FMI’s report on the power generator for 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 market for military power generators is anticipated to reach US$ 1.13 billion in 2023 and grow at a 3.54% CAGR thereafter. Sales of all military power generators are anticipated to increase steadily between 2023 and 2033, reaching a value of US$ 1.61 billion by that year.
Uninterrupted and reliable sources of power supply are vital for successful military operations. Power generators have application across diverse segments within the military industry. Against this backdrop, Future Market Insights (FMI) foresees lucrative prospects for power generator producers within the military market.
Power generators are used for various tactical operations within military agencies. On account of changing landscape, the inclination towards compact and lightweight designs is higher. These generators are touted as advanced equipment that offer robust output at low cost. Driven by the demand for improved fuel efficiency, sales of compact generators are expected to pick up in the coming years.
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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 environment 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 dominant market for power generators
- While diesel will remain preferred fuel type, tightening environmental laws will boost growth prospects for natural gases as potential sources of fuel
- Demand 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 recent past. The crisis was unprecedented, resultantly it crippled the manufacturing sector of some of the major economic powerhouses.
By the time the global economy recovers from the jolt, manufacturing is expected to be among the worst-hit sectors. The incredible slump in investment, subsequently revenue generated within the industry paints a gory picture.
The power sector too is no stranger to the crisis. It is reeling under payment delays and deficits. Government owned distribution companies are particularly hampered. Nationwide lockdowns have posed unique and devastating challenges. Liquidity crunch is threatening several companies within the industry.
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Power Generator for Military Industry Segmentation
By Capacity:
- Up to 60 KW
- 61 to 250 KW
- 251 to 500 KW
- 501 to 1000 KW
- Above 1000 KW
By Output:
- Alternative Current (AC)
- Direct Current (DC)
By Fuel:
- Diesel
- Gas
- Propane
- Natural Gas
By Installation:
- Stationary
- Mobile and Portable
By Application:
- Communication Systems
- Air Defence Systems
- Field Hospitals
- Field camps/Accommodation
- Lightings
- Military Vehicles
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
Who is winning?
Leading companies operating in the power generator market have an impressive global presence backed 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.
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About Future Market Insights (FMI)
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 10-years.
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