According to a new market report published by Credence Research “Global Generator Market Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023, the Global Generator Market is expected to reach US$ 25.6 Bn by 2023″, expanding at a CAGR of 4.9% during the forecast period 2016 to 2023.
[Note: Our Free Complimentary Sample Report Accommodate a Brief Introduction To The Synopsis, TOC, List of Tables and Figures, Competitive Landscape and Geographic Segmentation, Innovation and Future Developments Based on Research Methodology are also Included]
Generator refers to a system that transforms mechanical energy into electrical energy. This uses a variety of fuel sources, such as oil, diesel and coal, as fuel for the internal combustion engine. Generators are commonly used as a source of backup power in various industries, commercial installations and residential buildings.
The generator market is expected to gain momentum with increasing demand for uninterrupted power supply during power grid downtime. Operations of commercial establishments such as malls, data centers, hospitals, building are highly dependent on the supply of electricity. Growing power outage due to lack of power generation and maintenance activities affecting the business operations of commercial installations, which in turn influence commercial installations to use generators as a backup source. Therefore, the market for power backup equipment, such as generators, is fuelled. In addition, there is a growing gap between power generation and power supply resulting in a power outage which, in turn, is expected to increase the demand for generators over the forecast period.
In addition, increasing power cuts and voltage fluctuations adversely affect the operation of industries, which in turn influence industries to implement reliable power backup equipment such as generators to minimize their downtime due to power loss. It, in effect, is expected to increase demand for generators over the forecast period (2016-2023). Nonetheless, high procurement costs and increased use of renewable energy sources such as solar, wind and favorable regulatory policies for the use of renewable energy sources are expected to impede the growth of the generator market during the forecast period (2016-2023).
Global generator market is segmented on the basis of fuel type, power rating, end use and geography. By fuel type, diesel generator segment is projected to be the most dominant segment with due to low acquisition and operational cost. On the basis of power rating, 350-1000 kVA is expected to be the fastest growing segment. Growing power requirement from various industrial is anticipated to augment the growth of the segment during the forecast period. By End use, industrial segment is anticipated to be the fastest growing segment due to rapid growth of industries in emerging economies especially Brazil, China, India and Mexico is expected to fuel the growth of the segment over the forecast period (2016-2023).
The key players accounts for major share of the global generator market. Major players are focusing on increasing their market penetration through mergers and acquisitions along with development of new products.
Overall, global generator market is projected to register steady growth over the forecast period (2016-2023).
Merger & Acquisition
New product development
Joint ventures and agreements
Investment in research and development