According to the new market research report “Generator Sales Market by Type (Diesel, Gas), Application (Standby, Peak Shaving, Continuous Power), Power Rating (<100 kVA, 100–350 kVA, 350–1,000 kVA, >1,000 kVA), End-User (Residential, Commercial, Industrial), and Region – Global forecast to 2023 “, published by MarketsandMarkets™, global generator sales market is projected to reach USD 27.24 billion by 2023, growing at a CAGR of 5.41%, from 2018 to 2023.
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This market growth is primarily driven by the growing demand for uninterrupted and reliable power and rapid urbanization in developing countries in Asia Pacific and the Middle East & Africa. Increased investments in IT infrastructure management and healthcare infrastructure are also expected to fuel the growth of the generator sales market during the forecast period.
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The other fuel segment which includes propane, LPG, and bio-diesel is expected to be the fastest-growing fuel segment of the generator sales market, from 2018 to 2023. 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 segment of the 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, growth of the manufacturing sector in Asia Pacific is expected to drive the demand for generators.
The above 1,000 kVA power rating segment is expected to be the fastest-growing segment of the generator sales market during the forecast period. Above 1,000 kVA generators are mainly used for CHP plants, large manufacturing units, power plants, and marine applications. Above 1,000 kVA generators are economical and can be deployed for continuous power applications. The adoption of natural gas and other renewable gases for the above 1,000 kVA generators is the major reason for the fastest growth projection of the segment during the forecast period.
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The standby segment is expected to be the fastest-growing segment of the generator sales market, from 2018 to 2023. Standby power generators are used in applications where regular power supply is necessary to carry out operations. The increasing demand for uninterrupted and reliable power, stringent building codes and safety guidelines for critical infrastructure, and increasing demand for backup power from the residential sector are major factors due to which the standby segment is projected to grow at the highest CAGR during the forecast period.
Asia Pacific is expected to be the fastest-growing market for generators sales, from 2018 to 2023, followed by the Middle East & Africa. Countries such as the US, China, Canada, Saudi Arabia, Russia, Germany, 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 and 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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