Businesses across different industries are striving not only to reopen but also to grow. Business leaders are leveraging the rescue packages from the government to restructure themselves with digital conversions and agile organizational structures. They are taking swift actions to get ready for greater resilience and better productivity in a future where the usual business does not exist. The industry leaders are investing in future technologies to automate facilities and physical processes to comply with social distancing norms.
The industrial sector is transforming towards centralized and automated non-core tasks. The businesses are evaluating and re-aligning service capabilities and network models to adapt with the new normal. To overcome the impact of disrupted supply chain models, the businesses are creating transparent system with help of big data, connected ecosystem and intelligent system. Besides all the organizational level changes, the market players in industrial sector are increasing work safety precautions to fall in line with the social-distancing norms issued by the government.
Heavy Fuel Oil (HFO) Generators Market: Introduction
Heavy Fuel Oil is also known as residual fuel oil, which is a by-product in the refining process of crude oil. Heavy Fuel Oil contains residuals of distillation and subsequent cracking of crude oil, which make it available at lower costs. Heavy Fuel Oil has many layering and therefore, it should be used, maintained and stored in a high temperature. Heavy Fuel Oil generators cost less as compared to other generators, because of the availability and low cost of heavy fuel oil used in it. They are majorly used in marine engines, because of its small size. Other than marine engines, they are used in powered boilers and railroads.
Certain factors associated with the Heavy Fuel Oil generators that bolster the demand are, lower noise and fuel consumption, ability to bear heavy load and run continuously for longer time. In addition, they run uninterruptedly with sufficient availability and they are economic as they produce power by the use of exhausted hot gas. Heavy Fuel Oil generators are durable machines with longer service life, good overhaul period, compact and lightweight. These factors influence its uses in marine sectors.
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However, there are several risks associated with the use of Heavy Fuel Oil generators because of the high viscous property of the fuel oil, which requires high and special heating prior to its use. Also, it cannot be used in small ships, boats or any road vehicles, since it requires pre-heating. The equipment used for the preheating of generators utilize a significant storage space and add more weight to the equipment or vehicles.
Heavy Fuel Oil (HFO) Generators Industry: Market Dynamics
The main drivers for Heavy Fuel Oil generators market growth are the increased demand, reduced emission, enhanced environment-safety measures, lesser transportation cost and better supply management. Increased demand for innovative products, such as energy-efficient flexible solutions and high quality, cost effective & advanced technologies, can also be considered as the drivers for the industry.
Factors such as, emission of sulphur and its components, which affect the respiratory system and sensory functions, deposition of certain acids in lakes, which kill the aquatic animals and destroys pH of water act as the restraints for the Heavy Fuel Oil generators market. Along with the aforementioned factors, marine environmental regulations is one of the restraints, which states to reduce the sulphur content from marine fuel.
Increasing demand in niche markets, such as cruise, ferry and naval architects can be well-thought-out as the opportunities for the industry. Factors such as manufacture of generators with improved speed, efficiency and services are identified as the trends in the Heavy Fuel Oil generators market.
Heavy Fuel Oil (HFO) Generators Industry: Market Segmentation
- Heavy Fuel Oil generators market segmentation on the basis of end-user:
- Oil and Gas
- Shipping and Contracting
- Heavy Fuel Oil generators market segmentation on the basis of types:
- High-Speed power Generators
- Medium Speed power Generators
- Heavy Fuel Oil generators market segmentation on the basis of rated voltage:
Heavy Fuel Oil (HFO) Generators Market: Regional Outlook
Asia Pacific dominates the market for Heavy Fuel Oil generators by holding higher market shares, followed by North America. However, China and North America, together hold over half of the market share. Also, the Middle East and Africa hold significant market shares after Asia Pacific, followed by Western Europe.
Few countries in Western Europe and Eastern Europe are adopting off-grid power system, which increases the demand for Heavy Fuel Oil generators, thereby a substantial increment in the market shares of Heavy Fuel Oil generators can be expected. The sales of Heavy Fuel Oil generators are expected to grow significantly in regions such as Middle East & Africa and Asia Pacific.
Heavy Fuel Oil (HFO) Generators Market: Market Players
Examples of some of the market participants in the Heavy Fuel Oil generators market identified across the value chain are
- Avespeed New Energy Group Co.
- Yanmar Co.
- Taizhou Genour Power Machinery Co.
- Ningbo C.S.I. Power & Machinery Group Co.
- Nishishiba Electric Co.
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The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.