Generator Sales Market worth USD 30.16 billion by 2028, registering a CAGR of 6.47% – Report by Market Research Future (MRFR)
New York, Sept. 13, 2021 (GLOBE NEWSWIRE) — Generator Sales Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Generator Sales Market Research Report, Type, Fuel, End-Use and Portability and Region – Forecast till 2028” the market size is projected to be worth USD 30.16 billion by 2028, registering a CAGR of 6.47% during the forecast period (2021 – 2028), The market was valued at USD 20.35 billion in 2021.
Key Players
List of the major companies in the global generator sales market profiled are –
- Caterpillar (U.S.)
- Cummins (U.S.)
- Rolls-Royce (UK)
- Mitsubishi (Japan)
- Yanmar (Japan)
- Kohler (U.S.)
- Siemens AG (Germany)
- MTU Onsite Energy (Germany)
- Himoinsa S.L. (Spain)
- General Electric (U.S.)
- Wartsila (Finland)
- Schneider Electric (France)
- others.
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Multiple Factors to Boost Market Growth
Generators are machines that use diesel, gas, or any other substance as fuel and use engines to convert mechanical energy to electrical energy. The generators can generate more than 500 KW of power. This assists industry in generating power in the event of a load shed by the state distribution firms. So, industries that are fully reliant on power for the operation of machinery can suffer massive losses if the power is cut. As a result, industries keep backup power in the form of generators to ensure that operations run smoothly.
The global generator sales market is expanding as a result of factors such as industrialization and urbanization, rising need for power backup systems, longer power outages during peak hours, and the necessity for uninterrupted power supply. For instance, the oil and gas industry requires power to work efficiently across the value chain. As a result, they need power generators to ensure that, in the event of a load shedding or power outage, generators with high power generating capacity can supply the demand for power. Siemens manufactures a broad range of generators capable of producing up to 5 MW of power. Along with this, commercial buildings need large-scale generators to ensure a continuous power supply. Generator sales are directly tied to growing power demand, either on a small or large scale.
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The Global Market to Regain Stability Post COVID-19 Pandemic
The COVID-19 outbreak has had a devastating impact on the world economy, bringing several sectors to a halt. Companies in the power generation sector are facing a number of issues due to a drop in electricity consumption following COVID-19. In addition, businesses such as construction, manufacturing, tourism, and services have entirely ceased operations, having a major impact on the global generator sales market. Many companies in the generator sales supply chain have paused operations to safeguard staff safety. Neverthless, several businesses are running at half-capacity to support critical industries like utilities and manufacturing. Many utilities across the world rely on generators for power supply. As the worldwide demand for electricity has decreased, so has the demand for new generators.
In addition, since the demand for electricity has dropped, revenue production for many utilities around the world has decreased. In addition, utilities in developing countries that still rely on manual meter readings to generate monthly bills are expected to suffer revenue collection losses during the lockdown period. During this period, revenue collection in these nations will fall, having a severe economic impact. Furthermore, several government entities across the world are waiving electricity rates for a large number of homes in order to alleviate the financial impact on people. For instance, the Thai government stated in April 2020 that power rates for 22 million homes would be waived in order to lessen the financial impact on citizens. This has been extremely beneficial to Thai citizens, whose per capita income levels have collapsed significantly as a result of the outbreak. The drop in electricity demand has had a direct effect on the demand for generators. Nevertheless, as economies aim to resume operations in order to gradually increase revenue generation, demand for generators is likely to resume its average growth rate by early 2021.
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Market Segmentation
The global generator sales industry has been segmented into type, fuel, end-use, and portability.
By type, the global generator sales market has been segmented into continuous, stand-by, and peak shave.
By fuel, the global generator sales market has been segmented into diesel and gas.
By end-use, the global generator sales market has been segmented into residential, commercial, and industrial.
By portability, the global generator sales market has been segmented into stationary and portable.
Regional Market
APAC to Lead the Global Market
The Asia Pacific region has the biggest market share in the generator sales industry, owing to recent rapid growth in the manufacturing sector. With increasing commercial operations and industrial expansion, the Asia Pacific regions like India and China have been important contributors to the growth of the generator sales industry. Due to rising smart city initiatives and increased activity from the oil and gas industry, the Middle East area is predicted to trail the Asia Pacific region in the generator sales market.
Segmentation of Market covered in the research:
Generator Sales Market Research Report by Type (Continuous, Stand By and Peak Shave), by Fuel (Diesel and Gas), by End-use (Residential, Commercial and Industrial), by Portability (Stationary and Portable), and Region – Global Forecast till 2028
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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