The Future Is Bright For the Stationary Generator Market
Power grid failures, brownouts, natural disasters, and many other factors are generating unprecedented demand for stationary generator systems and technicians with EGSA certification to service and operate them. The combination of global events and market forces coming together is fueling sustained and robust growth within the power generation industry. In the next five years, that growth within the industry will exceed 5.5% as demand for standby generator systems increases around the world.
Forecasting the Future
In the next five years, Technavio reports that the stationary generator market share is expected to see revenues increase by $7.2 billion. Roughly half of this growth will occur in the Asia-Pacific region, followed by North America, Europe, the Middle East, Africa, and South America. Companies that are expected to benefit the most from the growth in demand include:
- Aggreko PLC
- APR Energy
- Briggs and Stratton LLC
- Hyundai Heavy Industries
- Kirloskar Electric
- Mitsubishi Heavy Industries
- Quanta Services
Does the Report Align With Our Experience?
We are most certainly experiencing strong growth and demand for the installation of standby power generation systems. We are also responding to a significantly increased need for generator rentals and the maintenance and repair services provided by our EGSA certified technicians. In fact, the need for technicians who have completed the EGSA certification process has never been greater and we predict that the need will grow exponentially as more and more homeowners and businesses install permanent standby generator solutions.
That said, there are many variables we can’t currently predict. First, global supply chain problems continue to inhibit industry growth. These snags are also making it difficult to find certain components, which are causing delays in repairs and refurbishments. While manufacturers and shippers are working to resolve these problems, it may not be until 3rd or 4th quarter this year before supply chains are straightened out and flowing smoothly again.
The biggest problem we foresee will be the availability of EGSA certified technicians qualified to work on the latest, most-advanced power generation systems. If the number of qualified technicians doesn’t increase, then there will be considerable backlogs and delays for critical maintenance and repair tasks. Current estimates put the need at 85,000 technicians between now and 2028. We believe that is more than realistic, and may in fact be a low estimate based on projected growth within the power generation industry.
Are you thinking about investing in a standby generator for your business? Contact Gen-Tech Power Generation Specialists at (800) 625-8324 and we will be happy to help you determine the best system for your business!