Generator Sales Market to reach USD 28.5 billion by 2027 - Report by Market Research Future (MRFR)
New York, June 22, 2021 (GLOBE NEWSWIRE) -- Generator Sales Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Generator Sales Market Research Report, Type, Fuel, End-use, Portability and Region - Forecast till 2027” The global generator sales market is projected to reach USD 28.5 billion by 2027 from an estimated USD 21 billion in 2021, at a CAGR of 6.2%
Market Analysis
The global generator sales market is growing as a result of factors such as industrialization and urbanization, rising need for power backup systems, longer power outages during peak hours, and the necessity for uninterrupted power supply. For example, the oil and gas industry require power to work efficiently across the value chain. As a result, they require power generators to ensure that, in the event of a load shedding or power outage, generators with high power generating capacity can supply the demand for power. Siemens manufactures a wide range of generators capable of generating up to 5 MW of power. Along with this, commercial buildings require large-scale generators to ensure a continuous power supply. Generator sales are directly related to growing power demand, whether on a small or large scale.
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List of Key Companies Profiles in the Generator Sales Market Research Report are-
- Caterpillar (U.S.)
- Cummins (U.S.)
- Rolls-Royce (UK)
- Mitsubishi (Japan)
- Yanmar (Japan)
- Kohler (U.S.)
- MTU Onsite Energy (Germany)
- Himoinsa S.L. (Spain)
- Siemens AG (Germany)
- General Electric (U.S.)
- Wartsila (Finland)
- Schneider Electric (France)
COVID-19 Impact on the Global Generator Sales Market
The COVID-19 pandemic has had a devastating impact on the world economy, bringing numerous sectors to a halt. Companies in the power generation sector are facing a number of issues as a result of a drop in electricity consumption following COVID-19. Furthermore, businesses such as construction, manufacturing, tourism, and services have entirely ceased operations, having a significant impact on the global generator sales market. Most companies in the generator sales supply chain have halted operations to safeguard employee safety. However, several businesses are running at half-capacity to support critical industries like utilities and manufacturing. Many utilities throughout the world rely on generators for power supply. As the global demand for electricity has decreased, so has the demand for new generators.
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Furthermore, since the demand for electricity has decreased, revenue production for many utilities around the world has decreased. Furthermore, utilities in developing countries that still rely on manual meter readings to generate monthly bills are projected to suffer revenue collection losses during the lockdown period. During this period, revenue collection in these countries will fall, having a severe economic impact. Furthermore, several government entities around the world are waiving electricity charges for a large number of households in order to alleviate the financial impact on households. For example, the Thai government stated in April 2020 that power rates for 22 million households would be waived off in order to lessen the financial impact on citizens. This has been highly beneficial to Thai citizens, whose per capita income levels have plummeted significantly as a result of the pandemic. The drop in electricity demand has had a direct impact on the demand for generators. However, as economies aim to resume operations in order to gradually increase revenue generation, demand for generators is likely to resume its average growth rate by late 2021.
Market Segmentation
The global generator sales market has been segmented on the basis of type, fuel, portability, and end-use.
Based on type, the global generator sales market has been segmented into continuous, standby, and peak shave. Amongst these, the continuous segment holds the biggest market share due to the increasing demand for power that is available 24x7.
Based on fuel, the global generator sales market has been segmented into diesel and gas. Diesel generators dominate the market due to their ability to generate a large amount of power and the ease with which fuel can be obtained. However, due to their environmental friendliness and the rapid rise in diesel prices, gas generators are likely to dominate the generator sales market over the projection period.
Based on portability, the global generator sales market has been segmented into stationary and portable. Portable generators are projected to gain a higher number of customers owing to increasing short-term projects and the generator rental market becoming stronger.
Based on end-use, the global generator sales market has been segmented into residential, commercial and industrial. The industrial segment holds the biggest market share as there is an increase in the industrial sector from the developing countries.
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Regional Analysis
Region-wise, the global generator sales market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific region has the greatest market share in the generator sales market, owing to recent rapid growth in the manufacturing sector. With increasing commercial operations and industrial expansion, Asia Pacific regions such as India and China have been important contributors to the expansion of the generator sales industry. Due to rising smart city projects and increased activity from the oil and gas industry, the Middle East region is predicted to trail the Asia Pacific region in the generator sales market.
Information by Type (Continuous, Stand By and Peak Shave), by Fuel (Diesel and Gas), by End-use (Residential, Commercial and Industrial), by Portability (Stationary and Portable), and Region.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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