CHICAGO, May 3, 2019 /PRNewswire/ -- According to the new market research report "Generator Sales Market by Type (Diesel, Gas), Application (Standby, Peak Shaving, Continuous), Power Rating (<100 KVA, 100-350 KVA, 350-1000-2500 KVA, 2500-5000 KVA, >5000 KVA), End-User (Residential, Commercial, Industrial)- Global Forecast to 2024", published by MarketsandMarkets™, the Generator Sales Market is expected to grow from an estimated USD 22.3 billion in 2019 to USD 29.3 billion by 2024, at a CAGR of 5.60% during the forecast period. The market is set to grow due to the rising demand for uninterrupted and reliable power from all end-users, as some of the best power grids are also subject to downtime.
On the basis of fuel type, the diesel segment is expected to hold the largest share of the market.
The diesel segment is expected to dominate the Generator Sales Market during the forecast period. Long running life, easy parts and fuel availability, capacity to handle varying loads, and quick response time have helped the diesel generator market to acquire the largest share. This segment is primarily driven by the increased demand for standby power from data centers, IT facilities, and healthcare infrastructure.
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The industrial segment is expected to be the fastest growing Generator Sales Market, by application, during the forecast period.
The industrial segment is expected to grow at the highest CAGR from 2019 to 2024. The market is primarily driven by the increased need for generators from oil & gas, power generation, and chemical industries. The growth of the industrial end-user segment can be attributed to the rapid industrialization in developing countries such as India, Bangladesh, Taiwan, Algeria, and Nigeria. Moreover, increased investments in natural gas exploration and refineries are likely to boost the Generator Sales Market. Also, the rising development of infrastructure in countries such as Saudi Arabia, the UAE, and Algeria are likely to impact the industrial segment during the forecast period positively.
Asia Pacific: the leading Generator Sales Market
In this report, the Generator Sales Market has been analyzed with respect to 5 regions, namely, Asia Pacific, North America, Europe, South America, and the Middle East & Africa. Asia Pacific is expected to lead the Generator Sales Market, by region, during the forecast period. Asia Pacific consists of developing countries such as India, Bangladesh, and Taiwan. The growing manufacturing sectors in these countries is expected to be the main driver. Also, the growth of the IT and healthcare sectors in China, Australia, India, Singapore, and South Korea has played a significant role in the growth of the Generator Sales Market in Asia Pacific. Nearly all the countries in the region are augmenting their oil & production capacity. China and India are investing heavily in their offshore projects. This has led to a rise in investments in the oil & gas sector which is expected to drive the growth of the Asia Pacific Generator Sales Market.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Generator Sales Market. The key players include Caterpillar (US), Cummins (US), Rolls-Royce (UK), Mitsubishi (Japan), Yanmar (Japan), and Kohler (US). The leading players are adopting various strategies to increase their share in the Generator Sales Market.
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