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Increasing demand for uninterrupted power supply from various end-users under the category of residential, commercial, and industrial sectors. Major sub-categories recording a high growth in demand for reliable power supply are Retail establishments, Commercial offices, IT & Telecom, Healthcare, Hotels, Construction, Manufacturing, Mining, Oil & Gas, and Others. The global generator market is growing at a CAGR of 6.1% during the forecast period 2023-2027.
The market growth is highly attributed to rapid urbanization in developing economies with rising GDPs. While increasing in a number of power failures and power outages demands for power backup devices. Despite intensive investments in utilities to enhance grid visibility out onto the automating of distribution and transmission equipment and distribution network, power outages are still challenging the uninterrupted workflow, sometimes costing a huge amount of loss in various terms. For instance, as per the studies, 3,526 outage events affected ~37 million people, and the problem is compounded by rising costs of power outages, especially in the industrial and commercial sectors. It was estimated that the cost per minute of a power outage at the US Data Centre has increased from $5,617 in the year 2010 to $8,851 in the year 2016. Also, in a survey from S&C, 18% of companies experienced a loss of near to $100,000 due to their worst power outage.
The development of data centers in various regions owing to substantial growth in data generation further led to the demand for generators across the regions. Cloud services expenditure witnessed a record high in Q1 2020, businesses are increasingly dependent on varied digital services with penetration of technologies such as machine learning, AI, and others in the data-driven world.
The global generator industry is segmented on the basis of type, power rating, mobility, fuel type, application, and end-user. These segments are further categorized into various segments to study the market in detail.
By Power Rating
By Fuel Type
This market research study report studies the global generator market size in key regions like North America, Europe, Asia Pacific, Middle East & Africa, and South America.
As per the regional analysis, the Asia Pacific Generator Industry is the fastest and largest growing marketplace owing to substantial demand for power products in India and China. The high economic growth of these developing nations led to the growth in demand for power generation equipment such as generators and others. Along with consumer-based demand, support from the regional governments to boost industrial growth has made the region a lucrative marketplace for various manufacturers, which in turn boosts the demand for generators over the forecast period.
Briggs & Stratton, Caterpillar, Cummins, Escorts Group, Generac Power Systems, Inc., Himoinsa, Mitsubishi Heavy Industries, MQ Power, Mahindra Powerol, Kirloskar Oil Engines Limited, Kohler, Powerica Limited, SDMO Industries, Siemens, Sterling & Wilson, Trane Technologies plc, Yamaha Motor Pvt, Ltd., Yanmar, Wacker Neuson, Wartsila, and Weichai Group among others are some key players included in the research study of the global generator market. Companies are adopting various competitive strategies to acquire a significant shares in the global marketplace. Some of the key strategies are product launch, partnership, collaboration, joint venture and mergers, and acquisitions among others. For instance, in September 2020, Himoinsa announced the launch of the HS Stationary Range, this generator set has a versatile and modular design available in the range of 10 to 50 kVA, at 50Hz and 60Hz. The company has unveiled three different canopy sizes to house the various models based on their power generation capacity. In April 2018, Mahindra Powerol launched a new range of higher voltage DG sets the range of 400/500/625 kVA powered by Perkins 2000 series engines with 12.5 liters to 18 liters of Perkins engines; with this product launch, the company now have gensets ranging from 5kVA to 625kVA, giving opportunity for them to grow in novel segments with innovative offerings in the world-class range of gensets for customers.