Pune, Oct. 15, 2020 (GLOBE NEWSWIRE) -- The global stationary generators market size is set to hit USD 24.03 billion by 2026, exhibiting a CAGR of 5.9% during the forecast period. Lack of access to electricity supply in certain regions of the world will be a key growth driver for this market, shares Fortune Business Insights™ in its latest report, titled “Stationary Generators Market Size, Share and Industry Analysis by Fuel (Diesel, Gas, and Others), By Power Rating (Below 75kVA, 75-375kVA, 375-750kVA, Above 750kVA), By Application (Continuous Load, Peak Load, Standby Load), By End-User (Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, and Others), and Regional Forecast, 2019 - 2026”.
According to a joint report produced by the World Bank (WB), the World Health Organization (WHO), the International Renewable Energy Agency (IRENA), the International Energy Agency (IEA), and the UN Statistics Division, nearly 650 million people worldwide will be deprived of electricity by 2030 if governments fail to step up their efforts. At present, around 573 million people in sub-Saharan Africa are living without electricity. Moreover, reliable and uninterrupted access to power is still not assured in majority of the regions in developing countries. In such a scenario, stationary generators can play a vital role in ensuring power supply to villages and small- and medium-scale businesses, which are critical in the economic development of a nation.
The stationary generators market report states that the value of this market stood at USD 15.28 billion in 2018. In addition to this, the report provides answers to the following questions:
- How will the overall industry outlook impact the market?
- What are the main factors driving the market growth?
- What are the prime hindrances facing the market?
- Which regions are expected to present most lucrative opportunities?
- Who are the key players in the market and what are their dominant strategies?
- What are the major market segments?
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Market Restraint
Increasing Demand for Renewables to Impede Market Growth
While escalating demand for electricity is one of the prominent stationary generators market trends, steady rise in the demand for renewables is fast emerging as a formidable inhibiting factor for this market. According to the International Energy Agency (IEA), worldwide supplies of renewable power sources are slated to expand by 50% in the coming five years, driven by solar energy. By 2024, global solar capacity is likely to increase by 600 GW, the IEA notes. Furthermore, the IEA forecasts that the total share of renewable sources in electricity generation across the globe will reach 30% by 2024, displaying a 4% rise from current levels. Higher deployment of renewables will eschew the need to install or set up fossil fuel-powered electricity generating machines, thereby hindering the stationary genset market growth.
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Regional Analysis
Exciting Growth Opportunities Await Global Players in Asia-Pacific, Middle East, and Africa
The market size in Asia-Pacific stood at USD 5.54 billion in 2018 and the region is anticipated to dominate the stationary generator market share in the near future. The main reason attributable to this is soaring demand for energy and power in India and China fuelled by their large populations.
In the Middle East, heightened oil and gas exploration operations will boost the market, while in Africa lack of grid infrastructure will create several opportunities. Strong presence of technology leaders is expected to sustain the market in North America, whereas extensive utilization of stationary gensets by the automotive industry will propel the market in Europe.
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Competitive Landscape
Prominent Players to Focus on R&D-based Innovation
The stationary generators market analysis indicates that the competition in this market is set to get intense as core companies direct their investments toward enhancing R&D capacity. These investments will aid players to launch innovative solutions for consumers and deepen their footprint in the market.
Industry Developments:
- March 2020: Headquartered in Illinois, the world’s largest construction equipment maker Caterpillar Inc. launched six innovative 50-Hz standby ratings to diversify its diesel generator offerings. The ratings will enable the reduction in maintenance, transportation, and installation costs, while maintaining power density.
- September 2019: The Japanese automotive major Toyota Motor Corporation announced its successful development of a stationary fuel cell generator, or FC generator. Exploiting the fuel cell system that the company’s Mirai Fuel Cell Electric Vehicle is equipped with, Toyota has installed the FC generator in its Honsha Plant in Toyota City, Aichi.
List of the Key Players Covered in the Stationary Generators Market Report:
- Yamaha Motor Corporation, USA (United States)
- Kohler-SDMO (France)
- John Deere (United States)
- Ingersoll Rand (Ireland)
- Generac Power Systems (United States)
- FG Wilson (United Kingdom)
- Cummins Inc. (United States)
- Caterpillar Inc. (United States)
- American Honda Motor Company, Inc. (United States)
- Kirloskar Electric Co. Ltd (India)
- PRAMAC (Italy)
- Aggreko (United Kingdom)
- Briggs & Stratton (United States)
- Atlas Copco (Sweden)
- Himoinsa (Spain)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Global Stationary Generators Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Fuel
- Diesel
- Gas
- Others
- Market Analysis, Insights and Forecast – By Power Rating
- Below 75kVA
- 75-375kVA
- 375-750kVA
- Above 750kVA
- Market Analysis, Insights and Forecast – By Application
- Continuous Load
- Peak Load
- Standby Load
- Market Analysis, Insights and Forecast – By End User
- Mining
- Oil & Gas
- Construction
- Residential
- Marine
- Manufacturing
- Pharmaceuticals
- Commercial
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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