North America Gasoline Genset Market Outlook, Industry Analysis & Forecast 2024
Date: 2019-01-29   Author: Rahul Sankrityayan  Category: #market

North America Gasoline Genset Market Outlook, Industry Analysis & Forecast 2024

Owing to increased commercial activity and rapidly developing residential communities, the North America gasoline genset market can be expected to witness significant gains as more consumers will look to counter extended power outages. Evidently, most of these power cuts happen due to natural and weather-induced disasters such as tornados, hurricane, cyclones and the ensuing floods. Earthquake prone areas across the continent can often face infrastructure damage and impairment of transmission lines, becoming a consistent customer-base for the North America gasoline genset industry. Such external factors make it difficult to supply continuous power in remote of heavily affected disaster zones, propagating the importance of supplementary power generation.

Diesel generators have been the conventional go-to solution for power backup at homes, for supporting the use of floodlights in stadiums, running operations at a farm and extensively at construction sites. Extremely lucrative commercial sectors like mining and oil exploration have also been ideal growth avenues for the North America gasoline genset market, where any unplanned interruption in electricity supply can cause losses up to thousands of dollars a day. U.S. and Canada have been at the forefront of technology development, which has supported their ambitious mining and drilling activities. Ceaseless energy supply to power equipment used in these sectors will further boost the North America gasoline genset industry expansion.

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Altogether, there are almost 28 million small business in the U.S. along with nearly 18,500 large companies. Canada also houses over 1.14 million SMEs, as well as more than 247,000 health Care and social assistance establishments that may need power backup at one time or another. Even if all enterprises do not face frequent power outages, the aforementioned figures represent the enormous opportunities for the North America gasoline genset market since a significant amount of them will need the assistance of generators due to unforeseen circumstances.

Overview of North America gasoline genset market with regards to the commercial end-user segment:

Commercial Enterprises

North America is home to millions of small and medium sized businesses encompassing every industry vertical, ranging from grocery and retail outlets to auto dealerships, banks, farms, theme parks and hospitals. Coastal regions on the continent suffer yearly cycle of storms and hurricanes, which sometimes can reach massive scales and result in tremendous loss of property and lives. Businesses in these areas have to be prepared and purchasing generators that have capacity suitable to their power requirements is one of the first investments they make. A large number of farms and food & beverage production facilities can be hit by storms, requiring backup generators to avoid any stoppages.

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Speaking further on the potential of the North America gasoline genset industry, one of the biggest U.S. states, Texas, witnesses on an average about 132 tornadoes every year with some cities in the state bearing the brunt of the strikes. Add to that the hurricanes it faces from its coast, threatening to disrupt innumerable businesses in Houston and nearby cities. For instance, in 2017 Hurricane Harvey had caused up to US$125 billion worth of damages, primarily in Southeast Texas. Escalating the prospects for the North America gasoline genset market, the eastern coast experiences 1 to 2 hurricanes every year, affecting thousands businesses in U.S. and Canada.

Mining and Oil & Gas Industries

In 2016, Canada’s mining industry had accounted for over US$42.81 billion of the country’s GDP and is displaying a steady growth rate, while the U.S., had accrued more than US$75.2 billion in revenues from the mining segment. Comprising both surface and underground mining activities, powering equipment like drills, lifts, conveyors and accommodations is a key application segment for the North America gasoline genset industry. The region is also going through an accelerated exploration phase, where companies are looking to mine new reserves of copper and other essential metals.

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Apart from mining, the oil and gas segment been a critical commercial end-use of generators, as supplying electricity to offshore operations and remotely located independent oil refineries is not always easy. Citing data to highlight the significance of the O&G sector, Canada holds the third-largest oil reserves in the world. The U.S. had produced nearly 571 million metric tons of oil along with 734.5 billion cubic meters of natural gas in 2017, and has just recently found the biggest continuous oil and gas field in the world, demonstrating the colossal scale of energy exploration in the continent.

Effectively, with increasing commercial operations in the energy sector as well as the constantly looming threats to businesses and residences from weather-related calamities, the North America gasoline genset market revenues are expected to cross US$1.5 billion by 2024. Atlas Copco, Briggs & Stratton, Caterpillar, Cummins, Generac, Honda Motor, Honeywell and Kohler Power are prominent players constituting the North America gasoline genset industry’s competitive hierarchy.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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