The global power generator for the military market is expected to reach US$ 1,127.1 million in 2023 and grow at a 3.6% CAGR thereafter. Total military power generator sales are expected to increase at a stable CAGR between 2023 and 2033, totaling US$ 1,605.3 million by 2033.
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 applications 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.
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Power generators are used for various tactical operations within military agencies. On account of the 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.
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 and, 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. The liquidity crunch is threatening several companies within the industry.
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.
Key Players Profiled in the Market Include:
- Cummins Inc.
- Caterpillar Inc.
- Rolls-Royce Holding plc
- HIMOINSA
- Harrington Generators International
- Fischer Panda GmbH
- Ascot Industrial S.r.l.
- Kohler Co.
- Kirloskar Oil Engines Ltd.
- Ausonia S.r.l.
- Green Power Systems S.r.l.
- Kohler Co.
- Kirloskar Oil Engines Ltd.
- Ausonia S.r.l.
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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 Defense Systems
- Field Hospitals
- Field camps/Accommodation
- Lightings
- Military Vehicles
- Others
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- The Middle East & Africa
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI is the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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