Standby Generator Market to Reach Valuation of ~US$ 31 Bn by 2028: Industry Probe

March 12, 2020, Domain: Industrial Goods Machinery & Services

According to a new market report published by Industry Probe (www.industryprobe.com) titled ‘Generator Market (Product Type: Portable [Less than 10 kW, 11-50 kW, 51-100 kW], Standby [51-100 kW, 101-500 kW, 501-1000 kW, 1001-5000 kW, and Above 5001 kW]; Fuel: Diesel, Gasoline, Natural Gas, Bio Diesel, Solar, and Others [Propane Gas and Hydrogen]; End Use: Residential [Apartments and Bungalows], Commercial [Hospitals, Office, Hotels, Shopping Malls, Educational Institute, and Others {Small Complex and Events}], and Industrial [Manufacturing, Energy & Power, Metal & Mining, Chemicals & Petrochemicals, and Others {IT& Telecom and Hospitality}]; and Distribution Channel: Online and Offline [Direct Sales and Distributors]) – Global Industry Trends and Forecast, 2021–2028, the global generator market was valued at ~US$ 17 Bn in 2019 and is expected to expand at a CAGR of ~7% from 2020 to 2028.

Overview

Portable generators are mainly to soften power cuts. Portable generators are also used in events, bungalows, etc. Standby generators are mainly used in commercial and industrial applications, as power generated by these generators is very high as compared to portable ones.

Standby generators are used to provide backup power in shopping malls, hospitals, etc.  Furthermore, the usage is high industrial applications such as manufacturing, construction sites, and chemicals.

Driving Factors

  • With advancements in technology, the demand for generators has risen dramatically. Persistent innovations in electrical technologies have further contributed to the demand for generators.

  • The cost of solar power generators is witnessing a steady fall. This decrease in cost is also supported by reducing maintenance cost and focus on manufacturers to provide improved products and services focusing on customer base expansion and retention. Moreover, the increasing cost of fossil fuels is expected to fuel the adoption of solar power during the forecast period.

Key Challenges

  • One of the prime factors restraining the generator market growth is the need for huge capital investment. Weak private sector investment and fragile external sector demand are likely to pull down industrial production in the coming years.

Market Preference

  • There is a wide-ranging variety of generators sold in the market. These can be bought in diverse specifications, and depending on the requirement that is capacity and demand from end-use. Most residential end-users prefer to buy portable generators.

  • Key manufacturers in the region such as Cummins, Caterpillar, Generac Power Systems, specialize in the manufacturing of generators due to increased demand from healthcare and data centers industrial segments. Furthermore, the introduction of solar generators is expected to contribute to the growth of the overall generator market.

Competition Landscape

  • The generator market is dominated by established and local players who are focused on the development of new products to cater to the rising and shifting end-use industries

  • The report includes the below-mentioned pointers of major players operating in the generator market:

    • Competition Matrix

    • Company Overview

    • Market Share Analysis (2018)

    • Business Strategies/Recent Developments

      • Key Mergers & acquisitions

      • Expansion strategies

    • Company Financials

Major Players Covered under the Scope

  • Aggreko

  • Atlas Copco

  • Caterpillar

  • Cummins

  • Endress generators

  • FG Wilson

  • Generac Power Systems

  • Kohler Co.

  • Manlift

  • PRAMAC

Market Segmentation/Research Scope

Global Generator Market– Global Industry Trends and Forecast, 2021–2028

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