Pune, India, May 15, 2023 (GLOBE NEWSWIRE) -- The global generator sales market size was valued at USD 26.73 billion in 2021. The market is expected to grow from USD 28.45 billion in 2022 to USD 42.29 billion in 2029, exhibiting a CAGR of 5.8% during the forecast period. Remarkable industrial development and increasing rural electrification programs are expected to enhance this industry’s progress. Fortune Business Insights™ shares this information in its report titled “Generator Sales Market, 2022-2029.”
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Generator Sales Market Scope:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 5.8% |
| 2029 Value Projection | USD 42.29 billion |
| Base Year | 2021 |
| Market Size in 2021 | USD 26.73 billion |
| Historical Data for |
|
| No. of Pages | 265 |
| Segments covered | Power Rating; Fuel Type; Application; End-user; and Region |
| Growth Drivers | Increasing Construction Expenditure to Boost Market Growth |
| Mounting Exploration & Production Activities in the Oil & Gas Sector to Stimulate Growth |
COVID-19 Impact:
Closure of Industrial Activities to Hamper Market Progress
This market was negatively affected during the COVID-19 pandemic due to the closure of industrial activities. The alarming spike in COVID-19 infections led to the adoption of stringent restrictions on several industries, thereby affecting the supply chain. Furthermore, strict restrictions on transport and travel resulted in a lack of raw materials required for the production of the product. However, post-COVID-19 relaxations led to the adoption of reduced capacities and elevated the industry’s growth prospects. This development allowed manufacturers to continue their business activities, balance costs, and recover their losses. These factors enhanced the industry’s growth prospects during the pandemic.
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Drivers & Restraints:
Rising Construction Expenditure to Propel Market Progress
Generators are crucial equipment that provides consistent power supply to residential and commercial properties. The rising demand for continuous energy supply is expected to enhance generator adoption. Rising construction projects and robust spending is expected to elevate the industry’s growth. Furthermore, rising expenditure on national construction for developing energy-efficient setups may foster market progress. For example, according to the U.S. Census Bureau, the public spending on public buildings will total to USD 353.1 billion by July 2022. These factors are likely to drive the generator sales market growth.
Regional Insights
Rapidly Developing Infrastructure to Foster Market Growth in Asia Pacific
Asia Pacific is expected to dominate the power generator sales market share due to rapidly developing infrastructure. The market in Asia Pacific stood at USD 8.13 billion in 2021 and is expected to gain a huge portion of the global market share in the upcoming years. Furthermore, a paradigm shifts towards industrialization & urbanization, rapidly developing infrastructure, and developing novel infrastructures are likely to elevate market progress.
In North America, robust investments in the industrial landscape are expected to fuel market growth. Furthermore, the rising investments in developing the industrial landscape in developed countries are expected to enhance the demand for generator sales.
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Competitive Landscape
Major Players Deploy Novel Product Launches to Enhance their Brand Image
The prominent companies operating in the market deploy novel product launches to enhance their brand image. For example, Honda Power Equipment announced the Honda My Generator Bluetooth® App in January 2020. The app empowers users to monitor and control crucial operations using Bluetooth® on smartphones. This strategy may allow the company to enhance their brand image. Furthermore, major companies deploy mergers, acquisitions, partnerships, and novel product launches to enhance their market position.
Key Industry Development
- December 2021- Caterpillar's Cat G3520 fast-response natural gas generator set grabbed a Gold Award for the company’s Product of the Year program.
List of Key Players Covered in the Report
- Caterpillar Inc. (U.S.)
- Cummins Inc. (U.S.)
- Himoinsa (Spain)
- John Deere (U.S.)
- Aggreko (U.K.)
- Atlas Copco (Sweden)
- Ingersoll Rand (U.S.)
- Kirloskar Electric Co. Ltd. (India)
- Generac Power Systems (U.S.)
- American Honda Motor Company, Inc. (U.S.)
- Daihatsu Diesel Mfg. Co., Ltd. (Japan)
- Yanmar (Japan)
- Briggs & Straton (U.S.)
- Kohler-SDMO (France)
- BGG UK (U.K.)
- PRAMAC (Italy)
- FG Wilson (U.K.)
- Wacker Neuson (Germany)
- HiPower Systems (U.S.)
- New Way
- JC Bamford Excavators (U.K.)
- Inmesol S.L.U. (Spain)
- Dagartech (Spain)
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Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Porters Five Forces Analysis
4.5. Impact of COVID-19 on the Generator Sales Market
5. Global Generator Sales Market Analysis (USD Billion), Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Fuel Type
5.2.1. Diesel
5.2.2. Gas
5.2.3. Others
5.3. Market Analysis, Insights and Forecast – By Power Rating
5.3.1. Below 75 kVA
5.3.2. 75-375 kVA
5.3.3. 375-750 kVA
5.3.4. Above 750 kVA
5.4. Market Analysis, Insights and Forecast – By Application
5.4.1. Continuous Load
5.4.2. Peak Load
5.4.3. Standby Load
5.5. Market Analysis, Insights and Forecast – By End-User
5.5.1. Mining
5.5.2. Oil & Gas
5.5.3. Construction
5.5.4. Residential
5.5.5. Marine
5.5.6. Manufacturing
5.5.7. Pharmaceuticals
5.5.8. Commercial
5.5.9. Telecom
5.5.10. Utility
5.5.11. Others
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia Pacific
5.6.4. Latin America
5.6.5. Middle East & Africa
Continued…
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