Attention students! Class is in session! Grab a chair because it’s time to learn! Welcome to Monitor Business School 101.
In this class, you will learn the fundamentals of Generator Monitoring, How to Implement It and most importantly, How to Make Money using Monitoring. Over the next several months, we will cover these topics in greater detail so you can improve and grow your service business!
Lesson 2: The State of the Industry
In 2021, Power Systems Research performed a study of the current population of generators in the US market, industry production and projected growth of the generator landscape over the next few years. This study showcases a couple key points. One, the generator industry is growing and the need for back-up power systems is on a steady incline. And two, higher growth means a higher need for maintenance.
In 2021, we show over 55% of the entire US generator population is made up of stationary generators which often require professional servicing and maintenance. In addition to 3.4 million stationary units out there, manufacturers are ramping up production and supplying over 260,000+ more units in the market. The serviceable generator market is staying strong and will for years to come. But as a service business, how can you effectively manage adding more serviceable customers without overloading your technician staff? The answer is generator monitoring. By adding monitoring to your service business, you can “touch” more generators and reach more clients than you have before. Monitoring allows you to keep track of the status of each generator in real time and make quick, pro-active service calls when needed.
It’s no secret that there is a technician shortage in the generator industry. With more techs aging out or finding work elsewhere, the need for reliable technicians is greater now than it ever has been. But is there a way to grow your service business with a decreasing technician population? A traditional mindset would say no. But the reality is you can! By utilizing generator monitoring on all of your serviceable generators, you can prioritize technicians to jobs that require service and spend less time performing minor service inspections. The addition of generator monitoring will increase your customer base, allow you to spend less time on jobs that don’t make money and instead provide you a more streamlined approach to making more money!
For our next lesson, we will cover how you can make more money using monitoring and pro-active service calls versus minor PM’s. Stay tuned!