Pune, India, March 30, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the generator sales market size is projected to reach USD 38.95 Billion by the end of 2028, exhibiting a CAGR of 5.9% in the forecast period. The global generator sales market size was USD 24.76 billion in 2020. The rising demand from mining, oil and gas, pharmaceuticals, residential, marine, manufacturing, and other industries will contribute to the global generator sales market growth during the forecast period. Furthermore, rapid development in construction as well as other business units and expansion of mining industry, are likely to boost global market growth.
Key Industry Development:
January 2020: Honda Power Equipment introduced the Honda My Generator Bluetooth® App. This app will enable control and monitor critical operations of Honda generators through a Bluetooth® interface on a smartphone.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 5.9% |
| 2028 Value Projection | USD 38.95 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 26.06 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 260 |
| Segments covered | Power Rating, Fuel Type, Application, End-user, and Region |
| Growth Drivers | Rapid Industrialization & Growing Construction Expenditure to Augment Market Growth |
| Rising Exploration & Production of Oil & Gas to Promote Growth |
Driving Factor:
Rapid Industrialization & Growing Construction Expenditure to Augment Market Growth
The growing investments in developing new advanced industrial sector establishments, along with up-gradation of the prevailing setups, are expected to drive the growth of this market. Additionally, the increasing national construction spendings to build energy-efficient infrastructures boost the demand for generators. For instance, the U.S. Census Bureau reported in August 2020 that the expenditure on public buildings across the country totaled about USD 353.3 billion in June 2020 from USD 332.8 billion in 2019. This is expected to bolster the generator sales market growth.
Rising Exploration & Production of Oil & Gas to Promote Growth
Both developed and developing countries are experiencing a steady rise in power demand. These trends have led to increased investments in the production of hydrocarbons from bulk conventional and unconventional reserves. Highlighting an instance, as per the 2020 BP Statistical Review of World Energy, the overlal primary energy consumption reached 583.9 exajoules in 2019, up from 576.23 exajoules from the previous year. These factors will work in favor of the market expansion.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and companies' collaborations to maintain market stronghold between 2021 and 2028.
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Market Segments:
Diesel Segment Held 63.0% Market Share in 2020
Based on the power rating, the market can be broadly categorized into below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA.
Based on fuel type, the market can be segmented into diesel, gas, and others. The diesel segment held a market share of about 63.0% in 2020 and is expected to experience significant growth during the forecast period. This is ascribable to lower maintenance costs, high load operations, higher efficiency, and reliable operations.
Based on application, this industry can be primarily divided into continuous, peak load, and standby.
Based on end-user, the market can be divided into pharmaceuticals, manufacturing, construction, oil & gas, mining, marine, commercial, telecom, residential, utility, and others
Regional Insights:
Asia Pacific to Remain Dominant; Increasing Focus on Industrialization to Augment Growth
Among all the regions, Asia Pacific is expected to remain at the forefront and hold the largest global generator sales market share in terms of revenue during the forecast period. This dominance is attributable to the increasing focus on developing advanced infrastructures that drive the region's generator sales. The region stood at USD 7.91 billion in 2020.
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List of the Companies Operating in the Market:
- Rolls-Royce
- Caterpillar Inc.
- Atlas Copco
- MAN Energy Solutions
- Zwart Techniek
- Cummins Inc.
- Wacker Neuson
- Himoinsa
- Kohler-SDMO
- Inmesol S.L.U.
- Aggreko
- Daihatsu Diesel Mfg. Co., Ltd.
- Ingersoll Rand
- Wartsila
- American Honda Motor Company, Inc.
- JCB
- Generac Power Systems
- Perfect Gas Generator
- FG Wilson
- Endress Elektrogerätebau GmbH
- PRAMAC
- John Deere
- Yanmar
- Kirloskar Electric Co. Ltd.
- Briggs & Straton
- Manlift Group
- HiPower Systems
- BGG UK
- American Honda Motor Company, Inc.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Generator Sales Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Generator Sales Market Analysis (USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel Type
- Market Analysis, Insights and Forecast – By Power Rating
- Market Analysis, Insights and Forecast – By Application
- Market Analysis, Insights and Forecast – By End-User
Continued…
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