Westford, USA,, May 01, 2023 (GLOBE NEWSWIRE) — The global Generator Sales market size is expected to reach USD 25.9 billion by 2030 and exhibit a CAGR of 5.64% in the forecast period (2022−2030), according to Skyquest’s latest research report. The growing electricity demand, increase in industrial and construction activities, the emergence of renewable energy sources, increasing natural disasters, growth in the telecom and data centre industry and technological advancement fuel the Market’s growth
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Government Subsidies and Incentives to Promote the Use of Generator Sales
At a global scale, several trends, such as increasing demand for natural gas, hybrid, and portable generators, promote the growth of Generator Sales. The development of smart generator monitoring and control systems optimizing their efficiency and reliability is trending.
Many governments worldwide promote using renewable energy sources, such as solar and wind power, through subsidies, tax incentives, and other programs. While this may lead to a decline in traditional fossil fuel generators, it may also create new opportunities for hybrid and backup generators.
Diesel Generators Type Demand to Grow Substantially in the Forecast Period
Diesel Generators Type dominated the global market owing to its increasing demand for backup power. It is also driven by the expansion of the data center industries, industrial growth, construction industry growth and growth in the mining sector. lightweight and recyclable, which makes it an ideal choice for packaging applications. In addition, the report suggests that data centres require reliable backup power solutions to prevent downtime and ensure continuous operations. Diesel generators are a popular choice for backup power in data centers.
Industrial is the Leading Application Segment
In terms of application, the Industrial segment is the leading segment due to the demand for uninterrupted power supply. In addition, the expansion of industrial sector, growth in the construction industry, increasing use of renewable energy and edging our grid infrastructure is leading to the growth of segment.
Asia-Pacific and Middle-east are the leading Market for Using Clean Energy
Region-wise, Asia-Pacific is one of the largest growing markets with a huge emphasis on building industrial infrastructure. The rapid growth of population and urbanization, aging power grid infrastructure, and development in major end-users of generators have led to the growth of generator sales in the region. The Indian government’s initiative to provide a 24×7 power supply to all households by 2022 is expected to drive the demand for generators in the country. Similarly, the Chinese government’s Belt and Road Initiative is expected to drive the demand for infrastructure development, including power generation, in the region.
Middle-East and Africa is the fastest growing region due to the increasing demand for backup power, growing industrialization, and expansion of construction industries. Several government initiatives in the MEA region, such as the Saudi Vision 2030 and the Dubai Clean Energy Strategy 2050, are promoting renewable energy development and reducing greenhouse gas emissions. This drives the demand for generators powered by cleaner fuels such as natural gas.
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Tables – 126
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Generator Sales Market Report Suggests:
- The global market size is projected to grow by 25.9 billion by 2030 owing to growing demand for electricity.
- In terms of application, the industrial segment dominates due to the demand for uninterrupted power supply.
- In terms of type, the diesel generator type segment is projected to gain more popularity due to demand for backup power.
- North America and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due presence of major market players
Generator Sales Market Segmentation:
The global Generator Sales market report is segmented based on Product type, application, and region.
By Fuel Type
- Diesel Generators
- Gasoline Generators
- Natural Gas Generators
- Propane Generators
- Bi-Fuel Generators
- Dual-Fuel Generators
- Hybrid Generators
- Commercial & Industrial
- Data Centers
- Oil & Gas
- Below 100 kW
- 100-350 kW
- 350-1000 kW
- Above 1000 kW
- North America
- South Korea
- Rest of Asia-Pacific
- Latin America
- Middle-East and Africa
- South Africa
- GCC Countries
- Rest of MEA
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Generator Sales Market Major Company Profiles:
- Caterpillar Inc.
- Cummins Inc.
- Generac Holdings Inc.
- Kohler Co.
- Atlas Copco AB
- Wartsila Corporation
- Siemens AG
- Mitsubishi Heavy Industries, Ltd.
- Doosan Corporation
- MTU Onsite Energy GmbH
- Kirloskar Electric Company Limited
- Rolls-Royce Holdings plc
- ABB Ltd.
- Yanmar Co., Ltd.
- Briggs & Stratton Corporation
- SDMO Industries SAS
- Himoinsa S.L.
- Aggreko plc
- Pramac S.p.A.
- Powerica Limited
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