The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Commercial Standby Generator Sets Market.
It was estimated prior to this unanticipated outbreak Commercial Standby Generator Sets Market will reach CAGR of 6.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Commercial Standby Generator Sets Market Insights
Commercial standby generator sets market is likely to witness an impressive CAGR of 6.2% during the forecast period. The prime factor that is contributing to the demand for commercial standby generator sets is the growing need for uninterrupted power supply across the globe.
Market Share Analysis
Commercial Standby Generator Sets Market Share: By Power Rating Type
Based on the power rating type, the market is segmented as <75 kVA, 75-375 kVA, 375-750 kVA, and >750 kVA. The <75 kVA segment is expected to maintain its dominance over the forecast period, owing to the increasing dependency on digitization & information technologies among all businesses and industries.
Commercial Standby Generator Sets Market Share: By Application Type
Based on the application type, the market is segmented as telecom, healthcare, data centers, educational institutions, government centers, hospitality, retail sales, agriculture, and aquaculture. The telecom segment is estimated to remain the vanguard in the market over the forecast period, supported by technological development in telecommunication industry and rapid adoption in various businesses.
Commercial Standby Generator Sets Market Share: By Fuel Type
Based on the fuel type, the market is segmented as diesel, natural gas, and others. The diesel segment is likely to dominate the market during the forecast period, driven by robust distribution channel of diesel.
Commercial Standby Generator Sets Market Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest market for commercial standby generator sets during the forecast period. The growth of the region’s market is attributed to the rapid industrialization coupled with limited access to uninterrupted power supply. China and India are the growth engines of the region. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.