The COVID-19 outbreak has negatively impacted the global economy, as the activities of various industries have come to a halt. Because of a decline in demand for electricity post-COVID-19, companies are struggling with many challenges in the power generation market.
Business Review
In its research report, Market Research Future (MRFR), emphasizes that the global generator sales market for generators 2020 is projected to rise exponentially over the forecast period, thereby ensuring significant market valuation and a healthy 6.2% CAGR over the review period.
Drivers and Restraints
Due to facts such as industrialization and urbanization, growing demand for power backup systems, long power cuts over peak hours and the need for continuous power supply, the global generator sales market is expanding. The oil & gas industry for example requires power to work effectively across the value chain. Therefore they allow power generators such that generators with high power generation capacity may meet the demand for power in the event of any load shedding or power cut. In addition to this, the commercial buildings also require large-scale generators to provide the power supply at all times. Generator sales relate directly to increased power demand, either on small scale or large scale.
In addition, industries such as construction , manufacturing, tourism, and services have fully stopped operations which have had a drastic effect on the global sales market for generators. Most companies in the supply chain for the generator sales have seized operations to ensure employee safety. Many businesses, however, work at minimum capacity to sustain essential sectors, such as infrastructure and manufacturing. Numerous utilities across the globe are dependent on power generators. As demand for electricity has decreased globally, demand for new generators has decreased as well.
Segmental Analysis
Sales market for generators is segmented by size , power, portability, end-use, and area. The market is further segmented according to form as continuous, standby, and peak shave. Of these, the Continuous segment holds the largest market share due to increased 24×7 power demand. The sales market for generators is listed, based on power, as diesel and gas. Due to their capacity to produce large quantities of electricity, and easy fuel availability, diesel generators dominate the market size. Gas generators will dominate the sales market for generators over the forecast period, however, as they are environmentally friendly and the diesel prices are rapidly rising. The distribution market for generators is segmented as stationary and portable, dependent on portability. Portable generators are anticipated to gain a higher number of customers as short-term projects increase and the rental market for generators becomes stronger. The market is classified, based on end-use, as commercial, residential, and industrial. Industrial sector holds the largest market share, as the developing countries are increasing in the industrial sector.
Regional Evaluation
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The global market geographic overview was conducted in four major regions including Asia Pacific , North America, Europe and the rest of the world. Over the forecast period, the generator sales market is projected to rise phenomenally due to the rising economies’ increased demand for power and increased industrialisation. Asia Pacific area accounts for the largest market share on the generator sales industry, largely due to the recent rapid growth in the manufacturing sector. Within the Asia Pacific, regions such as India and China have contributed significantly to the development of the generator sales market with rapid commercial and industrial development. In the generator sales market, the Middle East region is projected to follow Asia Pacific Region, owing to increased smart city projects and increased oil & gas industry activities.
Competitive Scenario
- Cummins (U.S.)
- Caterpillar (U.S.)
- Rolls-Royce (UK)
- Mitsubishi (Japan)
- Kohler (U.S.). MTU Onsite Energy (Germany)
- Yanmar (Japan)
- Himoinsa S.L. (Spain)
- General Electric (U.S.)
- Wartsila (Finland)
- Siemens AG (Germany)
- Schneider Electric (France)
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