Generators Market to be Driven by the Increasing Energy Demands in the Forecast Period
The new report by Expert Market Research titled, ‘Global Generators Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global generators market, assessing the market based on its segments like types, power generation, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 60.5 Billion
- Forecast CAGR (2022-2027): 4.80%
- Forecast Market Size (2027): USD 80.1 Billion
The growing demand for efficient and uninterrupted power supply in various industries and other sectors owing to rapid urbanisation is driving the market for generators. The frequent blackout in several developed regions plays a critical role in the incremental growth of the industry. The development of energy-efficient infrastructures is also augmenting the generators industry. Moreover, the work from home trend owing to the pandemic is leading to the bolstering of the industry in the household sector. The various product launches also offer lucrative opportunities for the industry players, thus invigorating the market. Furthermore, the extreme weather conditions due to global warming prompt many to adopt generators, which is bolstering the market.
Industry Definition and Major Segments
Generators convert mechanical energy into electrical power in the form of voltage and current for transmission to domestic, commercial, and industrial sectors. They work on the principle of electromagnetic induction. There are two main types of generators – alternating current and direct current generators. The components of generators include alternator, engine, fuel system, cooling system, exhaust system, main assembly, among others.
The generators industry, by type, can be bifurcated into:
- AC Motors
- DC Motors
Based on power generation, the market is segmented into:
The regional markets of generators include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The government schemes such as the Deendayal Upadhyaya Gram Jyoti Yojana in emerging countries like India and across the globe aims towards providing a smooth flow of electricity to all parts of the region, including rural areas. Such initiatives are bolstering the generators industry. The launch of innovative generators by companies to meet customer expectations and to escalate their market potential is also contributing to the steady growth of the generators industry. For instance, Himoinsa, a multinational company, announced the launch of HIW generator sets in the market that are soundproofed, capable of bearing extreme conditions, and possess excellent productivity levels. Moreover, the research activities and the investments by industry players to develop self-contained generators that do not run-on fossil fuels and are sustainable are also expected to propel the generators industry in the forecast period.
Key Market Players
The major players in the market are ABB Ltd, Siemens AG, Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others.
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.