PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1300943
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1300943
The global generator sales market is estimated to grow from USD 23.1 Billion in 2023 to USD 34.5 Billion by 2030; it is expected to record a CAGR of 5.9% during the forecast period. The growing demand for uninterrupted and reliable power supply worldwide is driving the growth for the market.
"Standby: The largest segment of the generator sales market, by application"
Based on application, the Generator sales market has been split into three types standby, peak shaving, and prime & continuous. There is a high demand for Standby power generators across various industries as there is a need for emergency power for a limited time during blackouts and brownouts. Commercial buildings, such as hospitals, data centers, telecom infrastructure, office buildings, and others, require emergency power. Demand for standby generators is surging amid an increase in extreme weather events and associated power outages.
"Industrial segment is the largest segment based on end-use industry"
By end- use industry, the Generator sales market has been segmented into industrial, commercial, and residential. Industrial includes various sectors, including utilities/power generation, oil & gas, chemicals & petrochemicals, metals & mining, manufacturing, marine, construction, and other industries such as agriculture, transportation, and aerospace & defense. Industrial generators play a crucial role in maintaining a consistent power supply, particularly in situations where the grid system is unreliable, ensuring efficient performance of equipment. Generators are used for essential functions such as pumps, fans, hydraulic units, battery chargers, and other critical functions in power plants when power from the main grid is lost. The transition from coal-fired power plants to gas-fired power plants is growing to reduce greenhouse gas emissions. Natural gas is projected to replace coal as the second most used fuel, driving up demand for gas generator sets due to its low cost and increasing demand..
Asia Pacific is expected to be the second fastest-growing region in the generator sales market
Asia Pacific is expected to be the second fastest-growing Generator sales market during the forecast period The generator sales market in the Asia Pacific region is expected to experience robust growth, driven by the rapid pace of industrialization, widespread adoption of energy storage technologies, and substantial investments in upgrading the existing transmission and distribution (T&D) infrastructure. These factors are set to create favorable conditions for the expansion of the generator sales market, supporting increased demand and market opportunities.
By Company Type: Tier 1- 35%, Tier 2- 45%, and Tier 3- 20%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 40%, Asia Pacific- 30%, Europe- 20%, the Middle East & Africa- 5%, and South America- 5%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The Generator sales market is dominated by a few major players that have a wide regional presence. The leading players in the generator sales market are Caterpillar Inc. (US), Cummins Inc. (US), Rolls-Royce Holdings plc (UK), Generac Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan).
The report defines, describes, and forecasts the global Generator salesmarket, by component, power source, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Generator sales market.
Key Benefits of Buying the Report