According to the Astute Analytica study on the global Generator Market registering a remarkable compound annual growth rate (CAGR) of ~6% from 2022 to 2027
The segmentation section of the report focuses on every segment, along with highlighting the ones having a strong impact on the global Generator Market. The segmentation served as the foundation for finding businesses and examining their financial standings, product portfolios, and future growth potential. The second step entailed evaluating the core competencies and market shares of top firms in order to predict the degree of competition. A bottom-up method was used to assess the market’s overall size.
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Diesel segment to Make Crucial Contribution to Growth of Global Generator Market
By fuel type, the diesel segment is expected to be the largest contributor to the generator sales market during the forecast period.
The report segments the generator sales market, by fuel type, into diesel, natural gas, and others. The diesel segment is expected to hold the largest market share by 2028 because of its wide use in the manufacturing, healthcare, oil & gas, marine, and IT/telecom sectors. Moreover, the easy availability of fuel, ease of storage, ease of transportation, and quick response to load changes are some of the factors that are expected to drive the diesel generator segment. However, to reduce emissions, developed countries such as the US, Canada, the UK, Germany, France, the Netherlands, and Japan are rapidly adopting natural gas-based power generation technologies due to which the gas generators sales market is expected to grow at a faster pace during the forecast period.
The industrial segment is expected to hold the largest market share during the forecast period. The generator sales market has been segmented, on the basis of end-user, into residential, commercial, and industrial. The industrial end-user segment is expected to grow at the highest CAGR during the forecast period. The key factor driving the market is favorable government policies for the growth of industries in various countries such as Mexico, China, Brazil, and India. The growth of the oil & gas sector in China, Mexico, Canada, and African countries is also fueling the demand for generators in the industrial end-user segment.
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Rising demand for power products in China and India to Benefit Asia Pacific Market
The Asia Pacific is expected to account for the largest market size during the forecast period. Asia Pacific is expected to be the largest and fastest-growing market due to the high demand for power products in China and India. The high economic growth rate of China has led to an increase in the demand for power generation equipment such as diesel and gas generators in the country. New policy reforms in India to support the growth of industries have made the country a very lucrative market for OEM manufacturers. This is also likely to create a huge demand for generators in the region.
Players to Focus on Expanding Applications in Global Generator Market
The major players in the generator sales market are Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US). Between 2019 and 2028, the companies adopted growth strategies such as new product launches, contracts & agreements, mergers & acquisitions, and expansions to capture a larger share of the generator sales market.
Scope of the Report
By Fuel Type
- Diesel
- Natural Gas
- Others (LPG, propane, and bio-diesel)
By Application
- Standby
- Prime & Continuous
- Peak Shaving
By End-User
- Industrial
- Commercial
- Residential
By power rating
- Below 100 kVA
- 100-350 kVA
- 350-1,000 kVA
- 1,000-2,500 kVA
- 2,500-5,000 kVA
- Above 5,000 kVA
By Region
- North America
- Europe
- Asia Pacific
- SAMEA
Key Reasons to Purchase this Report
- It provides a technological development map over time to understand the growth rate of the industry.
2. The report offers a dynamic method to various factors that drive or restrain the growth of the market.
3. It renders a definite analysis for changing competitive dynamics.
4. It builds a seven-year estimate based on how the market is predicted to grow.
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