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Generator Sales Global Market Report 2023
Major players in the generator sales market are Kohler Co, Mitsubishi Heavy Industries Ltd., Rolls-Royce plc, Siemens AG, Toshiba Corporation, Wacker Neuson SE, Wärtsilä Corporation, Briggs & Stratton Corporation, Caterpillar Inc.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Generator Sales Global Market Report 2023" - https://www.reportlinker.com/p06319267/?utm_source=GNW
, Cummins Inc., Generac Power Systems Inc., Hyosung Corporation, Bharat Heavy Electricals Limited, MTU Onsite Energy and Doosan.
The global generator sales market grew from $23.84 billion in 2022 to $26.3 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The generator sales market is expected to grow to $39.28 billion in 2027 at a CAGR of 10.6%.
The generator sales market includes revenues earned by entities by providing various generator services for optimal working and maintenance such as periodic service of generators, emergency service , installation, planned maintenance, performance testing, and service training.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Generator sales refer to sales and services of generators, a machine with an internal combustion engine, and electricity generators that can supply uninterrupted power to the generator installations in the requirements of end users. The generator converts mechanical energy into electric power for use in an external circuit.
Asia-Pacific was the largest region in the generator sales market in 2022. The regions covered in the generator sales market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main type of generator sales are diesel, gas, and other types.A diesel generator generates electricity by combining a diesel engine and an electric generator.
A diesel generator can be used as an emergency power supply in the event of a power outage or in areas where there is no power grid connection.The sales channel included in generator sales are direct, indirect, and have application such as standby, prime & continuous, and peak shaving.
These are used by industrial, commercial, and residential sectors.
The increasing demand for telecommunications is expected to propel the growth of the generator sales market.The demand for telecommunications is growing due to various reasons such as growing demand for communications and collaborations, rising spending, growth of electronic devices, advancements in technology, push from the government, and others.
This rise in demand for telecommunications will create a significant need for generators as telecommunication infrastructures such as telecom stations, and data centers as well as telecom equipment such as electronic machines, and computers need a continuous power supply and backup for effective operation. For instance, according to a report by the Indian Brand Equity Foundation (IBEF), an Indian Government export promotion agency, the rural subscriber teledensity increased to 60.33% in July 2021 from 59.14% in July 2020. Additionally, it is expected 350 million 5G subscriptions in India will exist, making up about 27% of all mobile subscriptions by 2026. Therefore, the increasing demand for telecommunications will drive the growth of the generator sales market.
Technological advancement is a key trend gaining popularity in the generator sales market.The market is witnessing the development of innovative generators based on advanced technologies such as sustainable generators, hydrogen fuel cell generators, and others.
These innovations offer continuous and efficient power supply/backup, sustainability, reduced cost, low maintenance, and other benefits.Key players in the market are focused on offering generators with revolutionary technologies to meet customer demands and strengthen their position in the market.
For instance, in November 2020, A&I Power, a US-based company dedicated to offering sustainable innovations in power generation introduced its revolutionary patented technology ‘self-contained generator, providing a highly efficient way of electricity generation.This generator has no moving parts and does not need fossil fuels resulting in more efficiency than traditional generators.
It also has zero gas emissions, low maintenance, and high product safety and productivity. In addition, in November 2021, Caterpillar Inc., one of the leading manufacturers of power generators based in the USA launched a three-year project via a collaboration with Ballard Power Systems and Microsoft to showcase a hydrogen fuel cells-based power system to generate reliable and sustainable backup power for Microsoft data centers.
In August 2021, WorldWide Electric, a US-based manufacturer of electric motors, motor controls, and gear controls acquired Athlon Generator LLC for an undisclosed amount.With this acquisition, WorldWide Electric will increase its product offerings by the addition of generators to its comprehensive portfolio of motors, motor, and gear controls, while enhancing its growth.
Athlon Generator LLC is a US-based manufacturer of a range of generators for industrial applications.
The countries covered in the generator sales market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The generator sales market research report is one of a series of new reports that provides generator sales market statistics, including generator sales industry global market size, regional shares, competitors with a generator sales market share, detailed generator sales market segments, market trends and opportunities, and any further data you may need to thrive in the generator sales industry. This generator sales market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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