24/7 Customer Support
Increasing demand of 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 of 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% during the forecast period 2021-2027.
The market growth is highly attributed to rapid urbanization in developing economies with rising GDPs. While, increasing in number of power failure and power outages demands for power backup devices. Despite of 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 work flow, 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 are compounded by rising costs of power outages, especially in the industrial and commercial sectors. It was estimated that the cost of 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 centres in various regions owing to substantial growth in data generation further led the demand of 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.
Segmentation Overview of the Global Generator Market
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
By End User
Regional Overview of the Global Generator Market
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. 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-base demand, support from the regional governments to boost the industrial growth have made the region a lucrative marketplace for various manufacturers, which in turn boost the demand of 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 significant share in the global marketplace. Some of the key strategies are product launch, partnership, collaboration, join venture and mergers and acquisitions among others. For instance, in September 2020, Himoinsa announced the launch of 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. Company havs 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 range of 400/500/625 kVA powered by Perkins 2000 series engines with 12.5 litre to 18 litre of Perkins engines; with this product launch, 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.