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The heightened demand for power back-up systems in the commercial and industrial sectors is projected to spearhead the market growth in the forecast period. This can be attributed to the rapidly growing demand for electricity in industries including automotive, healthcare, industrial, and manufacturing, among others.
The growing investments to enhance electric power systems across industries and industrial plants are projected to bolster the demand for efficient generators in the forecast period. For instance, in November 2021, Rolls-Royce Holding PLC (OTCMKTS: RYCEY) announced an investment of up to USD 13.9 million to expand its power systems business unit by adding a new research and development building and multi-phase expansion of its MTU power generation manufacturing unit in the United States. In another case, in September 2021, Enertime, a company specialising in clean energy generation, deployed the EX-rated high voltage ABB generator manufactured by ABB Ltd (OTCMKTS: ABLZF) for its new project focused on retaining the energy lost during the transmission and supply of natural gas.
In terms of region, the Asia Pacific is likely to attain a significant growth in the forecast period owing to the expansion of the automotive and other industries in the region. The rapid industrialisation and urbanisation in emerging economies like India and China are resulting in increased demand for power, which is anticipated to augment the market growth in the forecast period.
Market Breakup by Type, Power Generation, and Region:
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The major players in the global generators market are ABB Ltd, Siemens AG, Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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