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Global Generator Sales Market Size was valued at USD 19.2 Billion in 2022. The Generator Sales market industry is projected to grow from USD 20.6 Billion in 2023 to USD 34.2 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.77% during the forecast period (2023 - 2032). Growing Oil & Gas Sector Exploration & Production Activities, Power Outages and Grid Instability, Growth in Infrastructure Projects, Industrial and Commercial Usage, Remote and Off-Grid Areas, Growing Adoption of Renewable Energy, Disaster Preparedness Awareness Growth in the agricultural and telecom sectors, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
A significant contributor to the market expansion of several companies and industries is the expanding oil and gas sector's exploration and production activities. The oil and gas sector, which continues to be one of the most significant in the globe, provides the primary sources of energy that power economies and civilizations all over the world. Greater oil and gas exploration and production benefit a number of associated firms, which in turn stimulates the overall economy and increases demand for a range of goods and services.
The main beneficiaries of the growing oil and gas industry are the businesses involved in exploration and production. These companies, sometimes referred to as upstream operators, invest a considerable amount of money in locating and developing oil and gas reserves. As they expand their activities, they boost the potential for capital investment, technological advancement, and employment. The revenue generated by these companies from both domestic and international exports contributes to the general economic health of the countries in which they operate.
Exploration and production activities are also a major driver of market expansion in the manufacturing and construction industries. Petroleum products are a major source of raw materials for different chemicals as well as fuel for machinery and vehicles in these sectors. As oil and gas production increases, the supply chain for these industries becomes more stable, and prices may even stabilize or even decline. This makes it possible for businesses to run more profitably and effectively.
The transportation sector benefits greatly from the growing oil and gas industry. The availability of fuel is increased by oil and gas production, which lowers fuel prices for users of commercial aviation, ships, trucks, and private automobiles. Reduced gas prices result in cheaper operational expenses for a variety of sectors, which could increase profitability and broaden the market.
The growth of the oil and gas industry benefits the banking business as well. The number of investment opportunities increases as exploration and production activity increase. Investment banks, private equity firms, and individual investors frequently desire to finance potential oil and gas projects because they anticipate making large profits. The influx of capital into the sector strengthens economies and propels financial markets.
It is crucial to realize that the growth of the oil and gas sector is not without challenges and worries. Demands for sustainable practices have increased due to environmental worries, such as greenhouse gas emissions and potential ecological repercussions of exploration and industrial activities. The industry must continually invest in research and technology to lessen its negative environmental effects and guarantee its long-term profitability. Thus, driving the Generator Sales market revenue.
The global Generator Sales market segmentation, based on Type, includes Continuous, Stand By and Peak Shave. The Stand By segment dominated the market in 2022. Stand-by generators are widely used in commercial and industrial settings where a power interruption could cause significant financial losses. In the event that the primary power supply is disrupted, standby generators allow crucial infrastructures including businesses, data centers, hospitals, and telecommunications facilities to continue working.
The global Generator Sales market segmentation, based on Fuel, includes Diesel and Gas. The Diesel category generated the most income in 2022. Diesel generators are well known for their powerful output and excellent performance. They are suitable for a range of commercial, industrial, and critical applications because to their ability to tolerate heavy loads and provide steady power for extended periods of time.
The global Generator Sales market segmentation, based on End-use, includes Residential, Commercial and Industrial. The Industrial segment dominated the market in 2022. The manufacturing sector has a substantial impact on industrial generators. Manufacturers depend on a steady supply of power to keep machinery, conveyor systems, and other production-critical equipment operating as intended. Generators are necessary for smooth manufacturing operations.
The global Generator Sales market segmentation, based on Portability, includes Stationary and Portable. The Stationary segment dominated the market in 2022. The primary driver behind the use of stationary generators is the requirement for a steady and uninterrupted power source. Many essential facilities and applications require a reliable backup power supply to function during power outages or grid malfunctions. Stationary generators, which provide a durable and dependable power source, can satisfy this demand.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Generator Sales Market dominated this market in 2022 (45.80%). The infrastructure of some North American electrical grids is aging, which raises the possibility of power outages. Businesses and homeowners alike invest in generators to have dependable backup power. Further, In the North American area, the U.S. Generator Sales market had the biggest market share, while the Canada Generator Sales market had the quickest rate of expansion.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
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The second-largest market share belongs to the Europe Generator Sales market. The growing European construction market is driving the demand for generators to power construction sites and temporary buildings before permanent power connections are built. Further, In the European region, the German Generator Sales market had the biggest market share, and the U.K. Generator Sales market had the quickest rate of growth.
