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The Global Generator Sales Market will derive growth from the increasing exploration and production of oil and gas around the world. Fortune Business Insights has recently published a report, titled “Generator Sales Market: Global Market Analysis, Insights, and Forecast, 2019-2026.” It states that the global market was valued at US$ 19.15 Bn in 2018. The report has predicted that the market will reach approximately US$ 29.9 Bn by the end of 2026, thereby exhibiting a CAGR of 5.79% during the forecast period. The report further states that factors, such as growing investments in construction and mining as well as slow-moving grid infrastructure programs are anticipated to contribute to the global generator sales market growth during the forecast period.
Demand for Portable Generators to Increase Due to the Cost-effective Nature of Renting
There has been a trending practice of renting generators across the world. This is one of the factors that is expected to hamper the sales of generator sets. Because of this, key market players in the global market have begun manufacturing portable generators, besides focusing on the production of conventional generator sets. Portable generators also provide several advantages. Small size and reduction in weight to mention a few. It allows them to be easily carried from one place to another without hassle. Portable generators require very less amount of fuel. This has caused industries, such as automotive repair, agriculture, and construction, to prefer portable generators over conventional ones. Moreover, organizations find renting more affordable than purchasing generator sets as most of them need generators for a limited period.
Increasing Infrastructural Development to Favor Growth in Asia Pacific
There has been a rise in the demand for renewable energy across the world. Amongst all the regions, Asia Pacific has emerged dominant in the global generator sales market due rising demand from emerging countries. Fortune Business Insights predicts that this region will retain its position throughout the forecast period. Countries, namely, Malaysia, Indonesia, Japan, India, and China have been witnessing rapid growth of generator market sales. These countries possess huge potential for development in the fields of pharmacy, commerce, marine, and construction. Fortune Business Insights also expects Asia Pacific to continue exhibiting strong growth in the market owing to the persistent economic development in China and India. The Middle East and Africa market is expected to follow Asia Pacific and exhibit notable growth in the forecast period.
Exploration of New Reserves Identified as Key Growth Enabler
According to the report, the oil and gas industry will remain dominant throughout the forecast period in the global market. This will occur because most of the countries around the world consider crude oil as their primary energy source due to its suitability in transportation and other applications in several sectors. Hence, prominent oil and gas companies have begun striving hard to fulfill the unmet demand for hydrocarbon from the ever-increasing population. They have started exploring various reserves, which, in turn, will propel the global generator sales market revenue in the forthcoming years.
Fortune Business Insights has profiled some of the prominent companies operating in the global market. They are Aggreko, Atlas Copco, Wacker Neuson, Cummins Inc., Kirloskar Electric Co. Ltd., FG Wilson, Briggs & Stratton, Caterpillar Inc., MQ Energy Inc., Kohler-SDMO, Honda Siel Power Products Ltd, Yanmar Co., Ltd., Himoinsa, Inmesol S.L, Ingersoll Rand, Rolls-Royce, Wärtsilä, Generac Power Systems, and other key market players.
Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/generator-sales-market-100492
The global generator sales market is segmented into:
By Fuel Type
By Power Rating