Pune, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The global generator sales market size is expected to showcase an exponential growth by reaching USD 27.16 billion by 2027. The growth is attributable to the increasing demand for energy and the growing focus on the electrification of rural areas that promotes the massive generator sales across the globe. This information is published by Fortune Business Insights, in its latest report, titled, "Generator Sales Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA), By Fuel Type (Diesel, Gas, and Others), By Application (Continuous Load, Peak Load, and Stand By Load), By End User (Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Telecom, and Others), and Regional Forecast, 2020-2027." The report mentions that the market stood at USD 20.31 billion in 2019 and is likely to exhibit a CAGR of 5.7% between 2020 and 2027.
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Increasing Energy Consumption amid COVID-19 to Amplify Growth
With people confined to their home spaces, the demand for energy has increased more than ever. The global pandemic may have led to the temporary closure of industries and other operations. However, the surging residential energy demand is likely to boost the generator sales owing to frequent power outages and power restoration activities across the globe. This is anticipated to positively affect market growth.
Generators are devices that convert mechanical energy into electrical energy that can be used in an external circuit. These devices are mainly adopted for transmission and distribution of power lines to residential, industrial, and commercial consumption. Additionally, they are used to generate electric energy for aircraft, automotive, trains, and ships. The generator sales are experiencing upward growth owing to the rapid-paced urbanization.
What does the Report Include?
The market report includes a detailed assessment of various growth drivers and restraints, opportunities, and challenges that the market will face during the projected horizon. Additionally, the report provides comprehensive research into the regional developments of the market, affecting its growth during the forecast period. It includes information sourced from the advice of expert professionals from the industry by our research analysts using several methodologies. The competitive landscape offers further detailed insights into strategies such as product launches, partnerships, mergers and acquisitions, and collaborations adopted by the companies to maintain market stronghold between 2020 and 2027.
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DRIVING FACTORS
Increasing Energy Consumption to Promote Growth
In June 2020, the BP Statistical Review of World Energy 2020 estimated that the total primary global energy consumption was 583.9 exajoules in 2019 rising from 576.23 exajoules in 2018. The report states that it is a year-on-year increment of over 1.3% and is expected to grow further. The increasing demand for energy owing to the growing incidence of blackouts and natural disasters is expected to boost generator sales across the globe. Additionally, the primary focus on the electrification of rural areas by the government agencies is expected to contribute to the growth of the global generator sales market during the forecast period.
SEGMENTATION
Oil & Gas Segment Held 19.7% Market Share in 2019
The oil & gas segment held a market share of about 19.7% in 2019 and is expected to experience significant growth during the forecast period. This is ascribable to factors such as the increasing investments in exploration activities owing to the lucrative opportunities provided by the extraction of huge hydrocarbon reservoirs across the globe.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Focus on Industrialization to Augment Growth
Among all the regions, Asia-Pacific is expected to remain at the forefront and hold the largest global generator sales market share in terms of revenue during the forecast period. This dominance is attributable to the increasing focus on developing advanced infrastructures that drive the generator sales in the region. The region stood at USD 7.31 billion in 2019.
The market in North America is expected to showcase considerable growth owing to the growing investments in several industrial verticals from government and private organizations that promote generator sales in the region between 2020 and 2027.
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COMPETITIVE LANDSCAPE
Product Launches by Major Companies to Strengthen Market Position
The global generator sales market comprises several key players that are focusing on improving generator sales by developing advanced products and further expanding their horizons. The other major companies are adopting strategies such as mergers and acquisitions and partnerships to maintain their stronghold and gain a competitive edge over their rivals in the global marketplace.
Industry Development:
- November 2019 - The Ministry of Economy, Planning, and Cooperation of the Central African Republic (CAR) announced its plan to install diesel generator units to power the capital city of Bangui. The project is expected to be executed in collaboration between TRAGADEL and Clarke Energy while obtaining economic support from the Saudi Development Fund (FSD).
List of the Companies Operating in Generator Sales Market:
- Rolls-Royce (U.K.)
- Caterpillar Inc. (U.S.)
- Atlas Copco (Sweden)
- MAN Energy Solutions (Germany)
- Zwart Techniek (Netherlands)
- Cummins Inc. (U.S.)
- Wacker Neuson (Germany)
- Himoinsa (Spain)
- Kohler-SDMO (France)
- Inmesol S.L.U. (Spain)
- Aggreko (U.K.)
- Daihatsu Diesel Mfg. Co., Ltd. (Japan)
- Ingersoll Rand (U.S.)
- Wartsila (Finland)
- American Honda Motor Company, Inc. (U.S.)
- JCB (U.K.)
- Generac Power Systems (U.S.)
- Perfect Gas Generator (India)
- FG Wilson (U.K.)
- Endress Elektrogerätebau GmbH (Germany)
- PRAMAC (Italy)
- John Deere (U.S.)
- Yanmar (Japan)
- Kirloskar Electric Co. Ltd. (India)
- Briggs & Straton (U.S.)
- Manlift Group (UAE)
- HiPower Systems (U.S.)
- BGG UK (U.K.)
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Detailed 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
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Generator Sales Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Generator Sales Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Power Rating
- Below 75 kVA
- 75-375 kVA
- 375-750 kVA
- Above 750 kVA
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gas
- Others
- Market Analysis, Insights and Forecast – By Application
- Continuous
- Peak Shaving
- Stand By Load
- Market Analysis, Insights and Forecast – By End User
- Mining
- Oil & Gas
- Construction
- Residential
- Marine
- Manufacturing
- Pharmaceuticals
- Commercial
- Telecom
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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Have a Look at Related Research Insights:
Diesel Generator Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA), By Portability (Stationary and Portable), By Application (Continuous Load, Peak Load, and Stand By Load), By End User (Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Telecom, and Others), and Regional Forecast, 2020-2027
Portable Generator Market Size, Share and Global Trend by Fuel (Diesel, Gas, and Others), Power Rating (Below 5kVA, 5-15kVA, 15-45kVA, 45-75kVA), By Application (Residential, Commercial, and Others), and Regional Forecast, 2019 to 2026
Natural Gas Generator Market Size, Share and Industry Analysis, By Power Rating (Below 75kVA, 75-375kVA, 375-750kVA, Above 750kVA), By Application (Stand-by and Continuous), By End-User (Residential, Commercial, and Industrial), and Regional Forecast, 2019 - 2026.
Power Rental Market Size, Share and Industry Analysis By Rating (Below 75 KVA, 75 – 375 KVA, 375 – 750 KVA, Above 750 KVA), By Fuel Type (Diesel, Natural Gas and LPG, Others), By Application (Continuous, Stand By, Peak Load), By End-Use (Mining, Construction, Utility, Events, Manufacturing, Oil and Gas, Others) and Geography Forecast, 2019 - 2026
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