Europe Generator Sets Market Analysis, Evolving Opportunities Studied For The Period Forecast 2022-2031
The Europe generator sets market is expected to grow at a CAGR of more than 1% over the period. Factors such as demand for uninterrupted and reliable power supply, backup requirements during power outages, and the longer timeframe required to set up the transmission and distribution infrastructure are expected to drive the generator sets market. However, the higher cost of electricity produced by the generator sets relative to the utility grid is expected to act as a restraint to the market.
– The industrial sector is estimated to be the largest segment of the market in the forecast period owing to the increasing demand for continuous and reliable power supply, reducing the risk of product failure and the rising size of the manufacturing segment.
– The rising popularity of hybrid generators and rising reliability of the hybrid system may be an opportunity for the industry due to its usage of various resources, driving down the cost, and reducing dependence on a single fuel.
– The United Kingdom is expected to be a significant market in the forecast period, with the majority of the demand coming from the industrial sector and rise in commercial office spaces and small-scale enterprises.
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Key Market Trends
Industrial Sector to Dominate the Market
– The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for a large share of energy consumption of any end-use industry.
– The industrial sector is estimated to account for the largest share of power generation in the diesel and gas generator market. Industrial operations are mainly dependent on electricity generated from generator sets during power outages (to avoid production risks) and in regions where grid access is limited.
– In the European Union, the industrial capacity, such as the manufacturing capacity, has increased significantly by 7.52 % to USD 2.43 Trillion in 2018 from USD 2.259 Trillion in 2017. An increase in the manufacturing sector is expected to increase the requirement of backup generators.
– Europe has been opting for gas as a substitute for coal and oil in the power generation sphere. The strengthening of the gas pipeline infrastructure and storage network across Europe is expected to increase the uptake of gas generators in prime power and backup power applications and dissuade the public and private enterprises from the usage of diesel as the primary backup fuel. Diversifying the fuel is expected to boost the Europe generator sets market.
– Consumption of electricity in the European region increased, by 0.034%, from approximately 2050.0 million tons of oil equivalent (mtoe), in 2017 to nearly 2050.7 mtoe, in 2018. An increase in the rate of consumption is expected to maintain in the forecast period, thereby driving growth in the market.
– Hence, the industrial segment is expected to dominate the Generator sets market in the forecast period due to its extensive usage of the product and the growing size of the sector.
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