Uninterrupted power supply, supported by efficient power back-up, is crucial across sectors such as industrial, residential and commercial. Erratic supply of power, especially in underdeveloped and developing regions of the world, is the main driver for generators. Despite growing environmental concerns about the usage of diesel across the world, demand from the industrial sector is expected to be over 30 percent over the coming years. The study also observed that companies are leveraging their business expertise to provide seamless power supply for a wide array of operations undertaken by business corporations and enterprises.
Overall, the global generator market is set to expand at a steady CAGR of around 5 percent through 2030, according to the report analysis.
Key takeaways from the Global Generator Market Report
- In terms of revenue, North America is forecasted to account for one-third of the overall global demand by 2030. Rapid development of commercial establishments and industries aiming to increase productivity is boosting adoption.
- Asia Pacific excluding Japan (APEJ) will remain the fastest-growing market in terms of value, due to unstable power supply in many areas of the region.
- Among the fuel types, demand for diesel generators will remain strong, accounting for three out of every four generators sold worldwide.
- Due to high industrial demand for generators, the largest size of above 1,000 kilovolt-amps will be the most sought-after across regions.
- Both stationary and portable generators will witness more or less the same sales when calculated by value.
- The industrial sector will continue to be the main end user of generators through 2030.
- With easing of restrictions that were brought about by the COVID-19 pandemic, industrial activity has picked up and the global generator market is slated to get back to its normal growth trajectory over the coming months.
“Demand for generators will be substantial for use in the industrial sector, allowing the market to expand around 1.7 times over the next ten years,” said a report analyst.
Possible future barriers for the adoption of generators
As technology progresses at a fast pace, generators are becoming more and more advanced. However, required investment remains high for most high-powered generators. Environmental concerns have prompted many governments to push for the use of machinery that utilizes renewable energy resources, aligned with the regulatory frameworks on industrial operations. These factors can potentially be major barriers in the adoption of generators in the future.
Some of the main competitors, which were tracked and analyzed by report analysts in the the global generator market, are Yamaha Motor Corporation, SDMO, Mitsubishi Heavy Industries Ltd., Kubota Corporation, Kirloskar Oil Engines Limited, General Electric Corporation, Doosan Corporation, Cooper Corporation and AKSA Power Generation.