Global Generator Sales Industry Expected To Hit $28.6 Billion By 2027 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Generator Sales Market by Fuel Type (Diesel, Gas), Power Rating (up to 50kW, 51-280kW, 281-500kW, 501-2000kW, 2001-3500kW , above 3,500 kW), Application (Standby, Continuous), End User, Design, Sales Channel, Region – Global Forecast to 2027” report has been added to from ResearchAndMarkets.com offer.

The generator sales market is expected to grow from approximately USD 21.6 billion in 2022 to USD 28.6 billion in 2027, at a CAGR of 5.8% during the forecast period.

Industrial segment, by end-user, is expected to be the largest market from 2022 to 2027

The end user segment is categorized as industrial, commercial and residential. The industrial segment held the largest share of the generator sales market. The industrial end-user segment is witnessing high demand for diesel and gas generators, especially in developing countries. The growth of this segment is attributed to the increase in demand from mining, marine, chemical, military and manufacturing industries. Industrial generators provide continuous electricity in the event of a grid system power failure. The growth of the industrial segment is mainly driven by the growing demand for distributed power generation in Asia-Pacific and the oil and gas boom in North America.

The indirect sales channel is expected to become the largest segment based on the sales channel

Indirect sales channels such as OEMs, third-party service providers purchase generators and equipment from manufacturers and provide services to different end users. With most generators used for backup power, it is important that they are in working order when needed, especially during a power outage. This is why the distribution/sales network and service play the most important role in the customer’s decision-making process. The companies are focusing on expanding their distribution and service network, which is driving the market for generator sales. Improved product reach and preference for purchasing generators through indirect sales channels also provide ample opportunities to drive market growth. Thus, the indirect sales channel is expected to become the largest growing market.

Asia-Pacific: Largest generator sales market

Asia-Pacific is expected to dominate the global generator sales market between 2022 and 2027, followed by North America and Europe. The Asia-Pacific generator sales market is witnessing significant developments in the manufacturing sector due to industrialization, which has supported the demand for generators in countries in the region.

Rising investment in LNG, chemicals and mining along with growing domestic manufacturing sector is fueling the growth of gensets in countries such as China, India, South Korea, Bangladesh and Vietnam. The booming data center industry in Asia Pacific will continue to drive the demand for diesel generators in the region. Rising investment in data centers, especially in China, Australia, Japan and Singapore, is expected to boost the demand for generators.

Market dynamics

Drivers

  • Growing manufacturing sector fuels demand for generators and power generation systems

  • Growing demand for uninterrupted and reliable power supply to drive demand for backup power generation

Constraints

  • Growing adoption of renewable energy sources and energy storage technologies

  • Increase investment to modernize aging T&D infrastructure

  • Increase in operating expenses of diesel generators due to high fuel prices

Opportunities

  • Growing adoption of hybrid generators, dual-fuel generators and inverter generators

  • Electrification of rural areas in developing countries to enable energy self-sufficiency

  • Growing use of distributed power generation systems and integration with renewable energy sources

Challenges

  • Compliance with strict government regulations associated with generators

  • Shortage of raw materials and components and increased manufacturing times for generators

Companies cited

  • ABB

  • Aksa Energy

  • Atlas-Copco

  • Briggs & Stratton

  • caterpillar

  • Cummins

  • Denyo Co.Ltd.

  • Doosan Group

  • Generac

  • Greaves Cotton Limited

  • Honda Electrical Products

  • Kirloskar Oil Engines Ltd. (Koel)

  • Kohler Co.

  • Mitsubishi Heavy Industries, Ltd.

  • Rolls Royce Holdings

  • Siemens Energy

  • Wacker Neuson

  • Weichai Power Co.Ltd.

  • wartsila

  • Yanmar

For more information about this report visit https://www.researchandmarkets.com/r/kfvdko


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