For successful military operations, uninterrupted and reliable power sources are essential. Within the military industry, power generators are used in a variety of ways. In light of this, Future Industry Insights (FMI) expects attractive opportunities for power generator manufacturers in the military market. The military power generator market accounted for 15% of the entire generator industry.
Within military agencies, power generators are employed for a variety of tactical tasks. Because of the shifting landscape, there is a greater desire for compact and lightweight designs. These generators are marketed as cutting-edge technology that provides reliable output at a reasonable cost. Compact generator sales are likely to increase in the coming years, owing to increased demand for enhanced fuel efficiency.
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According to FMI, the demand for advanced and fuel-efficient generators will accelerate in the coming years. Increasing budget allocation towards strengthening the defense sector will subsequently aid the expansion of the market.
FMI’s report on the power generator for military market highlights the specific needs of the defense and military sector. It identifies hidden growth opportunities for the market players, besides cautioning them against potential threats.
Some of the key takeaways from the report are:
- Market players are likely to witness attractive growth opportunities as military agencies focus on establishing integrated power systems. This will invariably fuel the demand for generators
- Hybrid generators are likely to comprise an exceptionally lucrative product category. Ensuring environment safety is high on the agenda of military agencies. They are keen on investing in fuel-efficient technologies that will also offer significant cost reduction
- Backed by increasing military spending, North America is forecast to emerge as dominant market for power generators
- While diesel will remain preferred fuel type, tightening environmental laws will boost growth prospects for natural gases as potential sources of fuel
- Demand power generators will remain significantly high in field hospitals and field camps and accommodations
The COVID-19 Impact
The COVID-19 outbreak has sent shockwaves across the globe. Experts even presume it to be the worst crisis the world has witnessed in the recent past. The crisis was unprecedented, resultantly it crippled the manufacturing sector of some of the major economic powerhouses.
By the time the global economy recovers from the jolt, manufacturing is expected to be among the worst-hit sectors. The incredible slump in investment, subsequently revenue generated within the industry paints a gory picture.
The power sector to is no stranger to the crisis. It is reeling under payment delays and deficits. Government-owned distribution companies are particularly hampered. Nationwide lockdowns have posed unique and devastating challenges. The liquidity crunch is threatening several companies within the industry.
Who is winning?
Leading companies operating in the power generator market have an impressive global presence backed a strong distribution and sales network. Because the market is fairly consolidated, Tier 1 companies are expected to account for the lion’s share.
Market players will primarily focus on expanding their global footprint and product portfolio. Considering this, besides mergers and acquisitions, product launches will remain highly preferred strategic moves among competitors.
FMI profiles some of the leading companies operating in the global market. These include Cummins Inc., Caterpillar Inc., Rolls-Royce Holdings plc, HIMOINSA, Harrington Generators International, Teknel srl, GRUPEL S.A., VÝVOJ Martin, HITZINGER GmbH, Fischer Panda GmbH, Ascot Industrial S.r.l., GREEN POWER SYSTEMS S.r.l., Kohler Co., Kirloskar Oil Engines Ltd., and Ausonia S.r.l.
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About Us
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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