Power Generator For Military Market Is Projected To Register 3.5% CAGR | Future Market Insights Inc.

FMI’s report on the power generator for the military market highlights the specific needs of the defence and military sector. It identifies hidden growth opportunities for the market players, besides cautioning them against potential threats. At the end of 2021, global sales of power generators for military usage were estimated to be worth roughly US$ 1.06 billion. By 2030, the global power generator for military market is expected to grow at a 3.5 percent CAGR and reach a worth of US$ 1.44 billion.

Uninterrupted and reliable sources of power supply are vital for successful military operations. Power generators have applications across diverse segments within the military industry. Against this backdrop, Future Market Insights (FMI) foresees lucrative prospects for power generator producers within the military market.

Power generators are used for various tactical operations within military agencies. On account of changing landscape, the inclination toward compact and lightweight designs is higher. These generators are touted as advanced equipment that offers robust output at a low cost. Driven by the demand for improved fuel efficiency, sales of compact generators are expected to pick up in the coming years.

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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 defence sector will subsequently aid the expansion of the market.

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 environmental 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 the 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 for 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 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.

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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.

About Future Market Insights (FMI)

Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.

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