The Asia-Pacific Generator Sales Market is expected to grow at the fastest CAGR from 2023 to 2032. The Asia Pacific region is seeing significant industrial and urban growth, which has increased need for a reliable electrical supply. Generators are crucial in supplying backup power for businesses, industries, and crucial infrastructure. Moreover, In the Asia-Pacific region, the Indian Generator Sales market had the quickest rate of growth while China's Generator Sales market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Generator Sales market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Generator Sales sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Generator Sales industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Generator Sales sector. Major players in the Generator Sales market, including ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK) and others, are attempting to increase market demand by investing in research and development operations.
Technology is the main focus of Siemens AG (Siemens). Its operations span the domains of automation, digitization, and electrification. The business also installs sophisticated projects and systems in addition to designing, developing, and producing things. It also offers a variety of specially developed solutions for various demands. Siemens' specialties include distributed energy systems, intelligent building infrastructure, and power generation and delivery. For the road and rail transportation industries, it offers medical technology, intelligent mobility solutions, and digital healthcare services. Siemens has manufacturing facilities, distribution hubs, and sales offices spread out over the globe. It provides customers with services across a range of sectors, including manufacturing, infrastructure, process, and energy. Germany's Bavaria state is home to Siemens' corporate headquarters.
Consumer goods are produced professionally by Crompton Greaves Consumer Electricals Ltd (CGCEL). The firm's goods include ceiling fans, table fans, heavy-duty exhaust fans, specialized fans, consumer luminaires, conventional lighting, solar, and lighting automation. Other products available from the company include light-emitting diode (LED) bulbs. Pumps, home appliances like geysers and room heaters, laundry and kitchen equipment, and air conditioners are just a few of the goods offered by CGCEL. It markets its goods under the Crompton name. The company has manufacturing facilities in Baddi, Goa, Ahmednagar, and Vadodara in India. CGCEL's corporate headquarters are in Mumbai, Maharashtra, India.
· ABB Group (Switzerland)
· Siemens (Germany)
· General Electric Company (U.S.)
· Crompton Greaves Ltd. (India)
· Toshiba Corporation (Japan)
· Hyundai Heavy Industries Co Ltd. (South Korea)
· Mitsubishi Electric Corporation (Japan)
· Hyosung Corporation (South Korea)
· Bharat Heavy Electricals Limited (India)
· MTU Onsite Energy (Germany)
· Kohler (U.S.)
· Cummins Inc (U.S.)
· Kawasaki Heavy Industries Ltd. (Japan)
· Wartsila (Finland)
· Caterpillar (U.S.)
· Himoinsa S.L. (Spain)
· Rolls-Royce (UK)
January 2022: The brand-new 3.2kVA dedicated engine-equipped EU32i portable generator from Honda will soon be available for purchase. The company also stated that beginning in March 2022, sales would first be made in Europe before expanding to other continents.
June 2022: A new model of their fuel-efficient power generators has been launched by Kirloskar Oil Engines Ltd., one of the leading manufacturers of diesel generator sets. The R550 series of engines in the iGreen Version 2.0 provide great power quality, fuel efficiency, and compactness.
August 2022: Equinix and Digital Realty data centers increased their power backup sources, including diesel generators, as a result of the energy crisis brought on by the Russia-Ukraine war.
· Continuous
· Stand By
· Peak Shave
· Diesel
· Gas
· Residential
· Commercial
· Industrial
· Stationary
· Portable
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 19.2 Billion |
|
Market Size 2023 |
USD 20.6 Billion |
|
Market Size 2032 |
USD 34.2 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.77% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Type, Fuel, End-use, Portability, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK) |
|
Key Market Opportunities |
Demand for power backup systems is rising. |
|
Key Market Dynamics |
Extended Power Outages During Peak Times. |
The global Generator Sales Market was valued at USD 19.2 billion in 2022, and it is estimated to reach USD 34.2 billion by 2032.
The global market is projected to grow at a CAGR of 6.77% during the forecast period, 2023-2032.
Asia- Pacific had the largest share in the global market
The key players in the market are ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK).
The Stand By category dominated the market in 2022.
The Stationary had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65190
Published on :
Sep 2023
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