Overview of Global Generator Market: Size, Trends, Share and Growth Forecast till 2026
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Generators refer to devices that convert mechanical energy into electrical energy. Currently, generators find widespread adoption in various industries, residential buildings, and commercial installations as the source of power backup. Increasing demand for continuous and undisturbed power supply at the time of power grid downtime is expected to proliferate adoption of generators in the near future.
Operations related to commercial establishments that include construction of malls, hospitals, and data centers, substantially depend upon power supply. Lack of efficient power generation and poor grid maintenance have resulted into growing power outage, impacting business operations associated with commercial installations. This has further led adoption of generators as a source of power supply during commercial installations. Mounting gap between the power generation and supply has resulted into a tremendous power outage globally, particularly in developing and underdeveloped economies, which in turn will create high demand for generators in the near future. In addition, rising voltage fluctuations and power cuts have had adverse impacts on operations of industries, thereby prompting adoption of reliable power backup equipment. Generator manufacturers are capitalizing on the requirement of these industries to reduce their operations downtime on account of power outage, in a bid to boost their sales and gain a competitive edge.
However, high initial capital investments required for generators remain a major concern among end-users. Moreover, inclination toward utilization of renewable energy resources including solar & wind in tandem with favorable regulatory policies regarding use of these resources will further create obstacles to adoption of generators in the foreseeable future.
According to Fact.MR, the global market for generator is projected to reflect a steady 5.2% CAGR through the forecast period (2017-2026). More than 5,000 thousand units of generators are estimated to be sold around the world by 2026-end.
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North America will Continue to Dominate Global Generator Market
There has been a substantially high demand for generators in North America for use in commercial establishments and industries, for reducing operation downtimes and increasing productivity. In addition, robust economic vigour of the region further facilitates the commercial, industrial and residential sector in adoption of this expensive equipment. North America will continue to dominate the global generator market, in terms of revenues. Asia-Pacific excluding Japan will remain fastest expanding market for generator, in terms of value.
Rapid industrialization worldwide is stoking demand for power supply. Industries are increasingly adopting power storage and supply equipment such as generators, in order to sustain themselves during power cuts fuelled by supply demand unbalance and poor grid maintenance. In terms of value, industrial end use of generators will account for the largest share of the global market, followed by commercial end use.
Generators with capacity of above 1000 kVA capacity will remain sought-after in the market, with sales estimated to account for over two-fifth revenue share of the market during the forecast period. Sales of generators with above 1000 kVA and 350-1000 kVA capacity are projected to witness a parallel rise through 2026, in terms of value.
Based on fuel, diesel generators will remain preferred among end-users across the globe. Sales of diesel generators will reach nearly US$ 30,000 Mn in revenues by 2026-end. This number is significantly higher than those likely to be gained from sales of gas generators.
Key market players identified by Fact.MR’s report include Yamaha Motor Corporation, SDMO, Mitsubishi Heavy Industries Ltd., Kubota Corporation, Kirloskar Oil Engines Limited, General Electric Corporation, Doosan Corporation, Cooper Corporation, and AKSA Power Generation.
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