Generator Sales Market Size Analysis
According to a recent survey conducted by ChemView Consulting, the Global Generator Sales Market grew at a CAGR of 4.7% between 2017-2021 and is estimated to be US$ 23,546.1Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 5.3% and is expected to reach a valuation of US$ 39,464.1Mn by 2032 end.
The rise in demand for consistent and dependable power from a variety of end-users, including those in the residential, IT/telecom, healthcare, utility and power generation, marine, chemical, oil & gas, mining, and construction sectors, can be attributed to the growth of the generator sales market. The continuously increasing manufacturing sector fuels the demand for generators and power generation equipment.
RAPIDLY EXPANDING MANUFACTURING SECTOR FUELING DEMAND FOR GENERATORS AND POWER GENERATION SYSTEMS
The manufacturing industry has been crucial to expanding the economy of various Asia Pacific nations. The demand for goods and services is rising due to growing urbanization, fueling the manufacturing industry’s expansion.
Additionally, to establish themselves as hubs for global manufacturing, the governments of some Asian nations have inked extra-regional trade agreements. The Regional Comprehensive Economic Partnership (RCEP), if executed properly, would be a step toward a larger Free Trade Area in the Asia Pacific, according to the ASEAN Economic Community (AEC) (FTAAP).
It can work as a good intergovernmental platform for free trade, foster the expansion of numerous industries, and support the growth of the region’s manufacturing sector. The development of the manufacturing industry has driven the demand for power generation systems and generators in the area.
GROWING ADOPTION OF RENEWABLE ENERGY SOURCES AND ENERGY STORAGE TECHNOLOGIES
Over the past several years, the energy storage business has experienced exponential growth. To speed up investments in battery storage for electric power networks in low- and middle-income countries, the World Bank Group (WBG) pledged to contribute USD 1 billion to a program in 2018. Additionally, the World Bank granted a loan of USD 300 million for the China Renewable Energy and Battery Storage Promotion Project, which will be used to scale up the deployment of battery storage systems to boost the integration and exploitation of renewable energy.
This project aimed to lower carbon emissions by increasing the use of wind and solar energy while also enhancing grid stability, reliability, and electricity quality in developing nations. Battery energy storage systems can store these energies during periods of peak production.
INCREASING REQUIREMENT FOR HYBRID GENERATORS, BI-FUEL, AND INVERTER GENERATORS
New and creative fuel sources are currently being created to identify alternative energy sources to conventional fossil fuels. In essence, hybrid generators are internal combustion engines coupled with batteries offered by many OEMs. When the load is high, these hybrid gensets directly power the machine; when the load is low, the battery powers the engine.
They lessen the noise generated by generators as well as their fuel consumption. They have several advantages over traditional gensets and are predicted to gain ground on mobile gensets, usually employed in mining, construction sites, and remote applications.
Market Segments Covered in Report
By Power Rating:
By Fuel Type:
By Sales Channel:
By Region and Country:
Why is the diesel segment expected to be the largest contributor market during the forecast period?
Diesel, gas, and other fuel types segment the generator sales market in the report. Due to its extensive use in the manufacturing, healthcare, oil & gas, maritime, and IT/telecom industries, as well as other sectors, the diesel segment is anticipated to hold the biggest market share. Diesel generators are more user-friendly than gas gensets since they are simple to install and run.
Additionally, these gensets may be utilized anywhere because their fuel is portable. Diesel is more easily available than natural gas, and diesel generators have a long operational life. Diesel generator sets are best suited for long-term (prime) operations with a load range of 70–80% and applications that require prolonged runtimes. This is a significant driver of market expansion.
Why is the up to 50 kW segment expected to grow at the highest CAGR during the forecast period?
During the projected period, the category with a power rating of up to 50 kW is anticipated to have the highest CAGR. The increased need for backup power solutions in the residential sector drives the market for generators with power ratings up to 50 kW.
For small-scale commercial activities like telecom, retail, and others, power backup solutions using generators with power ratings up to 50 kW are also used. These generators are also used for prime power solutions in recreational vehicles, fire and emergency vehicles, utility and telecom fleets, and other specialist vehicles.
Why are standby generators expected to be the most significant contributor market during the forecast period?
During the projected period, standby is anticipated to be the largest and fastest-growing segment. The demand for standby gensets is rising due to expanding healthcare infrastructure and data center demand. In addition, the US has seen a rise in the market for backup generators due to extreme weather and related power disruptions. Power outages and an increasing need for continuous power during peak hours are predicted to enhance the market for generators.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
The sector has seen numerous product manufacturers provide units with various power ratings for regional and international applications. This market has seen a significant number of small and large-scale players with well-established manufacturing lines to meet the demands of the various end-user industries. Furthermore, to improve their position and define the competitive environment, corporations are concentrating more and more on combining with other players.
The recent developments in the Global Generator Sales Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Power Rating, End-User, Application, Fuel Type, Sales Channel, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Frequently Asked Questions
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 5.3%.
Rapidly expanding manufacturing sector fueling demand for generators and power generation systems.
Major global Generator Sales Market players are Caterpillar, Cummins, Rolls-Royce Holdings, Weichai Group, Kohler Co., Atlas Copco, Denyo, Wacker Neuson, Doosan, Greaves Cotton Limited, Kirloskar Oil Engines Ltd., Siemens, Aksa Energy, Wärtsilä, Honda, Briggs & Stratton, ABB, Yanmar
Growing adoption of renewable energy sources and energy storage technologies.
Asia Pacific Region is expected to account for the largest market revenue share in the Global Generator Sales market.
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