Used Industrial Generator Market Size and Forecast 2020 to 2028
The industrial diesel generator market is anticipated to continue growing in demand across the world. The need for uninterrupted power supply during times of weather hardships or power grid downtime is paramount for businesses to thrive in the global economy. Commercial business operations such as data centers, malls, hospitals, construction sites, and dairy farms are highly dependent on consistent power supply. If the event of any grid failure, an installed used industrial generator will ensure the power remains on and operations continue uninterrupted.
Used Industrial Generator Market Growth
There are growing power outage phenomenons occurring across the world due to lack of power generation
equipment being available along with grid maintenance activities not functioning at full capacity. These impacts are influencing commercial installers to use industrial generators as a backup power source. This helps fuel the demand for reliable power backup solutions for used industrial generators.
The market is experiencing a growing gap between reliable power generation and available power supply which results in power outages. These factors influence a forecasted increase in demand of industrial used generators over the next 8 years. Additionally, increased power cuts and voltage fluctuations adversely affects industry operations. This forces businesses to invest in industrial generators for reliable backup power to help reduce any operational down time during power outages.
The need for reliable backup power outside of the grid will further augment the demand for used industrial generators over the forecasted period. North America is forecasted to have the largest demand for industrial generators due to the ongoing increases in commercial establishments across diverse emerging markets such as cannabis farms. The Asia Pacific region is forecasted to be the fastest-growing global region in power creation due to rapid urbanization and industrialization of their economies.
The global generators market is expected to be valued at US $21.23 billion in 2019 and is projected to expand at a CAGR of 6.3% during the forecast period 2020 - 2028
Factors Driving Growth For The Used Generator Market:
2021 Winter Storm Uri overwhelmed ERCOT natural gas power plants and wind turbines, causing rolling blackouts across Texas (Houston, Dallas, Austin). This situation highlights the speed and spread that an electrical outage can have. The same can be true of hurricanes, tornadoes, heat waves, and floods.
Business owners need power solutions quickly:
the time to purchase a used generator should happen before an outage. Getting a backup generator placed, tied in by an electrician, and fueld with off highway diesel takes time.
Used generators in response to a storm:
ordering a new industrial generator from a manufacturer (e.g., Caterpillar, Cummins, Generac) generally comes with multi-week queues to wait for the generator to be produced. In-stock used industrial generators provide a short cut to waiting on a manufacturer to build a generator.
Owning a diesel generator secures power source:
installation of a used diesel generator allows a business to secure the source of power during a grid outage. This insulates the business against disruptions in both the electrical grid and natural gas supply.
Modern business practices need reliable power:
from on-site computer servers to refrigeration to sensitive manufacturing processes, 21st century businesses require stable electricity to operate effectively and efficiently.
Well maintained generators remain capable for 20-40 years:
because emergency backup generators rarely operate (outside of regular exercises and testing), their engines and generator ends retain much of their value and capability over time. When properly serviced and inspected by professional technicians, a diesel generator can remain capable for 20-40 years.
Portable Generator Market
With the emergence of natural fuel sources, it’s forecasted to provide opportunities for the portable
generator market to also grow. This market segment is projected to reach USD $2.9 billion by 2028 with a CAGR of 4% over 2020-2028. High growth economies for used portable generators include China, Indonesia, South Korea, and India. Diesel fuel type is expected to have the highest CAGR between 2020 - 2028. The economical price of gasoline powering used industrial portable generators will remain a major demand factor for the global generator industry.
The diesel fuel type allows the industrial generator to have a longer life while providing heavier kW outputs than alternative fuel sources. The industries that commonly use diesel portable generators include construction, gas/oil, and mining industries. The residential market segment for portable generators is expected to be the fastest-growing end-use market.
To discuss your next used industrial generator investment please contact the highly experienced team and Generator Source today!
Source - Research and Markets
| 2/16/2021 2:46:38 PM
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