According to Greg Johnson, analyst for at business research firm IHS, many companies are reporting mid-single-digit growth and increasing order volumes while some manufacturers are even expecting double-digit growth rates in specific regions and product markets.
Johnson said that “one important factor expected to spur growth in the market is increased investment for infrastructure projects in regions such as the Middle East and Southeast Asia”.
He added that sales in the Middle East will be further boosted by reconstruction efforts in war-torn areas, while genset sales across Southeast Asia “will experience rapid growth”.
IHS said that EMEA was the largest regional market for gensets in 2013, comprising approximately 37 per cent of global market revenues, but “sales are forecast to grow more slowly than other regions as the eurozone is expected to continue to struggle to break out of the economic woes the region has experienced since 2009”.
Asia is forecast to be the fastest-growing region globally this year, with genset revenues expected to grow at a rate of 7.1 per cent, and India is predicted to have the fastest growth due to its power shortages.