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Global Generator Sales Market Trends
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The global generator sales market is expected to exhibit a strong 6.2% CAGR over the forecast period till 2023, according to the latest research report from Market Research Future (MRFR). The global generator sales market trends is mainly driven by the growing demand from the industrial sector, according to the report. This and other drivers boosting the global generator sales market are profiled in detail in the report. The key restraints holding back the global generator sales market are also profiled in the report in order to give readers a clear idea of what is enabling the market’s movement. Major factors in the global generator sales market trends are studied in the report to give readers a complete overview of the market. The competitive landscape of the global generator sales market is also studied in detail in the report. The impact of the COVID-19 pandemic on the global generator sales market is also studied in the report.
Generators are a backup power supply device capable of generating electrical power from petroleum fuels such as diesel and gas. Generators act as a backup in case of power malfunction or failure. Generators are widely used in several industries as a backup power system, as industrial facilities need to function in spite of power outages. The growing threat of power outages around the world is likely to be a major driver for the global generator sales market over the forecast period. In spite of the high number of power generation plants being constructed around the world, they are bound to malfunction at some point. Some problems are inevitable during a power plant’s operational lifetime. This makes backup power systems necessary. There are also planned power outages and blackouts to consider, as the need to distribute power equitably has led to a growing need for blackouts and load shedding measures. The rising dependence on renewable energy generation has also led to a growing demand for backup power sources, as renewable energy sources produce power intermittently.
The growing industrial sector is likely to be a major driver for the global generator sales market over the forecast period. The oil and gas industry has emerged as a major consumer of generators over the last few years due to the growing oil and gas industry. The North American oil and gas industry has prospered in the historical review period due to the shale boom, whereas the oil and gas industry in China and the Middle East has also grown rapidly in recent years. Oil and gas sites are often located far away from civilization; this is especially true of offshore locations, which require 24X7 power backup due to the difficulty of supplying power to offshore locations. This is likely to be a major driver for the global generator sales market over the forecast period.
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Segmentation:
The global generator sales market growth is segmented on the basis of type, fuel, portability, end use, and region.
By type, the global generator sales market is segmented into continuous, standby, and peak shave.
By fuel, the global generator sales market is segmented into diesel and gas.
By portability, the global generator sales market is segmented into stationary and portable.
By end use, the market is segmented into residential, commercial, and industrial. The industrial segment holds the largest share in the global generator sales market and is likely to remain the leading revenue generator over the forecast period.
Regional Analysis:
Asia Pacific accounts for the largest share in the global generator sales market. The growing manufacturing sector in Asia Pacific has been a major driver for the generator sales market in the region. The growing oil and gas industry in China, Malaysia, and Indonesia is also likely to be a major driver for the global generator sales market over the forecast period.
Competitive Leaderboard:
Leading players in the global generator sales market include Schneider Electric, Wartsila, General Electric, Siemens AG, Himoinsa SL, MTU Onsite Energy, Kohler, Yanmar, Mitsubishi, Rolls-Royce, Cummins, and Caterpillar.
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