
Europe has witnessed an increase in data center establishment, primarily in countries like France, Netherlands, Germany, and the UK. These are mainly deployed across IT firms, hospitals, financial firms, and various other commercial spaces. Some of the favorable features of the product encouraging its adoption include the ability to provide backup power during incidences of grid failure, offering support to vital operations during power fluctuations, and meeting power overdraw requirements.
High demand for AC generator sets
AC gensets have gained significant demand in Europe owing to the rising dependency of the people on electronic items. There is a growing awareness among the consumers towards the need for an economical, continuous, and reliable power supply. These units are mainly deployed across residential infrastructure due to their low cost of maintenance as well as their operational stability for smaller power ranges.
Robust demand in prime power application
In terms of application, the market is divided into prime and backup power. Europe prime power gensets market is projected to showcase immense growth due to the rise in construction activities with the growing establishment of offices, factories, and government infrastructure projects. Prime power generator sets are mainly installed even in remote locations such as mines, construction sites, oil and gas facilities, and military areas where the grid is unavailable.
Increasing presence of data centers in the UK
Geographically speaking, UK has particularly emerged as a key consumption belt owing to the widespread expansion in the IT sector and data centers accompanies by the establishment of strict data security guidelines by the government. In the year 2018, the UK government launched the Data Protection Act with the aim of ensuring an uninterrupted flow of information between the EU and the UK.
The Europe generator sets market is endowed with leading companies that are focusing on constantly advancing their offerings to address the growing electricity demands. These market players are also constantly upgrading their variants to meet the changing industry needs. Some of the prominent European genset companies include John Deere, Kohler, Caterpillar, Cummins, Atlas Copco, Generac, and Escorts, to name a few.
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To sum up, the growing economic development in Europe favored by the establishment of many factories, offices, and data centers in the region will add to the high demand for electricity. Additionally, heavy investments made by the government and private companies to advance the electricity backup mechanism will bolster Europe generator sets market size.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.2 Generator Sets Market definitions
1.3 Market estimation and forecast parameters
Chapter 3 Europe Generator Sets Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024 (USD Million)
3.3 Industry ecosystem analysis
3.4 Regulatory landscape
3.5 Innovation & sustainability
3.6 Qualitative analysis of the key components of a generator set
3.7 Price trend analysis
3.8 Industry impact forces
3.8.1 Generator Sets Market Growth drivers
3.8.1 Industry pitfalls & challenges
3.9 Growth potential analysis
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