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Generator Sales Market Size, Share & COVID-19 Impact Analysis, By Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA), By Fuel Type (Diesel, Gas, and Others), By Application (Continuous Load, Peak Load, and Stand By Load), By End User (Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Telecom, Utility, and Others), and Regional Forecast, 2021-2028

Region : Global | Format: PDF | Report ID: FBI100492

 

KEY MARKET INSIGHTS

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The global generator sales market size was USD 24.76 billion in 2020. The market is projected to grow from USD 26.06 billion in 2021 to USD 38.95 billion in 2028 at a CAGR of 5.9% in the 2021-2028 period. The global impact of COVID-19 has been unmatched and staggering, with the market witnessing a negative demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a decline of -9.5% in 2020 compared to the average year-on-year growth during 2017-2019.. The rise in CAGR during the forecast period is attributable to this market's demand and growth, returning to pre-pandemic levels once the pandemic is over.


The remarkable development in industrialization has led to increasing power demand. The requirement of uninterrupted power demand and peak and continuous power requirement has made generators a piece of vital equipment industrially and residentially. Generators are machines used to convert mechanical energy to provide optimum electrical power for various uses. A generator unit contains multiple components such as engine, fuel system, alternator, main assembly, cooling & exhaust system, and others to create and manage current effectively.


COVID-19 IMPACT


Sudden Industrial Shutdowns to Hinder Deployment of Generators for End-Use Industries during COVID-19 Pandemic


The sudden outbreak of the novel coronavirus has significantly impaired industrial operations across the globe. The number of affected cases has witnessed a constant rise pushing different nations to adopt numerous combat measures such as national lockdowns and social distancing. Consequently, the shutdown of industrial operations has substantially affected the market due to this global pandemic.


The growing hesitations in investment for new projects, limitations in cross-border trade, shortfalls in required capitals, preventive government measures reducing the workforce, and many other factors have adversely impacted the industry growth. For instance, in May 2020, the International Energy Agency (IEA) stated that the global investment in the oil & gas industry is projected to fall by about 33% in 2020 compared to the preceding year due to the weakened demand caused by the COVID-19 pandemic.


LATEST TRENDS


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Growing Rural Electrification Programs to Boost Market


A large percentage of the world population still lives rural areas where access to the main grid is limited. The World Bank reported in July 2020 that only 89.6% of the global population had access to electricity until 2018. Additionally, an estimated 97.23% of the urban population has widespread electricity access, as opposed to only 82.04% of people in rural areas. Across several countries, federal administrations have undertaken initiatives to expand rural electrification. Citing an example, the Deendayal Upadhyaya Gram Jyoti Yojana in India and the Integrated National Electrification Programme in South Africa are aimed to deliver a uninterrupted power to rural as well as urban areas.


Growing Concerns to Mitigate Operational Risks Due to Power Outages to Favor Growth


Various natural calamities or machine errors leave residential, commercial, and industrial operations vulnerable to perform daily tasks owing to a power outage efficiently. For instance, in June 2019, around 48 million Latin Americans faced a blackout when an electricity grid failed in Argentina. The unprecedented power loss was observed over various nations in the region, such as Brazil, Mexico, Peru, Chile, Uruguay, and Paraguay. Accordingly, different government and private establishments are widely developing energy storage technologies to diminish such problems. The wide adoption of energy storage will aid in enduring erratic conditions.


DRIVING FACTORS


Rapid Industrialization & Growing Construction Expenditure to Augment Market Growth


The growing investments in developing new advanced industrial sector establishments, along with up-gradation of the prevailing setups, are expected to drive the growth of this market. Additionally, the increasing national construction spendings to build energy-efficient infrastructures boost the demand for generators. For instance, the U.S. Census Bureau reported in August 2020 that the expenditure on public buildings across the country totaled about USD 353.3 billion in June 2020 from USD 332.8 billion in 2019. This is expected to bolster the generator sales market growth.


Rising Exploration & Production of Oil & Gas to Promote Growth


Both developed and developing countries are experiencing a steady rise in power demand. These trends have led to increased investments in the production of hydrocarbons from bulk conventional and unconventional reserves. Highlighting an instance, as per the 2020 BP Statistical Review of World Energy, the overlal primary energy consumption reached 583.9 exajoules in 2019, up from 576.23 exajoules from the previous year. These factors will work in favor of the market expansion.


RESTRAINING FACTORS


Growing Clean Energy Adoption May Hinder Market Growth


Stringent clean energy deployment targets provided by numerous regional administrations and organizations to curb greenhouse gas emissions may hinder market growth. Different nations are bound to abide by stringent regulations to integrate low carbon generation technologies to lower carbon footprint. This may lead to weakening the potential for generator installation across the globe. Furthermore, the growing investments to transform the grid infrastructure and reinforce the transmission & distribution (T&D) lines may pose some problems for product adoption.


