ID: MRFR/E&P/0995-HCR | February 2021 | Region: Global | 185 pages
Generator Sales Market is projected to be worth USD 33.54 billion by 2030, registering a CAGR of 6.67% during the forecast period (2021 - 2030), The market was valued at USD 20.35 billion in 2021.
The global generator sales market is expanding due to facts such as industrialization and urbanization, increasing demand for power backup systems, long power cuts during peak hours, and the need for continuous power supply. For an instance oil & gas industry needs power for efficient functioning across the value chain. Thus they require power generators so that in case of any load shedding or power cut, generators with high power generating capacity could meet the demand for power. Siemens has a large variety of generators that are capable of generating power up to 5 MW. Along with this, the commercial buildings are also requiring generators at large scale to provide the power supply every moment. Generator sales are directly related to the increased demand for power, either on small scale or large scale.
Generator sales market is segmented on the basis of type, fuel, portability, end-use, and region. On the basis of type the market is further segmented as continuous, standby, and peak shave. Amongst these, continuous segment holds the largest market share due to increasing demand for power that is available 24x7. The generator sales market is classified as, diesel and gas, on the basis of fuel. Diesel generators are dominating the market size owing to their capacity to generate large amount of power, and easy availability of fuel. However, gas generators are expected to dominate the generator sales market over the forecast period, as they are environment-friendly and the diesel prices are increasing at a fast rate. Based on portability, the generator sales market is segmented as 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. On the basis of end-use, the market is classified as residential, commercial and industrial. Industrial segment holds the largest market share as there is an increase in the industrial sector from the developing countries.
Some of the major players in the Generator sales market are ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK), are among others.
The generator sales market is expected to increase phenomenally during the forecast period owing to increasing need for power and rising industrialization from the growing economies. Asia Pacific region accounts for the largest market share in the generator sales market, mainly due to the rapid growth in the manufacturing sector in recent times. Within Asia Pacific, regions such as India and China have been major contributors to the growth of the generator sales market with rapid commercial activities and industrial development. The Middle East region is expected to follow Asia Pacific Region in the generator sales market, owing to increased smart cities projects and increasing activities from oil & gas industry.
Power is an essential requirement for industrial growth and normal functioning of factories and manufacturing units, residential, and commercial sector. The demand for energy and power has increased rapidly in recent times. Although, there are several existing power grid projects and power grid projects underway, across the globe, they are bound to malfunction at a point. Thus, generators play an important role when energy supply is concerned. Generators act as a backup in the event of power failure to any industry, grid or construction site. Rising demand for continuous flow of power is set to boost the demand in the generator sales market.
Generators are machines that use diesel or gas or any other substance as fuel and converts mechanical energy to electrical energy with the help of the engines. The generators are capable of generating power of more than 500 KW. This helps industries generate power in case of any load shed from the state distribution companies. Since industries that are completely dependent on power for the functioning of machinery, can face huge losses in case of any load cut. Thus, industries keep backup in the form of generators for smooth functioning of the operations.
|Market Size||2030: USD 33.54 billion|
|CAGR||6.67% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Fuel, End-Use and Portability|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co., Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK)|
|Key Market Opportunities||New product launches and R&D Amongst major key players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The significant end-users in the generator sales market include commercial, industrial as well as residential.
Based on portability, portable generators can gain higher traction in the global market compared to the stationary ones.
The CAGR that can be obtained by the market in the ensuing years is estimated to be 6.67%.
The companies identified as the leaders in the global market are Cummins (U.S.), Schneider Electric (France), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (U.S.), Caterpillar (U.S.), Himoinsa S.L. (Spain), Siemens AG (Germany), General Electric (U.S.), Wartsila (Finland), MTU Onsite Energy (Germany), and others.
High demand for power, small scale as well as large scale, can help the market size expand significantly in the coming years.