Supportive regulatory policies to increase investments and rise in significance of reliable power supply are expected to drive the demand for the global generator control panel market in the forecast period, 2023-2027.
According to TechSci Research report, “Generator Control Panel Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027”, the global generator control panel market is anticipated to grow at a robust rate in the forecast period, 2023-2027. A generator display panel is a display parameter that presents different details about the generator while the generator is running. The display panel acts as a user interface of the generator based on its functionality and operation. It allows the end user to look and check on things such as functions and system diagnostics. The market is driven by the growing energy requirements across the globe and the need for a continuous power supply.
The occurrence of natural calamities or machine errors results in power outages which makes the residential, commercial, and industrial sectors experience difficulty in performing daily tasks efficiently. Leading authorities are making efforts to diminish energy storage technologies to lower such problems. They are in constant search of technologies that can provide power backup in case of emergencies, and generators can prove beneficial in providing power supply.
Also, the growing power demand from the developed and developing countries is increasing the investments in the production of hydrocarbons. The rise in exploration and production of oil & gas and the massive demand for generators for power backup are expected to bolster the global generator control panel market growth in the coming years.
However, the rise in the adoption of renewable and energy storage technologies may restrain the global generator control panel market growth in the forecast period.
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The global generator control panel market is segmented into component, fuel, fitting, regional distribution, and competitive landscape.
Based on the component, the market is divided into control module, terminal rail, current transformer, and circuit breaker. The control module segment is expected to account for a significant market share in the forecast period, 2023-2027. The control module is the main component of the generator control panel. It is a kind of electronic programmable logic controller and takes electronic signals to predict what to do next. The control module is programmable and is modified for different outcomes for different applications.
Based on fuel, the market is divided into diesel and gas. The diesel segment is expected to hold the largest market share in the forecast period. Massive demand from various end-user industries such as healthcare, manufacturing, oil & gas, IT/telecom, and marine is driving the segment demand. Diesel generators are easy to install and use, which makes them more user-friendly than gas gensets. Diesel gensets have long operational life and are more easily available than natural gas. They are considered ideal for long-term operations and applications that require extended runtimes. Developed countries such as the United States, Japan, United Kingdom, Canada, France, Germany, and the Netherlands are rapidly adopting advanced technologies, which is expected to fuel the market demand in the coming years.
Major market players operating in global generator control panel market are:
- ABB limited
- Advanced Diesel Engineering Ltd.
- Siemens AG
- Delcot Engineering Private Limited
- Highvolt Power & Control Systems Pvt. Ltd.
- P. Associates
- Rajshree International Manufacturing Pvt. Ltd.
- General Power
- Shiv Power Corporation
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“The Asia-pacific region dominates the market and is expected to maintain its dominance over the next five years, 2023-2027. High demand for power products in China and India and the surging demand from the manufacturing industry owing to rapid industrialization and urbanization in developing countries are influencing the market demand. Favorable policy reforms and initiatives are taken by the government are expected to make the market attractive for the original equipment manufacturers. Also, the rise in the investments to develop the IT sector and construct data centers by the private and public market players is expected to bolster the demand for generators in the region. With the high sales of generators, the demand for the generator control panel is expected to witness robust growth over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Generator Control Panel Market - Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Component (Control Module, Terminal Rail, Current transformer, Circuit Breaker), By Fuel (Diesel, Gas), By Fitting (Standalone, Wall-Mounted, Shelf-Mounted), and By Region”, has evaluated the future growth potential of global generator control panel and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global generator control panel market.