“The generator sales market is projected to grow at a CAGR of 5.60% from 2019 to 2024”
The generator sales market is projected to reach USD 29.3 billion by 2024 from an estimated USD 22.3 billion in 2019, at a CAGR of 5.60% during the forecast period. Generators can be used in standby, prime, continuous, and peak shaving applications in various end-user sectors such as industrial, commercial, and residential. The main driver of the generator sales market is the rising demand for uninterrupted and reliable power supply from end-users and increased demand for IT infrastructure management. Rising adoption of energy storage technologies can act as a restraint for the generator sales market.
“The industrial segment is expected to grow at the highest CAGR from 2019 to 2024”
Based on the end-users of generators, the industrial end-user segment is estimated to be the fastest growing market from 2019 to 2024. The segment includes the utility/power generation, oil & gas, and other industries such as mining, marine, chemicals, military, and manufacturing. Growth of the industrial sector in Asia Pacific and the Middle East & Africa is expected to drive the generator sales market.
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“Asia Pacific: The largest generator sales market”
Asia Pacific is currently the largest generators sales market, followed by North America and the Middle East & Africa. China accounted for the maximum share of the Asia Pacific market in 2018. India is projected to grow at the highest CAGR from 2019 to 2024. Growth of the industrial and commercial sectors in countries such as China, India, South Korea, Bangladesh, and Taiwan is expected to drive the Asia Pacific generator sales market. Countries such as China and India are focusing on oil & gas production activities to reduce oil dependency, which is expected to create demand for generator sets in the oil & gas sector.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 70%, Tier 2- 20%, and Tier 3- 10%
- By Designation: C-Level- 50%, Director Level- 20%, and Others- 30%
- By Region: North America- 40%, Asia Pacific- 21%, Europe- 15%, the Middle East & Africa- 13%, and South America- 11%
Note: Others includes product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2017. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the generator sales market include Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US).
- The report defines, describes, and forecasts the global generator sales market, by fuel type, application, power rating, end-user, and region.
- It also offers a detailed qualitative and quantitative analysis of the market.
- The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges
- It also covers various important aspects of the market.
- These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the generator sales market
Key Benefits of Buying the Report
- The report will provide the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall generator sales market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.