FMI’s report on the power generator for the military market highlights the specific needs of the defense and military sector. It identifies hidden growth opportunities for the market players, besides cautioning them against potential threats.
The military energy generator market accounted for 15% of the overall generator market. Within army corporations, strength generators are used for a variety of tactical operations. Because of the changing landscape, there is a stronger trend toward compact and lightweight designs.
These mills are marketed as superior devices that provide reliable output at a low cost. The demand for advanced gas performance is expected to drive the growth of compact turbines in the coming years.
Uninterrupted and reliable sources of electricity delivery are crucial for a hit navy operations. Energy mills have applications throughout diverse segments within the navy industry. Against this backdrop, destiny marketplace Insights (FMI) foresees beneficial possibilities for electricity generator manufacturers inside the army marketplace.
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According to FMI, the demand for advanced and fuel-efficient generators will accelerate in the coming years. Increasing budget allocation towards strengthening the defense sector will subsequently aid the expansion of the market.
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 environmental 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 the dominant market for power generators
- While diesel will remain the preferred fuel type, tightening environmental laws will boost growth prospects for natural gases as potential sources of fuel
- Demand for 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 the recent past. The crisis was unprecedented, resultantly it crippled the manufacturing sector of some of the major economic powerhouses.
Manufacturing is expected to be among the worst-affected sectors when the global economy recovers from the shock. The incredible drop in investment and, as a result, revenue generated within the industry paints a bleak picture.
The power industry is no stranger to a crisis. It is beleaguered by underpayment delays and deficits. Government-owned distribution companies face particular difficulties. Lockdowns on a national scale have presented unique and devastating challenges. Several companies in the industry are threatened by the liquidity crisis.
Who is winning?
Leading companies operating in the power generator market have an impressive global presence backed by 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 8-years.
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