Generator Sales Market Worth $28.6 Billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, March 11, 2022 /PRNewswire/ -- According to the new market research report "Generator Sales Market by Fuel Type (Diesel, Gas), Power Rating (Up to 50 kW, 51–280 kW, 281-500 kW, 501-2000 kW, 2001-3500 kW, Above 3500 kW), Application (Standby, Continuous), End User, Design, Sales Channel, Region - Global Forecast to 2027", published by MarketsandMarkets™, the Generator Sales Market is expected to grow from an estimated USD 21.6 billion in 2022 to USD 28.6 billion in 2027, at a CAGR of 5.8% during the forecast period. Generators are machines that convert mechanical energy into electrical energy. They play a major role in bridging the gap between power demand and supply. Internal combustion engines produce mechanical energy, which can be converted into electrical energy through generators. The generators considered in this study are compact packages that consist of an internal combustion engine, alternators, and other accessories, such as transfer switches, integrated power systems, paralleling systems, and remote monitoring systems. The rapid expansion of the industrial sector along with Surging demand for uninterrupted & reliable power supply to drive demand for backup power generation is expected to drive the demand for global Generator Sales.
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The Diesel generator segment, by fuel type, is expected to be the most significant Generator Sales Market during the forecast period
The diesel segment has the largest share of the global Generator Sales Market owing to the increasing urbanization and industrialization in the developing economies. Incidents such as the power shortages in Japan and China and the large-scale outages in Pakistan and Chinese Taipei in the first half of 2021 have created the need for backup power in the Asia Pacific region. China and India were both subject to electricity supply shortages in September and October of 2021, which mainly affected industrial consumers.
The 51-280 kW segment, by power rating, is expected to be the largest Generator Sales Market during the forecast period
The 51-280 kW segment is expected to have the largest market share during the forecast period. 51–280 kW capacity generators are mostly used in construction, telecom, mining, and small oil & gas projects for prime or continuous power solutions. The infrastructure/construction sector is highly responsible for propelling the overall demand for generators with this power rating. The increasing need for power in construction activities and continuous investments by governments worldwide on infrastructure projects are expected to promote the growth of the 51–280 kW Generator Sales Market during the forecast period.
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281 – Tables
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The industrial segment, by end user, is expected to be the largest Generator Sales Market during the forecast period
The industrial segment is expected to have the largest market share during the forecast period. Industrial generators ensure that there is a continuous supply of power in the event of power failure from the grid system and guarantee efficient performance of equipment. Diesel generators are widely used in mining operations worldwide, providing over 70% of all the power needed in mining operations by heavy-duty equipment. In this study, the industrial end users are segmented into utilities/power generation, oil & gas, chemicals & petrochemicals, mining & metals, manufacturing, marine, construction, and other industries. Other industries include agriculture, transportation, and aerospace & defense industries. The generator market is driven by the rapidly expanding global population and the urbanization of cities throughout the world.
Asia Pacific is expected to dominate the global Generator Sales Market during the forecast period
In this report, the Generator Sales Market has been analyzed for 5 regions, namely Asia Pacific, North America, Europe, Middle East & Africa, South America. Asia Pacific is expected to lead the market during the forecast period.
The poor transmission & distribution network in the developing nations of the region, along with the boom in the manufacturing sector are creating a demand for power in the region, consequently resulting in a demand for generators. The industrial sector in China contributes more than 50% of its GDP, and the growth of this sector has tremendously increased power production and consumption in the country. These factors have made China one of the most lucrative markets for the power industry. The increasing middle-class population and growing per capita income are creating growth opportunities for the healthcare sector, while the growing population and rising per capita income are the key drivers behind the growing demand for energy in the Asia Pacific region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Generator Sales Market. These include Cummins (US), Caterpillar (US), Rolls Royce (UK), Generac (US), Mitsubishi Heavy Industries, Ltd. (Japan), and Yanmar (Japan). The leading players are trying to establish themselves in the markets of developed countries and are adopting various strategies to increase their respective market shares.
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