March 11, 2022 10:15 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
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DUBAI, United Arab Emirates, March 11, 2022 (GLOBE NEWSWIRE) -- As per a recent global study on Generator Sales Market by Future Market Insights, the industry is expected to reach US$ 28.6 billion in 2027, up from US$ 21.6 billion in 2022, with a CAGR of 5.8% over the forecast period.
Generator sales and service systems are in high demand due to the continually developing industrial sector.
The growing demand for consistent and dependable power from a wide range of end-users, including residential generator market, IT/telecom, healthcare, utility and power generation, marine, chemical, oil & gas, mining, and construction, can be contributed to the rise of the demand for generator sales.
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The rapid advancement of the industry has resulted in an increase in electricity. Generators have become an essential piece of industrial and household equipment due to the need for uninterrupted energy consumption and peak and continuous power requirements. Growing urbanization and increasing infrastructure costs are expected to boost the generator sales market size.
Increasing investments in constructing new sophisticated industrial sector establishments, as well as upgrading existing ones, are likely to propel this market forward.
Additionally, the generator sales and installation are boosted by rising national building investment in energy-efficient infrastructure. For example, the United States Census Bureau reported in August 2020 that spending on public buildings in the United States totalled US$ 353.3 billion in June 2020, up from US$ 332.8 billion in 2019. This is projected to boost the U.S generator market size.
Clean energy utilization is increasing, which could stifle the adoption of generator sales. Clean energy deployment targets set by a number of regional governments and organizations to reduce greenhouse gas emissions could stifle the generator industry. Different countries are required to follow strict regulations in order to integrate low-carbon generation technologies and reduce their carbon footprint.
This could hamper the potential growth of generator manufacturers around the world. Furthermore, increasing spending to modernize grid infrastructure and enhance transmission and distribution (T&D) lines may cause some product acceptance issues. For any Queries Related with the Report, Ask an Analyst@ https://www.futuremarketinsights.com/ask-question/rep-gb-14378
"In the Asia Pacific, the rapidly growing data centre industry will continue to drive demand for the diesel generator market. The demand for generator sales is likely to rise as data centre investments rise, particularly in China, Australia, Japan, and Singapore."
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Many product makers have been observed delivering units with varying power rating applications at the worldwide and regional levels, according to the industry.
Numerous small and major players with well-established production lines have entered the generator sales and service market to meet the needs of various end-user industries. In addition, corporations are constantly concentrating on combining with other significant players in order to improve their position and define the competitive environment.
Some of the major key players in the generator sales market include Rolls-Royce, Wacker Neuson, Atlas Copco, Cummins Inc., Inmesol S.L.U., Caterpillar Inc., Kohler-SDMO, and Zwart Techniek, among many others.
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