Thanks to the technological advancements, traditional gas-powered generators are now being replaced by diesel generators and battery-powered generators. Technology has redefined generator sets and has helped individual homes to generate electricity in simple ways. Generator sets are used in communities, households, commercial facilities, and industrial areas. Rising population has led to a consistent rise in the demand for electricity. Additionally, rising industrialization has also boosted the demand for electricity. The electricity that is being generated yearly is not enough to fulfill global demand.
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This has helped generators create space in the global market. Constant power shortages are soon to be repaired by generator sets that are installed in many nations. Generator sets find application in standby backup power, peak shaving power, and prime continuous power. Key companies are focusing on manufacturing new generator sets with different capacities. With the growing demand for different types of generator sets, the global market is expected to benefit. The global generator market was valued at US$16.61 bn in 2015 and is predicted to reach US$24.76 bn by 2024. The market is expected to exhibit a 4.58% CAGR from 2016 to 2024.
Sales of Generator sets to remain strong owing to demand-supply gap
There is still a gap between the demand and supply of electricity in many areas across the globe. Over the past few years, generator sets have been filling the gap between the demand and consumption of power. At present, generator sets with power below 100 kVA, 100-350 kVA, 350-1000 kVA, and above 1000 kVA are in demand.
Currently, medium-power generator sets are in more demand than other types in the small industrial, residential, and commercial areas. The rising integration of generator sets with renewable energy systems is expected to create many growth opportunities for key companies operating in the global generator market.
Adoption of off-grid generators to benefit sales
Regionally, the global generator market is divided into Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. In 2015, North America dominated the global market for generator sets owing to the adoption of off-grid power systems. The North America generator market is expected to exhibit a 3.58% CAGR from 2016 to 2024 to reach US$7.43 bn by 2024.
Going forward, the adoption of off-grid power generators is expected to increase in the developed nations. Developed nations such as Germany, the United States, and the U.K. have already started adopting various off-grid power systems to minimize their dependency on utility-scale electricity. With this, the sale of generators is expected to increase. However, Asia Pacific is expected to be another promising market for generator sets, predicted to exhibit a 6.39% CAGR from 2016 to 2024.
In the Middle East and Africa, the adoption of off-grid power systems is expected to increase in nations such as Saudi Arabia, South Africa, the UAE, Qatar, Iran, and Kenya. Many remote areas in the Middle East and Africa still face power cut-off issues. This is likely to create great growth potential for companies operating in the global generator market.
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Companies such as Briggs & Stratton Corporation, Cummins Inc., Kirloskar Electric Company Ltd., Mitsubishi Heavy Industries, Ltd., Wärtsilä Corporation, Yanmar Co., Ltd., Caterpillar Inc., Generac Holdings, Inc., Kohler Co., Multiquip Inc. are taking efforts to introduce new generator sets across various regions in the globe.