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Generator Sales Market With 6.6% CAGR, to Reach USD 51.7 Billion 2032 | Leading Companies, Growth Demand Value Chain Analysis, and Forecast

03-17-2023 12:51 PM CET | Energy & Environment

Press release from: Acumen Research and Consulting

Generator Sales Market With 6.6% CAGR, to Reach USD 51.7 Billion

Global Generator Sales Market Size in 2022 was USD 27.6 Billion, Market Value set to reach USD 51.7 Billion at 6.6% CAGR by 2032

Generator Sales Market Overview

The Generator Sales Market refers to the global market for various types of generators, including portable, standby, and prime generators, which are used in various industries and applications such as residential, commercial, industrial, and healthcare. These generators are used to provide backup power in the event of power outages or in remote areas where electricity is not readily available. The market is driven by increasing demand for reliable and uninterrupted power supply, particularly in emerging economies. Technological advancements in generators have led to the development of efficient and eco-friendly products, further driving market growth. The market is also influenced by factors such as government regulations, increasing investments in infrastructure development, and the growing demand for uninterrupted power supply in critical applications.

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Generator Sales Market Research Report Highlights and Statistics

● The global Generator Sales market size in 2022 stood at USD 27.6 Billion and is set to reach USD 51.7 Billion by 2032, growing at a CAGR of 6.6%
● The generator sales market is a thriving industry driven by the increasing demand for uninterrupted power supply and backup power solutions across various end-use sectors such as healthcare, industrial, commercial, and residential.
● North America and Europe are some of the most important markets for generator sales with Asia Pacific being the largest as well as the fastest growing one.

Trends in the Generator Sales Market

● Growing adoption of renewable energy sources like solar and wind power, leading to the need for backup power generators
● Increasing government regulations and policies promoting the use of backup power generators for emergency situations.
● The rise in the number of natural disasters, such as hurricanes and earthquakes, is fueling demand for generators.
● The integration of the Internet of Things (IoT) in generator systems to monitor and optimize performance.
● Increasing demand for generators in the construction industry for powering equipment and lighting on job sites.
● The use of generators in remote areas or regions with unreliable power grids for off-grid power solutions.
● The adoption of hydrogen fuel cells as a clean and efficient alternative to traditional generator fuels.
● The emergence of smart generator systems that can be controlled remotely and integrated with other smart home or building systems.
● The trend towards the use of natural gas as a generator fuel due to its lower emissions and cost-effectiveness.

Generator Sales Market Dynamics

● Growing popularity of diesel generators due to their high power output and fuel efficiency.
● Increase in adoption of hybrid generators that run on a combination of solar and diesel power.
● Growing demand for portable generators for outdoor activities and camping.
● Increasing investments in the telecom industry, which requires uninterrupted power supply.
● Growing demand for generators in the healthcare industry to provide backup power for medical equipment.
● Expansion of data centers and the need for continuous power supply.
● Growth in the oil and gas industry, which requires a reliable source of power for drilling and extraction activities.
● Increase in the number of events and festivals that require backup power.
● Growing demand for rental generators for temporary power supply needs.
● Increase in the number of remote locations that require power supply, like off-grid areas and rural communities.

Growth Hampering Factors in the market for Generator Sales

● Economic slowdown: Economic slowdowns can lead to a decrease in demand for generator sales as businesses and individuals may be less willing to invest in expensive backup power solutions.
● Government policies and regulations: Changes in government policies and regulations can impact the generator sales market. For example, regulations that promote the use of renewable energy sources may decrease the demand for generators powered by fossil fuels.
● High renewable energy adoption: As the adoption of renewable energy sources such as solar and wind power increases, the demand for generators powered by fossil fuels may decrease.
● Natural disasters: Natural disasters such as hurricanes, tornadoes, and earthquakes can cause damage to power grids, leading to an increased demand for generators.
● Availability of alternative backup power solutions: The generator sales market may face competition from alternative backup power solutions such as battery storage systems.
● Volatility in fuel prices: Volatility in fuel prices can impact the demand for generators, particularly those powered by fossil fuels.
● Maintenance and repair costs: High maintenance and repair costs for generators can discourage potential customers from investing in backup power solutions.
● Environmental concerns: Environmental concerns associated with the use of fossil fuels may lead to a decrease in demand for generators powered by these fuels.
● Cost: Generators can be expensive to purchase and install, which may limit their market growth in certain regions or among certain demographic groups.
● Health and safety concerns: The use of generators can pose health and safety risks, particularly if they are not properly maintained or installed.
● Dependence on the power grid: As power grids become more reliable and efficient, the need for backup power solutions such as generators may decrease.

Market Segmentation

● By Type
○ Gas Generator
○ Diesel Generator
○ Others (Gas, Gasoline LPG, Biofuel, etc.)

● By Power Rating
○ Above 5,000 kVA
○ 2,500-5,000 kVA
○ 1,000-2,500 kVA
○ 350-1,000 kVA
○ 100-350 kVA
○ Below 100 kVA

● By Application
○ Peak Shaving
○ Standby
○ Continuous Power

● End User
○ Industrial
○ Commercial
○ Residential

Generator Sales Market Key Players

Cummins Inc., Caterpillar Inc., Generac Power Systems Inc., Kohler Co., Wärtsilä Corporation, Atlas Copco AB, Briggs & Stratton Corporation, Yamaha Motor Corporation, Mitsubishi Heavy Industries, Ltd., Honda Motor Co., Ltd., Siemens AG, Doosan Corporation, Wuxi Kipor Power Co. Ltd., MTU Onsite Energy GmbH, Kirloskar Electric Company, SDMO Industries, Powerica Limited, APR Energy, Aggreko plc and JCB Power Products.

Generator Sales Market Overview by Region

● North America's Generator Sales market share is one of the largest globally, driven by the increasing adoption of renewable energy sources, such as wind and solar power, and the need for backup power supply systems during power outages caused by natural disasters. The region is also witnessing significant growth in the data center industry, which requires uninterrupted power supply to ensure efficient operations, thereby driving the generator sales market's growth.
● The Asia-Pacific region's Generator Sales Market share is the biggest as well as the fastest growing, due to the increasing population, industrialization, and urbanization in countries such as China, India, and Japan. Moreover, the rising investment in infrastructure development and the growing demand for reliable power supply systems in the region are expected to drive the generator sales market's growth.
● Europe is another key market for Generator Sales, driven by the growing demand for power supply systems in the healthcare sector, especially during emergencies, and the increasing adoption of diesel generators for standby power applications. The Middle East and Africa region is also expected to witness significant growth, driven by the growing demand for power supply systems in the oil and gas industry and the increasing adoption of diesel generators in the construction sector.
● The South American and MEA regions have a nascent but rising Generator Sales market share.

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Acumen Research and Consulting (ARC) is a global provider of market intelligence and consulting services to information technology, investment, telecommunication, manufacturing, and consumer technology markets. ARC helps investment communities, IT professionals, and business executives to make fact based decisions on technology purchases and develop firm growth strategies to sustain market competition. With the team size of 100+ Analysts and collective industry experience of more than 200 years, Acumen Research and Consulting assures to deliver a combination of industry knowledge along with global and country level expertise.

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