Entry in the extremely fragmented global market for generators for global as well as regional players is increasingly becoming a hard nut to crack, finds Transparency Market Research (TMR) in a new study. The increasing competition among the leading market players has resulted in highly innovative distribution network extension strategies and rigorous consolidation efforts. Some of the prominent companies operating in the global generators market are Caterpillar Inc., Briggs and Stratton Corporation, Cummins Inc., Generac Holdings, Kohler Co., and Mitsubishi Heavy Industries Ltd. These companies accounted for a major share in the global generators market in 2015, observes TMR.
Innovative product launches is one of the major business strategies adopted by several leading manufacturers. For instance, in April 2017 Caterpillar, Inc. announced the introduction of its newest variant of the Cat® G3512. The new generator is an ideal solution for hybrid applications and load management in government buildings, data centers, universities, office buildings, retail complexes, schools, and research facilities.
The findings of TMR reveal that the global generators market was valued at US$16.61 bn during 2015. It is expected to progress consistently, expanding at a CAGR of 4.58% between 2016 and 2024.
Insatiable Demand for Energy in Asia Pacific Promises Considerable Opportunities
By geography, North America accounted for the largest share in the global generators market. Greater adoption of off-grid power systems with a view to eliminate the need for utility-scale electricity is responsible for the growth of the market in this region. The ceaseless demand for power in the emerging economies such as India, Australia, China, Thailand, Singapore, and Malaysia is expected to bring about significant advancement of the generators market in Asia Pacific. The region is projected to expand at a CAGR of 6.39% during the forecast years.
By application, the prime continuous power segment represented a share of 48.91% in 2015. The rising bulk of investments from enterprises and businesses is the key growth driver of this market segment.
Rigorous Industrialization Activities Drive Demand for Generators
With the rising prices of fuel and the widening gap between supply and demand of electricity across several regions, the global market for generators is set for substantial growth. The present grid infrastructure has been striving to meet the constant energy needs of industries, apart from dealing with power outages and mounting load. Strong industrialization across numerous developed and developing regions of the world will produce more demand for generators globally. The issue of growing population on the one hand and that of insufficient energy supply on the other has led to the recognition of the benefits of generators. As a result, the global market for generators is stoked for significant expansion over the forecast period.
On the flip side, the stringent regulatory frameworks have made it increasingly difficult to receive approvals for new products. This can be a major bottleneck to the growth of the market. However, the development of eco-friendly generators such as natural gas-fueled generators can offer fresh opportunities for growth. More number of manufacturers are also investing in the development of generators that feature wireless connectivity, noise reduction, and high efficiency.
The information presented in this review is based on a Transparency Market Research report, titled, “Generator Market (Fuel Type - Diesel Generator Sets, Natural Gas Generator Sets, and Fuels Generator Sets; Power Rating - Below 100 kVA, 100-350 kVA, 350-1000 kVA, and Above 1000 kVA; Application - Standby Backup Power, Prime Continuous Power, and Peak Shaving Power; End User - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024”.
Key Segments of the Global Generator Market
Global Generator Market, by Fuel Type
- Diesel Generator Sets
- Natural Gas Generator Sets
- Other Fuels Generator Sets
Global Generator Market, by Power Rating
- Below 100 kVA
- 100–350 kVA
- 350–1000 kVA
- Above 1000 kVA
Global Generator Market, by Application
- Standby Backup Power
- Prime Continuous Power
- Peak Shaving Power
Global Generator Market, by End User
- Commercial & Industrial
Global Generator Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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