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.
Browse Market Research Report @
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.
Fill the form to gain deeper insights on this market @
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.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Forecast Upto 2024 : Generator Market here
News-ID: 517952 • Views: 554
More Releases from Transparency Market Research
Pediatric Neuroblastoma Treatment Report: Emerging Trends, Business Growth Oppor …
This report by Transparency Market Research analyzes the global pediatric neuroblastoma treatment market for the period between 2018 and 2026. An in-depth market assessment has been made, which offers readers accurate analysis. Market projections have been offered in terms of value (US$ Mn). Stakeholders of this report include companies and intermediaries engaged in the manufacture and commercialization of various products as well as new players planning to enter this market. The
Breast Imaging Market: Report Analysis Global Market Revenue and Share by Manufa …
TMR’s report on the global breast imaging market studies the past as well as the current growth trends and opportunities to gain valuable insights of the indicators for the market during the forecast period from 2020 to 2028. The report provides revenue of the global breast imaging market for the period 2018–2028, considering 2019 as the base year and 2028 as the forecast year. The report also provides the compound
Global Extracorporeal Membrane Oxygenation Machine Market: Outlook, Trend, Growt …
Extracorporeal Membrane Oxygenation Machine Market: Overview TMR’s report on the global extracorporeal membrane oxygenation machine market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market
Global Clinical Oncology Next Generation Sequencing Industry Analysis Outlook, T …
Next generation sequencing for tumor and germline DNA is required for oncology screening for therapeutic application. Rise in burden of cancer increases the need for early detection of the condition to carry out the generate target therapy. Companies are investing to develop technologically advanced devices/solutions for precision detection. In 2012, Oxford Nanopore had launched the GridION sequencing platform, which can sequence a human genome in 15 minutes. In 2012, Ion Torrent
More Releases for CAGR
Catalase Market : Research Observes Strong CAGR Development
The "Global Catalase Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024", report intends to offer a resourceful means to assess the Catalase Market and entails the all-inclusive analysis and upfront statistics with regards to the market. This new report is committed fulfilling the requirements of the clients by giving them thorough insights into the market. The Catalase Market report, titled Catalase Market, is expansive research
Locomotive Market : Research Observes Strong CAGR Development
The "Global Locomotive Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024", report intends to offer a resourceful means to assess the Locomotive Market and entails the all-inclusive analysis and upfront statistics with regards to the market. This new report is committed fulfilling the requirements of the clients by giving them thorough insights into the market. The Locomotive Market report, titled Locomotive Market, is expansive research
Citicoline Market | CAGR of 14.4%
The global Citicoline Market 2020 Report provides fine intelligence that helps market players to compete well against the tough competition on the basis of growth, sales and other various important factors. The research report lays stress on key growth opportunities and market trends apart from important market dynamics including market drivers and challenges. With the help of this report, involved parties can equip themselves to adapt along with the changes
Xanthates Market CAGR to Grow at 4.7%
Persistence Market Research in its latest report projects that the global xanthates market will grow at a CAGR of 6.1% over the forecast period (2017-2025). Owing to Xanthates’ excellent mineral ore processing capabilities, its global sales have witnessed a significant rise in recent years. Mining complexity and declining ore quality have led to a major increase in demand for specialty chemicals to process ores. Towards the end of 2025, around
Global Serious Games Market Show 19.2% CAGR
A new report added by Allied Market Research, forecast that the global serious games market was valued at $2,731 million in 2016, and is projected to reach $9,167 million by 2023, growing at a CAGR of 19.2% from 2017 to 2023. The consumers segment is anticipated to grow at the highest rate during the forecast period. Asia-Pacific generated the highest revenue in the global serious games market in 2016 due to
Bioinsecticides market expecting CAGR 5.4%
Reports And Markets Publish a New Market Research Report On –"Bioinsecticides market- Growth, Trends, Forecast for the period (2017 - 2022)" Access Full Report With Table Of Contents @ https://www.reportsandmarkets.com/reports/1071910-global-bioinsecticides-market-growth-trends-forecast-for-the-period-2017-2022 Pesticides constitute the largest category within the market for crop protection chemicals, with biopesticides accounting for a comparatively minute share. Global consumption of synthetic insecticides is projected to reach 833.32 thousand tons by volume and USD 19.6 billion by value by 2020