SEGMENTATION


By Power Rating Analysis


Below 750 kVA Segment is Projected to Experience Significant Growth


By power rating, the market for Generator Sales is classified into above 750 kVA, 375-750 kVA, 75-375 kVA, and below 75 kVA. Rapid development of residential and commercial infrastructure in remote areas will boost the below75 kVA segment.


75-375 kVA gensets find wide application in manufacturing plants, commercial structures, and data centers. The growing expansion of industries in remote locations and the need for continuous working hours will drive the 375-750 kVA segment forward. The frequent introduction of new generators with enhanced fuel efficiency and power output will propel the growth of above 750 kVA segment.


By Fuel Type Analysis


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Diesel Generators to Hold Highest Position


By fuel type, the market is broken down into gas, diesel, and others based on fuel type. The diesel segment is anticipated to account for the maximum portion globally due to its reliable operations, significantly high efficiency, lower maintenance costs, high load operations, and other factors.


The lower discharge of harmful gases such as nitrogen and sulfur, along with cost-convenient operations, is set to favor the growth of gas-based generator units. The others segment includes gensets working on fuel oil, gasoline, wood gas, and biofuel. Their low efficiency has hindered their growth, but the increasing environmental conscience among consumers is anticipated to propel demand in the projected period.


By Application Analysis


Rising use in Heavy-Duty Applications to Propel the Continuous Load Segment Demand


Based on application, the market is segregated into peak load, continuous load, and standby. The growing need to install sturdy backup power units to combat sudden blackouts or power cuts fosters the standby segment outlook.


The continuous segment is projected to hold a significant generator sales market share in the global market owing to the growing setup of high-power applications in distant places without grid connectivity.


By End User Analysis


Rising Investments across Numerous Industrial Segments is Anticipated to Boost the End User Segment


The market can be segregated based on end-users into manufacturing, pharmaceuticals, construction, oil & gas, mining, commercial, marine, residential, telecom, utility, etc. The residential segment holds a dominant market share owing to the increasing demand for consistent power back up and increased urbanization. The growing trend of work-from-home is a major driving factor for the market. Generally, standby type gensets of low power rating are chosen for this segment.


The oil & gas sector will account for a lion’s share among various industries due to the growing funds for the exploration of large-scale oil and gas reservoirs and discover new assets. The industrial segment is expected to boost generator sales owing to rapid industrialization.


The rising construction costs by countries to establish advanced buildings is likely to favor the growth of the construction segment. The continuous requirement for different minerals and metals to fabricate products for various industries is expected to augment demand across mining sector. The growing reach of tele-communication lines needing new telecom stations is projected to boost the telecom segment landscape. The manufacturing segment growth is favored by the demand for continuous power supply required for the efficient functioning of heavy machinery and equipment.


REGIONAL INSIGHTS


The market has been assessed across five major regions, including North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. Asia Pacific stood at USD 7.91 billion in 2020 and is anticipated to hold the most significant global generator sales market share in terms of revenue due to various economies in the transition phases. The regional growth will be driven by rapid infrastructure development, urbanization, and industrialization across South Korea, China, and India.


North America will record robust growth over 2021-2028 led by the increasing private and government investments for the development of industry verticals in the U.S. and Canada. In addition, tightening regulations to advance building energy security and the presence of major market players will drive the regional market.


Abundant availability of bulk oil & gas reserves along with the easy availability of various high-value minerals and metals will propel the market in the Middle East & Africa. In addition, the region will also witness growth owing to the rising construction sector and expansion of tourism sector.


KEY INDUSTRY PLAYERS


Rolls-Royce Enhancing its Collaboration with Other Players to Deliver High Power Products


The industry has observed many product manufacturers delivering units with different power rating applications at the global and regional levels. This market has observed numerous small and large participants with well-established production lines to cater to specific end-user industry requirements. Furthermore, the companies are increasingly focusing on integrating with other key players to strengthen their foothold and outline the competitive landscape.


For instance, in July 2021, Rolls Royce announced the delivery of its generator to the newly-renovated Testbed 108 in Bristol, UK, from the Rolls-Royce facility in Trondheim, Norway. It will form part of the 2.5 MW Power Generation System 1 (PGS1) demonstrator program for future regional aircraft.


LIST OF KEY MARKET PLAYERS PROFILED:



  • Rolls-Royce (U.K.)

  • Caterpillar Inc. (U.S.)

  • Atlas Copco (Sweden)

  • MAN Energy Solutions (Germany)

  • Zwart Techniek (Netherlands)

  • Cummins Inc. (U.S.)

