Dublin, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The "Generator Sales Market by Fuel Type (Diesel, Gas, LPG, biofuels), Power Rating (Up to 50 kW, 51-280 kW, 281-500 kW, 501-2000 kW, 2001-3500 kW, Above 3500 kW), Application, End-User Industry, Design, Sales Channel Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global generator sales market is estimated to grow from USD 23.1 Billion in 2023 to USD 34.5 Billion by 2030; it is expected to record a CAGR of 5.9% during the forecast period. The growing demand for uninterrupted and reliable power supply worldwide is driving the growth of the market.
Standby: The largest segment of the generator sales market, by application
Based on application, the Generator sales market has been split into three types standby, peak shaving, and prime & continuous. There is a high demand for Standby power generators across various industries as there is a need for emergency power for a limited time during blackouts and brownouts. Commercial buildings, such as hospitals, data centers, telecom infrastructure, office buildings, and others, require emergency power. Demand for standby generators is surging amid an increase in extreme weather events and associated power outages.
Industrial segment is the largest segment based on end-use industry
By end-use industry, the Generator sales market has been segmented into industrial, commercial, and residential. Industrial includes various sectors, including utilities/power generation, oil & gas, chemicals & petrochemicals, metals & mining, manufacturing, marine, construction, and other industries such as agriculture, transportation, and aerospace & defense. Industrial generators play a crucial role in maintaining a consistent power supply, particularly in situations where the grid system is unreliable, ensuring efficient performance of equipment. Generators are used for essential functions such as pumps, fans, hydraulic units, battery chargers, and other critical functions in power plants when power from the main grid is lost. The transition from coal-fired power plants to gas-fired power plants is growing to reduce greenhouse gas emissions. Natural gas is projected to replace coal as the second most used fuel, driving up demand for gas generator sets due to its low cost and increasing demand..
Asia Pacific is expected to be the second fastest-growing region in the generator sales market
Asia Pacific is expected to be the second fastest-growing Generator sales market during the forecast period The generator sales market in the Asia Pacific region is expected to experience robust growth, driven by the rapid pace of industrialization, widespread adoption of energy storage technologies, and substantial investments in upgrading the existing transmission and distribution (T&D) infrastructure. These factors are set to create favorable conditions for the expansion of the generator sales market, supporting increased demand and market opportunities.
Research Coverage:
The report defines, describes, and forecasts the global Generator sales market, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Generator sales market.
Premium Insights
- Increasing Demand for Uninterrupted and Reliable Power Supply to Drive Growth of Generator Sales Market
- Industrial Sector and China Were the Largest Shareholders in the Generator Sales Market in Asia-Pacific in 2022
- Diesel-Powered Generators to Dominate Generator Sales Market in 2030
- Prime & Continuous Applications to Dominate Generator Sales Market in 2030
- Up to 50 Kw Segment to Dominate Generator Sales Market in 2030
- Indirect Sales Channels to Dominate Generator Sales Market in 2030
- Stationary Segment to Lead Generator Sales Market in 2030
- Industrial Segment to Hold Largest Market Share in 2030
Market Dynamics
Drivers
- Increasing Demand for Uninterrupted and Reliable Power Supply
- Rapid Industrialization Worldwide
- Growing Popularity of Fuel Cell Generators
Restraints
- High Operational Costs Associated with Diesel Generators
- High Capital Expenditure Associated with Hydrogen Energy Storage
- Rise in Investments in Upgrading T&D Infrastructure Worldwide
Opportunities
- Rising Adoption of Fuel Cell Generators Across Several Industries for Backup Power
- Increasing Deployment of Hybrid, Bi-Fuel, and Inverter Generators
- Government Initiatives Supporting the Development of the Hydrogen Economy
Challenges
- Stringent Government Regulations Pertaining to Conventional Fuel Generators
- Longer Start-Up Times of Solid Oxide Fuel Cells
Trends/Disruptions Impacting Customer Business
- Revenue Shifts and New Revenue Pockets for Players in Generator Sales Market
Case Study Analysis
- Genesal Energy Offered Silent and Anti-Hurricane Generator Sets to Hospitals in Trinidad and Tobago
- Generac Industrial Power Provided Comprehensive Backup Power Solution to Entergy
- Cummins Provided Urgent Standby Power to Seven-Up Plant in Nigeria
- JS Power Provided Remote Monitoring Solution with Real-Time Fuel-Level Monitoring Feature to It Facility
- CK Power Offered Custom Generator Solution to Phenix Technologies
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 339 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $23.1 Billion |
| Forecasted Market Value (USD) by 2030 | $34.5 Billion |
| Compound Annual Growth Rate | 5.9% |
| Regions Covered | Global |
Companies Mentioned
- ABB
- Aksa Energy
- Atlas Copco
- Briggs & Stratton
- Caterpillar
- Cummins Inc.
- Denyo Co. Ltd.
- Doosan Group
- Generac
- Greaves Cotton Limited
- Honda Power Products
- Kirloskar Oil Engines Ltd. (Koel)
- Kohler Co.
- Man Energy Solutions
- Mitsubishi Heavy Industries, Ltd.
- Rolls-Royce Holdings
- Siemens Energy
- Wacker Neuson
- Weichai Power Co. Ltd.
- Wartsila
- Yanmar
For more information about this report visit https://www.researchandmarkets.com/r/mkn0v4
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