Forecast Upto 2024 : Generator Market
The insatiable demand for electricity has been fueled by the increasing population and industrialization globally. However, there is still a supply gap as electricity generation by utilities is not sufficient to meet the global demand for power. This has created a favorable space for generator sets to fill in the gap between power generation and consumption. Generator sets have thus been seen as ideal solutions to provide electricity in individual homes and other facilities. Their advantages in peak shaving power and prime continuous power have manifested in the form of key drivers for the market.
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The demand for medium power rating generator sets is currently the highest in the residential, commercial, small industrial, and other small-scale facilities. Moreover, the integration of generators with renewable energy systems opens up a window of opportunity for companies in the global generator market.
Adoption of Off-grid Power Systems in Developed Countries Lays Firm Ground for Generator Sales Growth
On the basis of geography, the generator market has been segmented into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. In 2015, North America held the largest market share (32.70%), followed by Middle East & Africa (22.22%). The market in North America is expected to expand at a CAGR of 3.58% from 2016 to 2024 to account for US$7.43 bn in revenues by 2024.
Developed countries such as the U.S., U.K., and Germany, have started adopting off-grid power systems to reduce dependence on utility-scale electricity. This has boosted the sales of generators sets in these regions. At a CAGR of 6.39%, the generator market in Asia Pacific is expected to expand at the fastest rate during the forecast period.
The Middle East & Africa generator market is currently witnessing strong generator sales in countries such as Saudi Arabia, the UAE, South Africa, Kenya, Iran, Nigeria, and Qatar. Remote areas that still remain cut off from regular power supply carry a high economic potential for companies in the generator market.
Asia Pacific held the third-largest market share of the global generator market, accounting for 22.2% in 2015. The market in Asia Pacific is expected to expand at a CAGR of 6.39% from 2016 to 2024 to account for US$6.19 bn in revenues in 2024. Countries such as China, India, Malaysia, Thailand, and Australia are showing a swift increase in energy consumption. However, emerging countries in APAC are still plagued by an underdeveloped electricity transmission and distribution infrastructure and frequent power outages, creating a lucrative target market for sales of generator. Europe and Latin America collectively accounted for 23.7% of the global generator market in 2015.
Spotlight will Remain on Use of Generators for Prime Continuous Power
By application, the global generator market can be segmented into standby backup power, prime continuous power, and peak shaving power. Of these, prime continuous power held the largest market share (48.91%) in 2015. Enterprises are primarily investing in generators to ensure prime continuous power – this trend will continue to drive generator sales, leading the prime continuous power segment to expand at a CAGR of 4.39% from 2016 to 2024. By end-user, the market has been segmented into residential and commercial and industrial. Of these, commercial and industrial held the largest market share (58.50%) in 2015; the segment is expected to expand at a CAGR of 5.22% from 2016 to 2024.
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Key players in the generator market include Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Generac Holdings, Inc., Kirloskar Electric Company Ltd., Kohler Co., Mitsubishi Heavy Industries, Ltd., Multiquip Inc., Wärtsilä Corporation, and Yanmar Co., Ltd.
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