The growing demand of efficient and affordable modes of transport and other major driving factors is expected to favour the rise in the global standby generators market
Reports and Insights has published a new report titled, “Standby Generators Market: Opportunity Analysis and Future Assessment 2020-2028”
Global Standby Generators Market, By Power Capacity (Up to 50 kW, 50-150 kW, 151-250 kW, 251-350 kW, 351-450 kW, 451-750 kW, 751-1000 kW, Above 1000 kW), By Fuel (Diesel, Natural Gas, Gasoline), By Cooling System (Air Cooled, Liquid Cooled), By Distribution Channel (Online, Offline), By Application (Telecom, Healthcare, Data Centers, Educational Institutions, Government Centers, Hospitality, Agriculture, Others) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2020 and 2028.
The global standby generators market in 2020 is estimated for more than US$ xx Bn and expected to reach a value of US$ xx Bn by 2028 with a significant CAGR of xx%.
In this modern age, the electric power failures and blackouts are inescapable and rising in both duration as well as frequency. In point of fact, about 60 percent of all power outages are triggered by violent storms and natural calamities, having said that, around 34 percent are induced by equipment failure because of the global overloaded and obsoleting power grids and the entire electrical networks. Such circumstances promote the significance of standby generators, which basically provide power when the mains utility supply fails.
Standby generators are the enormous power-producing machines which act as the personal electric power reserve in the situation of blackouts. A standby generator automatically starts up within seconds of a power outage to power the area’s electrical circuits.
The inadequate and obsoleted electric infrastructure, particularly in developing regions, is primarily accelerating the demand of standby generators all across the world, ultimately expected to escalate the market growth in the near future.
Moreover, standby generators are believed to be a rugged solution that carry the potential to offer power for a number of days in the course of prolonged power failures, based on the composition and configuration of the generator and fuel type. Such beneficial attributes further contribute to its rising demand across the global markets. Attributing to which, the global standby generators market is projected to rise rapidly over the years.
In addition to that, the rapid industrialization all around the world as well as the rising incidences of business time-outs due to poor weather circumstances and lack of power backup solutions is further estimated to offer major breakthroughs to the growth of the global standby generators market in the coming years.