  • Wacker Neuson (Germany)

  • Himoinsa (Spain)

  • Kohler-SDMO (France)

  • Inmesol S.L.U. (Spain)

  • Aggreko (U.K.)

  • Daihatsu Diesel Mfg. Co., Ltd. (Japan)

  • Ingersoll Rand (U.S.)

  • Wartsila (Finland)

  • American Honda Motor Company, Inc. (U.S.)

  • JCB (U.K.)

  • Generac Power Systems (U.S.)

  • Perfect Gas Generator (India)

  • FG Wilson (U.K.)

  • Endress Elektrogerätebau GmbH (Germany)

  • PRAMAC (Italy)

  • John Deere (U.S.)

  • Yanmar (Japan)

  • Kirloskar Electric Co. Ltd. (India)

  • Briggs & Straton (U.S.)

  • Manlift Group (UAE)

  • HiPower Systems (U.S.)

  • BGG UK (U.K.)

  • American Honda Motor Company, Inc. (U.S.)


KEY INDUSTRY DEVELOPMENTS:



  • May 2021 – Kohler-SDMO launched an M139 generator canopy, which provides anti-corrosion performance, making it suitable for harsh outdoor environments in markets such as Africa and the Middle East. The M139 incorporates powers from 165 kVA to 250 kVA.

  • July 2020 – Honda Power Equipment introduced an innovative carbon monoxide (CO) detector system known as CO-MINDER across its generator line-up. The company aims to integrate advanced technology with its portable units to prevent CO poisoning among its users.


REPORT COVERAGE


An Infographic Representation of Generator Sales Market

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The market report on generator sales provides a detailed analysis of the market. It focuses on critical aspects such as the leading companies' strategies and various segments consisting of power rating, application, end-user, and fuel type. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, several other factors that have contributed to the growth of the market over recent years have been covered by the study.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2017-2028



Base Year



2020



Estimated Year



 2021



Forecast Period



2021-2028



Historical Period



2017-2019



Unit



Value (USD Billion)



Segmentation



By Power Rating; By Fuel Type; By Application; By End-user; and By Region



Segmentation



By Power Rating



  • Below 75 kVA

  • 75-375 kVA

  • 375-750 kVA

  • Above 750 Kva



By Fuel Type



  • Diesel

  • Gas

  • Others



By Application



  • Continuous Load

  • Peak Load

  • Standby Load



By End-user



  • Mining

  • Oil & Gas

  • Construction

  • Residential

  • Marine

  • Manufacturing

  • Pharmaceuticals

  • Commercial

  • Telecom

  • Utility

  • Others



By Region



  • North America (By Power Rating, By Fuel Type, By Application, By End-User, By Country)

    • US (By Fuel Type)

    • Canada (By Fuel Type)



  • Europe (By Power Rating, By Fuel Type, By Application, By End-User, By Country)

    • UK (By Fuel Type)

    • Germany (By Fuel Type)

    • France (By Fuel Type)

    • Italy (By Fuel Type)

    • Spain (By Fuel Type)

    • Russia (By Fuel Type)

    • Rest of Europe (By Fuel Type)



  • Asia Pacific (By Power Rating, By Fuel Type, By Application, By End-User, By Country)

    • China (By Fuel Type)

    • India (By Fuel Type)

    • Japan (By Fuel Type)

    • Australia (By Fuel Type)

    • Southeast Asia (By Fuel Type)

    • Rest of Asia Pacific (By Fuel Type)



  • Latin America (By Power Rating, By Fuel Type, By Application, By End-User, By Country)

    • Brazil (By Fuel Type)

    • Mexico (By Fuel Type)

    • Argentina (By Fuel Type)

    • Rest of Latin America (By Fuel Type)



  • The Middle East & Africa (By Power Rating, By Fuel Type, By Application, By End-User, By Country)

    • GCC (By Fuel Type)

    • South Africa (By Fuel Type)

    • Egypt (By Fuel Type)

    • Rest of Middle East & Africa (By Fuel Type)





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 24.76 billion in 2020 and is projected to reach USD 38.95 billion by 2028.

In 2020, the Asia Pacific market stood at USD 7.91 billion.

Registering a CAGR of 5.9%, the market will exhibit steady growth during the forecast period (2021-2028).

The above 750 kVA segment is projected to account for a significant share in this market during the forecast period.

The growing seaborne trades, the increasing spending on infrastructure development, and the rising mining activities are key aspects driving the market growth.

Rolls-Royce, Caterpillar Inc., Yanmar, Atlas Copco, and Cummins Inc., among others, are the key players operating across the industry.

Asia Pacific dominated the market in terms of share in 2020.

The increasing need for a reliable power source to maintain operational continuity and the discovery of new high-capacity reservoirs is set to boost the installation of the products across oil & gas operations.

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