A generator transforms mechanical energy into electrical energy. In recent years, demand for uninterrupted and reliable power supply has increased significantly, which has led to the sale of generators. Therefore, generators are considered a robust medium in providing power backup in industrial buildings, data centers, and at times in emergencies. The growth of the generator sales market can be attributed to the increasing demand for uninterrupted and reliable power from a wide range of end-users such as the residential, IT/telecom, healthcare, utility and power generation, marine, chemical, oil & gas, mining, and construction sectors. The global generator sales market is projected to reach USD 29.3 billion by 2028 from an estimated USD 22.3 billion in 2019, at a CAGR of ~6% during the forecast period
Top Driver: Robustrise in popularity of dual-fuel generator sets
The global Generator Market is expected to witness significant demand, owing to the rise in popularity of dual-fuel generator sets, which save significant fuel. In addition, these sets provide the cost difference between natural gas and diesel. Moreover, the rise in consumer interest in alternative fuel gen-sets, owing to its potential of lowering the total energy costs, is a major factor propelling the market growth. Furthermore, a rise in demand for generators handling varying voltages in case of voltage drops and power outages among industrial processes to avoid equipment malfunctioning is expected to boost the global generators market growth. However, high installation and operating costs of generators and the consumer shift toward environment-friendly alternatives (solar and fuel cells) are predicted to inhibit the market growth.
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Diesel segment to Make Crucial Contribution to Growth of Global Generator Market
By fuel type, the diesel segment is expected to be the largest contributor to the generator sales market during the forecast period.
The report segments the generator sales market, by fuel type, into diesel, natural gas, and others. The diesel segment is expected to hold the largest market share by 2028 because of its wide use in the manufacturing, healthcare, oil & gas, marine, and IT/telecom sectors. Moreover, the easy availability of fuel, ease of storage, ease of transportation, and quick response to load changes are some of the factors that are expected to drive the diesel generator segment. However, to reduce emissions, developed countries such as the US, Canada, the UK, Germany, France, the Netherlands, and Japan are rapidly adopting natural gas-based power generation technologies due to which the gas generators sales market is expected to grow at a faster pace during the forecast period.
The industrial segment is expected to hold the largest market share during the forecast period. The generator sales market has been segmented, on the basis of end-user, into residential, commercial, and industrial. The industrial end-user segment is expected to grow at the highest CAGR during the forecast period. The key factor driving the market is favorable government policies for the growth of industries in various countries such as Mexico, China, Brazil, and India. The growth of the oil & gas sector in China, Mexico, Canada, and African countries is also fueling the demand for generators in the industrial end-user segment.
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Rising demand for power products in China and India to Benefit Asia Pacific Market
The Asia Pacific is expected to account for the largest market size during the forecast period. Asia Pacific is expected to be the largest and fastest-growing market due to the high demand for power products in China and India. The high economic growth rate of China has led to an increase in the demand for power generation equipment such as diesel and gas generators in the country. New policy reforms in India to support the growth of industries have made the country a very lucrative market for OEM manufacturers. This is also likely to create a huge demand for generators in the region.
Players to Focus on Expanding Applications in Global Generator Market
The major players in the generator sales market are Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US). Between 2019 and 2028, the companies adopted growth strategies such as new product launches, contracts & agreements, mergers & acquisitions, and expansions to capture a larger share of the generator sales market.
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