According to a new market report published by Credence Research “Global Generator Market Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023, the Global Generator Market is expected to reach US$ 25.6 Bn by 2023″, expanding at a CAGR of 4.9% during the forecast period 2016 to 2023.
Browse the full Global Generator Market by Fuel Type, Power Rating, End Use and Geography – Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at https://www.credenceresearch.com/report/generator-market
Generator refers to a device that converts mechanical energy to electrical energy. It uses various fuel source such as gasoline, diesel and gas as fuel to run the internal combustion engine. Generators are widely used as a source of power backup in various industries, commercial installations and residential buildings.
Generator market is anticipated to gain thrust with growing demand for uninterrupted power supply during power grid downtime. Operations of commercial establishments such as malls, data centers, hospitals, construction are highly dependent on power supply. Growing power outage due to lack of power generation and grid maintenance activities impacting business operations of commercial installations which in turn is influencing commercial installations to use generators as a power backup source. Thus, fueling the demand for power backup equipment such as generators. Further, growing gap between power generation and power supply resulting in power outage which in turn is anticipated to increase the demand for generators over the forecast period. Moreover, increasing power cuts and voltage fluctuations adversely impact the operations of industries, which in turn is influencing the industries to adopt reliable power backup equipment such as generators to reduce their downtime due to power outage. This in turn is expected to augment the demand for generators over the forecast period (2016-2023). However, high cost of acquisition and increasing use of renewable energy sources such as solar, wind coupled with favorable regulatory policies for use of renewable energy sources is expected to hamper the growth of generator market during the forecast period (2016-2023).
Global generator market is segmented on the basis of fuel type, power rating, end use and geography. By fuel type, diesel generator segment is projected to be the most dominant segment with due to low acquisition and operational cost. On the basis of power rating, 350-1000 kVA is expected to be the fastest growing segment. Growing power requirement from various industrial is anticipated to augment the growth of the segment during the forecast period. By End use, industrial segment is anticipated to be the fastest growing segment due to rapid growth of industries in emerging economies especially Brazil, China, India and Mexico is expected to fuel the growth of the segment over the forecast period (2016-2023).
The key players accounts for major share of the global generator market. Major players are focusing on increasing their market penetration through mergers and acquisitions along with development of new products.
Overall, global generator market is projected to register steady growth over the forecast period (2016-2023).
- Merger & Acquisition
- New product development
- Joint ventures and agreements
- Investment in research and development