Power generators are used for various tactical operations within military agencies. On account of changing landscape, the inclination towards compact and lightweight designs is higher. These generators are touted as advanced equipment that offers robust output at low cost. Driven by the demand for improved fuel efficiency, sales of compact generators are expected to pick up in the coming years.
According to FMI, the demand for advanced and fuel-efficient generators will speed up in the coming years. Increasing budget allocation towards strengthening the defence sector will subsequently aid the expansion of the market.
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FMI’s report on the power generator for 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.
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 a 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 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.
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The power sector too 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. Liquidity crunch is threatening several companies within the industry.
Growing Demand for Distributed Power
Experts project that a grand transformation is underway. The wave of decentralizing energy, which has swept across the world, is revolutionizing the way power is generated and consumed.
Resultantly, some key government organizations, including military agencies, are swaying away from centralized energy systems to integrated power solutions such as microgrids.
The military sector is keen on suitable provision for secure energy to cater to their growing needs in a way that will also help them mitigate adverse effects on environment. A failure in meeting this requirement will pose immense threat to functioning of various defense operations.
Installing power generators is therefore a favored method for improving environmental, economy, and energy-security performance within the sector.
Diverse Military Applications Favoring Growth
The demand for distributed energy is surging in the military sector. Its application in tactical military communication, fields, camps, and bases, field hospitals, and command systems is surging at a steady pace – a trend which is unlikely to slow down in the coming years. Power generators are therefore considered extremely crucial for hindrance-free operation within the sector.
Also with rising troops deployment overseas, coupled with the need for various modern warfare equipment, will make power generators indispensable for the industry.
Governments across prominent countries have taken a note of this. Resultantly, their military expenditure has increased considerably. Strengthening their defense systems is their foremost priority and to achieve this they are likely to invest in robust power military power generation equipment in the coming years.
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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.
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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