Industrial Diesel Genset Market was estimated at USD 3.97 billion in 2014 and is expected to witness growth over the forecast period on account of rising power failure issues during production resulting in heavy losses. Diesel gensets offer a cost and fuel efficient alternative during the time of power outages. Establishment of new production facilities, particularly in Asia Pacific and MEA is expected to result in fueling market growth.
In terms of revenue, low powered gensets dominated the market in 2014 and this trend is expected to continue over the next seven years. Growing power shortage in India, China, and Singapore is expected to propel growth. In addition, rising occurrences of natural calamities such as earthquakes and floods is likely to propel demand for gensets during electricity outages from grid sources.
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Further key findings from the report suggest:
The World Nuclear Association has projected that the electricity requirement is expected to double than the current consumption by 2035. According to the U.S. Department of Energy, solar energy will be the most abundant energy source available which may give rise to solar powered gensets. This is expected to pose challenge for industry expansion over the forecast period.
High power Diesel Genset Market is projected to register CAGR of 7.4% during the forecast period. Growth of the IT, hospitality and retail sectors on a global scale is expected to accelerate demand for diesel gensets.
Asia Pacific accounted for over 35% of the global market in 2014 and is expected to witness immense growth in light of expansion of the manufacturing and telecom sectors in China and India. In addition, the “Make In India” policy is also expected to stimulate market size significantly
Middle East & Africa Diesel Genset Market is expected to witness substantial growth over the forecast period and is estimated to be valued at USD 2.80 billion by 2022. Rapid technological development coupled with growing purchase power parity in Saudi Arabia and UAE is expected to enhance the market in the coming years.
Key industry players include Kirloskar Electric Co. Ltd., Caterpillar Inc., Cummins Inc., F.G.Wilson Inc. and Himoinsa S.L. Various companies are involved in continuous R&D activities and ongoing product development to enhance their diesel gensets product portfolio. For instance, in April 2015, Himoinsa entered into a partnership with Yanmar. According to this agreement, Yanmar is holding 70% of the shared capital of Himoinsa. This agreement will further strengthen the position of Yanmar in the global Diesel Genset Market.
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North America accounted for more than 40% of the overall share in 2014, and is also estimated to exhibit highest growth over the next few years owing to early technology adoption ensuring faster penetration.
Asia Pacific smart headphones market is anticipated to exhibit substantial growth over the foreseeable future in light of rising consumer disposable income of customers in India, Japan Taiwan and Korea. Consumers in the region have high preference for technologically advanced products and with the aforementioned factors, smart earphones demand is expected to witness growth over the next seven years.
Key market participants include Bragi, Intel, LG, Sennheiser, Huawei, Chipsip, Sony, Samsung, Valencell and Cosinuss. Industry participants strive to develop light weight products with advanced audio solutions and high noise cancellation features that offer better listening experience along with better connectivity. Vendors also emphasize on enhancing distribution channels through multiple partnership and long-term contracts to ensure stable supply of headphones.
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