Press release
Generator Sales Market Size May See A Big Move | Mitsubishi Heavy Industries Ltd., Siemens AG, Honda Siel Power Products
A recent study conducted by the strategic consulting and market research firm: Report Ocean revealed that the Asia-Pacific generator sales market was worth USD 7.1 billion in 2021. According to the study, the market is estimated to grow at a CAGR of 6.4%, earning revenue of around USD 10.9 billion by the end of 2028. A growing demand for continuous power supply in commercial and industrial sectors, such as IT & telecom, healthcare, utilities & power generation, etc., can be attributed to the growth of the Asia-Pacific generator sales market.
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Furthermore, the development of the manufacturing and construction sectors in Asian countries, such as China, India, Japan, South Korea, etc., is another major factor driving the generator sales market. However, the growing trend toward greener energy sources has emerged as a major hindrance to market growth.
Asia-Pacific Generator Sales Market is Driven by Growing Construction Activities
The Asia-Pacific region has some of the fastest-growing economies in the world including India, China, Australia, Japan, South Korea, etc. These nations are significantly investing in construction activities to boost their infrastructural development. Generators are employed at construction sites to provide reliable and portable power which is used to provide motive power to various construction machinery such as hand drill, chain saw, air compressors, etc. These also act as an important source of electricity at construction sites. Due to these factors, the generator sales market is gaining significant traction in the Asia Pacific.
Rapid Industrialization is Propelling the Asia-Pacific Generator Sales Market Forward
Based on end-users, the Asia-Pacific generator sales market is grouped into industrial, commercial, and residential segments. Among these, the industrial segment accounted for the largest market share in 2021. The Asia-Pacific region is emerging as a manufacturing hub worldwide. In addition, the ongoing construction activities for infrastructural development are also increasing the demand for a continuous power supply, which is driving the growth of generator sales. On the other hand, the commercial segment is projected to register the highest CAGR during the forecast period since countries such as India and South Korea are significantly investing in their service sector.
Asia-Pacific Generator Sales Market - By Application
Based on applications, the Asia-Pacific generator sales market is grouped into standby, prime & continuous, and peak shaving segments. The standby power generators segment holds the largest market share. Generators of this type provide backup power in the event of a power outage. Additionally, there is a high demand for standby power generators in India due to the frequent power outages in different parts of the country caused by overloading. Furthermore, due to its widespread use on construction and mining sites, the prime and continuous segment also holds a substantial share of the market.
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Asia-Pacific Generator Sales Market - Regional Insights
Geographically, the Asia-Pacific generator sales market is segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. China dominates the Asia-Pacific generator sales market. However, India is also emerging as a potential market for generator sales. India is among the fastest-growing economies in the world and is significantly investing in infrastructural development, which in turn is driving the growth of the countrys generator sales market. Moreover, due to frequent power cuts, the demand for generator sales is surging in the commercial and industrial facilities of the country to ensure the smooth flow of the operations.
Impact of COVID-19 on Asia-Pacific Generator Sales Market
The COVID-19 pandemic has negatively impacted the growth of the Asia-Pacific generator sales market. As the countries had to impose a lockdown to mitigate the virus spread, the operations of the major end-users of generators, including manufacturing, construction, mining, marine, etc., were halted. This resulted in a sharp decline in the sales of generators across the Asia-Pacific, incurring huge losses to the manufacturers. The generator manufacturers themselves had to temporarily pause their production activities in light of social distancing norms, which also created a huge demand and supply gap post the upliftment of lockdown.
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Asia-Pacific Generator Sales Market - Competitive Landscape
The leading players in the Asia-Pacific generator sales market are Cummins Inc., Doosan Corporation, Mitsubishi Heavy Industries Ltd., Siemens AG, Honda Siel Power Products Ltd, Caterpillar Inc, Kohler Co., ABB Ltd., Generac Power Systems, Weichai Group, and other prominent players.
Market Segment:
By Fuel Type (Gas, Diesel)
By Power Rating (Below 100 KVA, 100350 KVA, 3501,000 KVA, 1,0002,500 KVA, 2,5005,000 KVA, Above 5,000 KVA)
By Application (Standby, Prime & Continuous, Peak Shaving)
By End-User (Industrial, Commercial, Residential)
By Region (China, India, Japan, Australia, South Korea, Rest Of Asia-Pacific)
The market is highly fragmented and consolidated due to the presence of multinational conglomerates as well as regional industry players. The market participants offer and launch a wide range of generators with different power ratings to match the needs of various end-users. They also significantly invest in research and development activities to improve their offerings in the competitive market. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
Table of Content:
Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix
.................Some More Report..............
Europe Mobile Phone Insurance Market: https://www.barchart.com/story/news/13545993/europe-mobile-phone-insurance-market-size-trends-growth-status-share-regional-analysis-and-forecast-2030
Asia Pacific Mobile Phone Insurance Market: https://www.barchart.com/story/news/13545991/asia-pacific-mobile-phone-insurance-market-size-share-analysis-prominent-players-and-forecast-2030
Global Specialty Coffee Market: https://www.barchart.com/story/news/13545989/global-specialty-coffee-market-size-share-growth-analysis-industry-updates-and-forecast-2030
North America Specialty Coffee Market: https://www.barchart.com/story/news/13545987/north-america-specialty-coffee-market-size-share-growth-statistics-latest-trends-and-forecast-2030
Request full Report : https://reportocean.com/industry-verticals/sample-request?report_id=MR300
About Report Ocean:
We are the best market research reports provider in the industry. Report Ocean believes in providing quality reports to clients to meet the top line and bottom line goals which will boost your market share in today's competitive environment. Report Ocean is a 'one-stop solution' for individuals, organizations, and industries that are looking for innovative market research reports.
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