Generators are equipment able to provide backup power to areas experiencing outages frequently or irregularly. Generator sales have multiplied due to rapid industrialization and urbanization. The global generator sales market report by Market Research Future (MRFR) provides insights to clients within the industry as well as new entrants planning to make an impact in the power generation sector. The COVID-19 pandemic and its effects on the generator sales industry are written in high detail.
The global generator sales market is projected to expand at 6.2% CAGR over the forecast period. The demand for continuous power is likely to drive the sales of generators worldwide. Rapid industrialization and establishment of power grid projects provide the market ample space to flourish. The oil & gas sector is one of the biggest benefactors of generators due to its requirement of power at peak hours and need in functioning of the value chain. For instance, Siemens has developed generators capable of operating at 5 MW.
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The COVID-19 pandemic has negatively affected the generator sales market owing to a huge dip in generator demand. National lockdowns initiated by governments has led to shutdown of large industries such as construction, tourism, hospitality, and oil & gas leading to sluggish demand. But the reopening of sectors can revive the industry over the forecast period.
Adoption of energy storage technologies and renewable energy can hamper the market growth.
Yanmar, Caterpillar, Rolls-Royce, Mitsubishi, Cummins, and Kohler are key players of the global generator sales market. Other players include General Electric, MTU Onsite Energy, Schneider Electric, Himoinsa S.L., Siemens AG, and Wartsila. Launch of new products and adherence to environmental agency regulations are major priorities of players.
AFC Energy has partnered with Mace Group for development of diesel generators derived from ammonia.
On the basis of type, the market is segmented into standby, peak shave, and continuous. Amongst these, continuous segment holds the largest market share due to increasing demand for power during peak period and areas in frequent outages. On the other hand, the standby segment can face increased demand owing to its requirement in healthcare and data centers.
By fuel, the generator sales market is divided into diesel and gas. Diesel generators are dominating the market owing to their capacity to generate large amount of power and easy availability of fuel. Its wide usage in marine, oil & gas, healthcare, and manufacturing sectors can drive the segment growth. However, gas generators are expected to dominate the generator sales market over the forecast period as they are environment-friendly amid increasing prices of diesel.
By portability, the generator sales market is divided into stationary and portable. Portable generators are expected to gain a higher number of customers owing to increasing short-term projects and generator rental market becoming stronger. Huge need for hybrid generators that provide advantages in terms of fuel consumption, noise, and running time can boost the portable generator sales in the coming years. Development of mobile gensets for residential and construction applications can provide huge growth opportunities.
On the basis of end-use, the market is classified into commercial, residential, and industrial. Industrial segment holds the largest market share owing to increasing industrialization from developing countries. Favorable policies in Mexico, India, Canada, and China can drive the segment growth.
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North America, Europe, Asia-Pacific (APAC), and the Middle East & Africa (MEA) are regions considered for the global generator sales market.
APAC can account for the largest market share due to high demand for diesel and gas generators in China. New policies for subsidizing investments in India and influx of new cashflow can bode well for the generator sales market.
The MEA region is expected to follow APAC in demand owing to a flurry of investments in smart cities and new industries. Huge need for backup generators in sub-Saharan countries and popularity of hybrid generators can drive regional market growth.