Mexico Power Generation Equipment Market

Mexico Power Generation Equipment Market Overview

Mexico power generation equipment market is projected to grow at fastest CAGR over the next seven years due to the rapid urbanization and industrialization. The growing need for better power generation solutions to boost economic expansion. As per the international energy agency, the population is expected to reach more than 150 million by 2050.

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Major Mexico Power Generation Equipment Market Drivers

Mexico power generation machinery market is driven by the growing demand for reliable power supply with the increasing population size in country. Increasing awareness regarding the clean energy source and to reduce carbon emissions is boosting the renewable energy equipment market in Mexico. Furthermore, growing focus on energy efficiency and reduction of carbon footprint is paving way for the clean energy solutions market. The demand for power is rapidly expanding due to the high demand for sustainable energy solutions across industries.

The need for continuous development and improvement of power generation is further strengthened the power plant equipment market in Mexico. In addition, increasing demand for electricity due to the population growth and urbanization are other factors driving the market growth. Growing demand for renewable energy source such as solar and wind power due to the climatic changes and depletion of fossil fuels. For example, Mexico national power system stated that 31.2% of power generated from clean energy sources and 68.8% were generated from fossil fuels. Technological advancement in smart grid technology and energy storage solutions is further propelling the adoption of energy storage systems in Mexico.

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Mexican government introduced various initiatives to promote clean energy sources to reduce the environmental concerns across the country. The government introduced national power system development program. Under this program, the country planned to set clean energy targets by 25.5% for solar and 12.8% for wind by 2036. In 2022, as per the national power system development program the total electricity consumption was 333,662 GWh and further projected that consumption of electricity will increase by 2.5% every year during 2023 and 2037.

Mexico Portable generators market is driven by the increasing use of these generators for different purposes such and emergency power backup, outdoor activities and for construction sites. Portable generators are used for temporary solutions by consumers and businesses. In addition, technological advancement in portable generators is expected to create more opportunities in the market. Standby generators are used to provide power backup during blackout across residential and commercial areas.

Power generation machinery are used for commercial purposes such as retail stores, offices and hospitals for uninterrupted power supply. In addition, increasing demand for solar power systems for various commercial settings is expected to boost the market growth in near future.

Segments covered in the Report:

The Mexico Power Generation Equipment Market has been segmented on the basis of Product and Application. Based on the Product, the market is segmented into Portable Generators, Standby Generators, Mobile Generators, Others. Based on the Application, the market is segmented into Residential, Industrial, Commercial, Others.

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Market Segmentation

Mexico Power Generation Equipment Market by Product

• • Portable Generators
  • Standby Generators
  • Mobile Generators
  • Others

Mexico Power Generation Equipment Market by Application

• • Residential
  • Industrial
  • Commercial
  • Others