The global 0.5-1.5 MW Generator Market was valued at US$ 6.4 billion in 2022 and it is anticipated to grow up to US$ 13.7 billion by 2032, at a CAGR of 7.8% during the forecast period.
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The 0.5-1.5 MW Generator Market encompasses the market segment that includes generators with power generating capacities ranging from 0.5 to 1.5 megawatts (MW). Generators in this category are classified as medium-sized power generation equipment and are employed in a variety of sectors. The 0.5-1.5 MW Generator Market includes a wide range of generators, such as diesel generators, natural gas generators, and other power production technologies. These generators can be fixed or transportable, depending on the needs of the application.
Market Drivers and Trends
Even the most basic generators now include a control panel that allows the user to monitor the generator’s health while running. Furthermore, intelligent elements are added to the control panel to offer information about the output, remaining fuel, and other aspects. Some smart generators also assist in monitoring performance and status via a mobile phone app. In addition, some generators provide phone notifications when anything needs to be checked. This allows operators to monitor the health of their generators even when they are not there. In addition, 0.5-1.5 MW generators are increasingly adopting technology like as IoT to make them smarter. For example, in March 2021, Trinetra announced a collaboration with Diesel Generator Manufacturer to digitally increase generator activities using IIoT. The generator’s centralized solution is supplemented by GPS, which can help manage or track remote assets 24 hours a day, seven days a week. In addition, an IIoT solution was deployed by the organization in order to streamline its process and decrease manual involvement. As a result of the increasing use of new technologies to improve the efficiency of generator operation and maintenance, the production of smart generators will expand, bolstering the expansion of the 0.5-1.5 MW Generator Market during the forecast period. These drivers are likely to propel market expansion.
Market Restraints and Challenges
Government regulations and diesel generators are the primary challenges to the market growth. As Diesel generators are utilized for a variety of purposes, however, they generate hazardous compounds such as nitrogen oxides, carbon monoxide, and particulate matter. Also, grid-connected micro grids have not scaled up due to an absence of scalable prototypes and performance indicators. Hence these aforementioned factors are likely to hinder the growth.
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Major Players in the Global 0.5-1.5 MW Generator Market
The key players studied in the global 0.5-1.5 MW Generator Market are Caterpillar Inc., Cummins Inc., Rolls-Royce plc , INNIO Jenbacher GmbH & Co OG , Mitsubishi Heavy Industries Ltd., Generac Power Systems Inc., Yanmar, Atlas Copco AB, ABB Ltd , and Siemens AG others.
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COVID-19 Impact
Because of the existence of several emerging nations such as China and India, Asia Pacific is one of the most important areas for future market growth. These nations have a significant presence of businesses such as IT & telecommunications and electricity & utilities, as well as a bright economic outlook and favorable government regulations, all of which create enormous potential prospects for the 0.5-1.5 MW Generator Market. However, the pandemic created significant interruptions in the growth of numerous Asia-Pacific industries. For example, according to National Statistical Office (NSO) data, manufacturing sector production fell by 20.6% in May 2020 compared to a 3.1% increase in May 2019 owing to travel restrictions, plant shutdowns, a lack of raw materials, and a labor shortage. These factors greatly lowered the sector’s power consumption, lowering the demand for generators. However, the region’s healthcare industry had a major spike in power consumption, leading to the use of generators to maintain a steady power supply throughout medical facilities, fueling the market’s expansion.
Global 0.5-1.5 MW Generator Market Segmentation
By Fuel Type
- Diesel
- Natural Gas
- Hydrogen
- Dual
By Industry
- Oil & Gas
- IT & Telecom
- Power & Utility
- Others
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