Friday, 21 June 2024

0.5-1.5 MW Generator Market is expected to reach US$ 10,440.97 million by 2028

Published: Friday, 24 Mar 2023 by The Insight Partners Share on :

Rising Demand for Uninterrupted Power Supply is Driving the Growth of the 0.5-1.5 MW Generator Market during 2022–2028.

According to our latest market study on "0.5-1.5 MW Generator Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fuel Type and Industry," the market is expected to grow from US$ 6,176.78 million in 2022 to US$ 10,440.97 million by 2028; it is estimated to register a CAGR of 9.1% from 2022 to 2028.

In recent years, there has been a drastic increase in the demand for power. The lack of reliable power grid infrastructure, need for emergency power backup solutions, and requirement for a steady power supply have increased the demand for 0.5-1.5 MW generators in various industries. The need for an uninterrupted power supply has increased in the mining industry. Many heavy-duty equipment are used in mining operations, such as excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. Similarly, in oil & gas and petrochemical industries, highly reliable electrical power is needed to protect people, assets, the environment, and the continuity of sensitive operations. Also, various activities are carried out in the oil & gas fields, including drilling, pumping, and loading, which require an uninterrupted power supply for continuous operation and safety purposes. Moreover, on oil rigs, an uninterruptible power supply is mandatory to ensure that signal lighting is always operational. Thus, the rising demand for an uninterruptible power supply in oil & gas and petrochemical industries is fueling the growth of the 0.5-1.5 MW Generator Market.

0.5-1.5 MW Generator Market — by Geography, 2022

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Source: The Insight Partners Analysis

Furthermore, for the high volume production of different goods, there is a need for an uninterruptible power supply in the manufacturing industry. A slight power disruption at a manufacturing plant can lead to low-volume production and affect the product's quality. This has raised the demand for 0.5-1.5 MW generators at manufacturing plants. In addition, the data center boom is further boosting the demand for an uninterruptible power supply. The data center market is rapidly growing due to the digital revolution and the 5G rollout. The growing data center industry will increase the demand for uninterrupted power, fueling the growth of the 0.5-1.5 MW Generator Market.

The power & utility sector in Canada has played a significant role in the economic and political development of the country. Canada has a potential demand for 0.5-1.5 MW generators owing to the growing electricity demand. Also, Canadian organizations across industries, from manufacturing to oil & gas, witnessed dramatic increases in investment and rapid transformation. According to Canada Energy Regulator, Canada was the fourth-largest consumer of electricity on a per capita (per person) basis and the sixth-largest producer in 2020 owing to the increasing demand from manufacturing, pulp & paper, oil & gas, and metal and non-metallic mineral product manufacturing sectors, including aluminum. Such an increase in the demand for electricity from various Canadian industries further provides ample opportunities for the growth of the 0.5-1.5 MW Generator Market in Canada.

France has several data center markets offering a sufficient supply of facilities to support the growing IT infrastructural needs. There are 163 colocation data centers in 47 areas in France, and more than US$ 1.2 billion is invested each year in the French data center sector. France is witnessing substantial demand for 0.5-1.5 MW generators due to the growing data center markets, and organizations are increasingly encouraging themselves to meet such growing demand. For instance, in July 2022, Sterling Generators announced a strategic partnership with Moteurs Baudouin, a French power generation diesel and gas engine manufacturer. In August 2021, Kohler—a power system manufacturer—announced to make a multimillion-dollar investment over the next five years in its production site in France to meet the rapidly increasing demand for generators in the data center market. Kohler manufactures nearly 17,000 generators per year. With this investment, the company will increase the number of 0.5-1.5 MW generators it produces yearly. Thus, the data center market growth increases the adoption of 0.5-1.5 MW generators in France, fueling the growth of the 0.5-1.5 MW Generator Market.

The 0.5-1.5 MW Generator Market is segmented into fuel type and industry. Based on fuel type, the 0.5-1.5 MW Generator Market is segmented into diesel, natural gas, hydrogen, and dual. Based on industry, the 0.5-1.5 MW Generator Market is categorized into oil and gas, IT and telecom, power and utility, and others. 

Caterpillar Inc, Cummins Inc, Rolls-Royce plc, INNIO Jenbacher GmbH & Co OG, and Mitsubishi Heavy Industries Ltd are among the key players profiled during the study on the 0.5-1.5 MW Generator Market. Several other major market players were studied and analyzed during this market research study to get a holistic view of the 0.5-1.5 MW Generator Market and its ecosystem. The 0.5-1.5 MW Generator Market report provides detailed market insights, which helps the market players strategize their growth.

The US was the most affected country in North America due to the COVID-19 outbreak. The continuous growth of infected individuals led the government to impose a lockdown across the nation’s borders during Q2 of 2020. Most of the manufacturing plants were shut down, municipalities were functioning slowly compared to the past, and the industries were at a halt, which moderately impacted the market, owing to decreased demand for power. However, the demand for 0.5-1.5 MW generators significantly increased across the IT & telecom industry, data centers, and healthcare facilities, positively impacting the market growth. Since the US has many 0.5-1.5 MW generator manufacturers, the market showed a decline in 2020 owing to supply chain disruptions, thereby impacting the production volume across 0.5-1.5 MW generator manufacturing facilities. Thus, these factors had a moderate impact on the growth of the North America 0.5-1.5 MW Generator Market.

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