Press release
Generator (Up to 20 kVA) Market to Witness an Outstanding Growth by 2031
The global generator (up to 20 kVA) market was valued at US$ 2.5 Bn in 2021
It is estimated to grow at a CAGR of 5.5% from 2022 to 2031
The global generator (up to 20 kVA) market is expected to reach value of US$ 4.3 Bn by the end of 2031
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Global Generator (Up to 20 kVA) Market Introduction
Generators are closely associated with the power generation industry. A generator set is a combination of two key components: engine and alternator. The engine is the mechanical part of the generator, while the alternator is the electrical part. Its function is to generate electricity. An internal combustion engine is employed in a generator that runs on either diesel, gasoline, natural gas, or duel fuel. The two basic types of diesel generators are standby generators and prime/continuous power generators. These are available in varieties of sizes and power ratings, and can be further segregated into portable and stationary generators.
Need of Back-up Power Due to Power Deficit in Developing Countries to Fuel Market Growth
Inconsistent and fluctuating power supply during peak demand hours requires additional back-up power solutions in residential and small commercial applications. Gensets up to 20 kVA provide cost-effective, reliable, and low maintenance solutions for back-up power requirements.
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Developing countries around the globe have high electrification rates, owing to a rise in the demand for power from urban and rural population. Significant growth of infrastructure, information technology (IT), manufacturing industries, telecommunication, and IT enabled services has driven the demand for backup power in residential and commercial sectors. In addition, weaker supply of electricity, as compared to the current demand, in Asia Pacific is estimated to drive demand for generators up to 20 kVA in the region.
Limited Grid Connectivity and Poor Infrastructure to Meet Growing Power Demands to Drive Global Market
Generators play a vital role in power replenishment in off-grid areas. Off-grid areas have very limited or no access to grid connected electricity, and these areas are totally dependent on secondary sources of power such as gensets and solar energy. Most countries of Sub-Saharan Africa and Latin America have a sluggish electrification rate and poor infrastructure to support the growing power demands in the region.
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Aging Power Infrastructure in Developed Economies to Propel Demand for Generators
Developed regions, such as North America and Europe, achieved full electrification years ago. Currently, the power infrastructure in these regions lacks technological improvements and load carrying capacity, resulting in power failures and fluctuations. Rise in volatility in power supply and high demand for uninterrupted power supply are anticipated to drive the market for generators up to 20 kVA in developed countries.
Furthermore, old power infrastructure and aging supply lines with frequent occurrences of natural calamities in North America result in huge power failures in many states, which, in turn, is also estimated to propel the demand for portable generators in the region.
Diesel Generators to Lead Global Market; Natural Gas to Gain Prominence as Fuel in Future
In terms of fuel, the global generator (up to 20 kVA) market has been segregated into diesel, natural gas, and others. The diesel segment held a key share of the global market in 2021. It is estimated to dominate the market during the forecast period. The demand for diesel gensets is high due to flexibility, high power output, and diverse applications in residential, commercial, and industrial gensets. The natural gas segment accounted for 15.4% share of the market in 2021. However, in the near future, the market is expected to witness a steady rise in demand for generators running on natural gas, due to growing environmental concerns over diesel emissions. The others segment held a relatively minor share of the market in 2021.
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Rise in Uptake of 16 kVA - 20 kVA Generators Due to Use in Various Applications
Based on power rating, the global generator (Up to 20 kVA) market has been classified into Up to 5 kVA, 6 kVA - 10 kVA, 11 kVA - 15 kVA, and 16 kVA - 20 kVA. The 16 kVA - 20 kVA segment dominated the global generator (Up to 20 kVA) market and accounted for 49.7% share in 2021. The demand for generator (up to 20 kVA) is increasing due to its use for diverse applications in commercial and small industrial sectors, growth of the global telecom sector, flexibility in fuel usage, and ease of installation.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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