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Generator Sales Market Key Futuristic Trends and Opportunities 2026
5/23/2022
Generator Sales Market- An Overview
A generator is a machine that transforms mechanical energy into chemical energy. Gas turbines, water turbines, internal combustion (IC) engines and steam turbines are some equipment that produces mechanical energy.
The energy produced by them is then converted to electrical energy, by generators. A generator comprises two components: an engine and an alternator. Usually, IC engines are used in a generator, which runs either on natural gas, gasoline, or diesel.
A TMR study projects the global generator sales market to grow at a compound annual growth rate (CAGR) of 5.02% during the forecast period between 2018 and 2026.
The emergence of bi-fuel generators is also expected to be a key growth driver for the generator sales market, in future.
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Portable Generators Witnessing Increasing Preference over Stationary Generators
Primarily, generators are of two types: stationary generators and portable generators. Customers, in recent times, have shown a preference for portable generators over stationary generators. Portable generators comprise an engine and an electrical generator. These are mounted together to form a single electric generation unit.
Portable generators have several benefits over stationary generators. They can be comfortably transported from one location to another since they are lightweight and small in size. Portable generators also need less amount of fuel.
There is also a growing preference for rental generators, particularly in industries such as agriculture, automotive repair, and construction since they are portable. If generator usage is needed for a short duration, then renting is a better option than buying a new generator.
Generators have become a common presence in several households, particularly in urban areas. The increasing need for uninterrupted electricity supply, not just in households, but in other industries such as healthcare, information technology, marine, construction, and oil & gas has propelled the generator sales market.
The generator demand has also risen because of rapid urbanization in developing economies and increasing environmental concerns.
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Asia Pacific Expected to Witness Strong Growth in Global Generator Sales Market in Future
Asia Pacific stood as dominant region in the global generator sales market in 2017 and the region is anticipated to witness strong growth during the forecast period, as well. Countries in Asia Pacific have witnessed a rise in electricity consumption over the last few years. In 2015, China consumed 5104 TWh of electricity.number increasing to 5683 TWh in 2017.
In 2017, Asia Pacific contributed a total revenue of US $ 6074.52 Mn to the overall generator sales market. Strong economic growth and improved standard of living are the key factors behind the growth in the generator sales market in Asia Pacific.
Europe, too, witnessed an increase in electricity consumption in 2017, by 0.7%. It was the third successive year of a rise in electricity consumption in this region.
The global generator sales market is extremely fragmented. Some of the key players include Generac Holdings Inc., Cummins Inc., AKSA Power Generation, Briggs & Stratton Corporation, Caterpillar Inc., and AGCO Corporation.
Briggs & Stratton Corporation developed an 8000 watts Elite Series generator in May 2016, which was the first Bluetooth-installed portable generator in the world..
Strategic partnerships and acquisitions have played a crucial role in the development and growth of the generator sales market. These collaborations have helped in raising the influence of the market players, thereby propelling growth prospects.
Generac Holdings Inc. acquired Motortech Holding GmbH & Co. in January 2017, which bolstered the company's position in Europe's power generation market.
High Operation Costs, Limited Power Generation Capacity Dents Market Growth
The global generator sales market, however, faces its own set of challenges. The market has not expanded rapidly owing to high operation and maintenance costs, increasing transmission and distribution expenditure and limited power generation capacity.
Also, stringent government regulations could also have a negative impact on the generator sales market in future.
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