The global generator sales market is expected to grow at a CAGR of 5.9% during the forecast period. It is estimated to be USD 19.9 billion in 2021 and is projected to reach USD 26.5 by 2026. The major factors driving the generator sales market include the growing demand for uninterrupted and reliable power as some of the best power grids are also subject to downtime, growth of healthcare infrastructure, rising demand for IT infrastructure management, and rapid urbanization in developing countries.
Market Interconnection
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The other fuel type segment which includes propane, LPG, and bio-diesel is expected to be the fastest growing fuel segment of the generator sales market from 2021 to 2026. Countries around the world have set emission reduction targets and are working toward achieving these targets, which has resulted in the increased share of environmentally friendly fuel for power production. Countries such as the US, Brazil, Canada, Germany, France, and the UK are expected to increase their focus on environmentally friendly technologies, driving the market for propane, LPG, and bio-diesel-powered generators during the forecast period.
The industrial segment is expected to be the fastest growing generator sales market, by end-user, during the forecast period. The industrial end-user segment includes the utility/power generation, oil & gas, and other industries such as mining, marine, chemicals, military, and manufacturing. Growth of the oil & gas sector in China, Mexico, the US, Canada, and African countries is creating a new market for generator sets. Also, the growth of the manufacturing sector in Asia Pacific is expected to drive the demand for generators.
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The 1,000–2,500 kVA power rating segment is expected to be the fastest growing segment of the generator sales market during the forecast period. 1,000–2,500 kVA generators are mainly used for CHP plants, large manufacturing units, power plants, and marine applications. The above 1,000–2,500 kVA generators are economical and can be deployed for continuous power applications. The adoption of natural gas and other renewable gases for the 1,000–2,500 kVA generators is the major reason for the fastest growth projection of the segment during the forecast period.
Asia Pacific is expected to be the fastest growing market for generator sales from 2021 to 2026, followed by the North America. Countries such as the US, China, Canada, and India are the largest markets for generator sales. India and China are rapidly developing large economies. Both countries are implementing policies to boost their industrial sectors. Inadequate power transmission & distribution networks in developing countries in Asia Pacific are also expected to create a demand for generator sets. Due to these factors, Asia Pacific is projected to grow at the highest CAGR during the forecast period.
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Key Market Players:
The major players in the generator sales market are Caterpillar (US), Cummins (US), Rolls-Royce Holdings (UK),Mitsubishi Heavy Industries, Ltd. (Japan), and Generac (US). Between 2017 and 2021, the companies adopted growth strategies such as new product launches, contracts & agreements, mergers & acquisitions, and expansions to capture a larger share of the generator sales market.
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