“The generator sales market is projected to grow at a CAGR of 5.41%, from 2018 to 2023.”
The generator sales market is estimated to reach USD 20.93 billion in 2018 and USD 27.24 billion by 2023, at a CAGR of 5.41%, from 2018 to 2023. Generators can be used in standby, prime, continuous, and peak shaving applications in various end-use sectors such as industrial, commercial, and residential. The main driver for the generator sales market is the growing demand for uninterrupted and reliable power supply as some of the best power grids are also subject to downtime. The growth of healthcare infrastructure, rising demand for IT infrastructure management, and rapid urbanization in developing countries is also expected to drive the generator sales market during the forecast period. The increasing adoption of energy storage technologies and significant investments in modernizing/upgrading existing transmission and distribution infrastructure can act as restraints for the generator sales market.
“The industrial segment is expected to grow at the highest CAGR from 2018 to 2023.”
Based on the end-users of generators, the industrial end-user segment is estimated to be the fastest-growing market from 2018 to 2023. The segment includes the utility/power generation, oil & gas, and other industries such as mining, marine, chemicals, military, and manufacturing. Growth of the industrial sector in Asia Pacific and the Middle East & Africa is expected to drive the generator sales market.
“The standby segment is expected to be the largest market during the forecast period.”
Based on application, the standby segment is estimated to be the largest market during the forecast period. Standby power generators are used in applications where regular power supply is necessary to carry out operations. The primary function of these generators is to supply emergency power for a limited duration during power outages. Growth of the commercial sector in Asia Pacific and North America is expected to drive the generator sales market.
“The market in Asia Pacific is expected to grow at the highest CAGR from 2018 to 2023.”
Asia Pacific is currently the largest market for generators sales, followed by North America and the Middle East & Africa. China accounted for the maximum share of the market in Asia Pacific in 2017. India is projected to grow at the highest CAGR, from 2018 to 2023. Growth of the industrial and commercial sectors in countries such as China, India, South Korea, Bangladesh, and Taiwan is expected to drive the generator sales market in Asia Pacific.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 40%, Tier 2- 32%, Tier 3- 28%
By Designation: C-Level- 40%, Manager Level- 30%, Others- 30%
By Region: North America- 35%, Asia Pacific- 24%, Europe- 21%, Middle East & Africa- 11%, South America- 9%
Note: The tier of the companies has been defined based on their total revenue, as of 2016: Tier 1 = >USD 5 billion, Tier 2 = > USD 0.5 billion to USD 1 billion, and Tier 3 =
Source: Industry Experts and MarketsandMarkets Analysis
The leading players in this industry have been profiled with their recent developments and other strategic activities. These include Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US).
From an insight perspective, this research report has focused on various levels of analyses, namely industry analysis (industry trends), market share analysis of the top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape, emerging and high-growth segments of the generator sales market, high-growth regions, and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
• Market Penetration: Comprehensive information on products and integrated solutions and services offered by the top players in the global generator sales market
• Product Development/Innovation: Detailed insights on upcoming technologies, research and development activities, and new product launches in the generator sales market
• Market Development: Comprehensive information about lucrative emerging markets; the report analyzes the markets for generators sales across regions
• Market Diversification: Exhaustive information about new products, untapped regions, recent developments, and investments in the global generator sales market