Electricity has emerged as an essential part of human life. Electricity supports various phenomenons such as lightning, electromagnetic induction and electrical current. Electricity generation is the process of generating electricity for the use in commercial and residential buildings. Generally, electricity is generated at electric power station through the use of electromechanical generators. There are various other methods which are used to create electricity. Methods such as static electricity (uses physical separation and transport of charge), electromagnetic induction (transformation of kinetic energy into electricity through the use of generator), electrochemistry (transformation of chemical energy into electric energy), photovoltaic effect (transformation of light into electricity), thermoelectric effect (conversion of temperature difference into electricity), piezoelectric effect (generation of electricity from electrically anisotropic molecules) and nuclear transformation (acceleration of charged particles creates electricity). Electric generator is a device which is used to generate electricity by converting mechanical energy (combination of potential energy and kinetic energy) to electrical energy for use in an electric circuit.
On the bases of function, the global electric generating set can be bifurcated into diesel electric generating sets (further division on the bases of capacity), wind powered electric generating set, spark ignition engines electric generating set and others. Diesel electric generating set has the largest market share, followed by wind powered and spark ignition electric generating set. Diesel electric generating set is expected to dominate the market in the forecasted period. Electric generating set is majorly applied in the commercial and residential construction sectors. Other major application includes water and wastewater treatment, telecommunication, railways and others. Construction sector is expected to dominate the market in the forecasted period.
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Europe has the largest market for electric generating set, followed by North America and Asia pacific. The U.K and the U.S. are the largest consumers of electric generating set to generate electricity owing to increasing demand from end-user industry. Europe is expected to dominate the market in the forecasted period; North America is expected to shoe average growth. However, Asia pacific is expected to witness highest growth in the coming years owing to emerging market of India and China. India is expected to shoe highest growth owing to industrial development and shortage of electricity.
Increasing demand from end-user industry such as construction and railway is driving the global electric generating set market. Additionally, increasing investments in the infrastructure development is further driving the global electric generating set market for the generation of electricity to fulfill the demand from these sectors. For infrastructure development, the U.K government’s public sector investment is expected to rise by USD 4.9 billion to about USD 77.7 billion in 2013-14 over 2012-13. It is further expected to increase to about USD 83.0 billion in 2014-15. In India government infrastructure investment allocation increased from USD 27.1 billion in 2013 to USD 29.5 billion in 2014. Also, rising urban population coupled with increasing disposable income may provide ample growth opportunity for the market players to increase their reach especially in the developing markets.
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Increasing demand of electricity and investment in the infrastructure sector has propelled the market players to spend more in the electric generating set market. Some of the major companies operating in the global electric generating set market are Kirloskar Electric Company Limited, TECO-Westinghouse Motor Company, Potencia Industrial, Baldor Electric Company (member of ABB Group), Electric Machinery Company Inc. (part of WEG group) and Atlas Copco.