The demand for generators is significantly high in rural areas and regions witnessing frequent power fluctuations and outages, a trend which is expected to continue well through 2030. Fact MR. in a new study has forecast the global market to ride on increasing power demand worldwide. As per its study, the market will exhibit positive growth through 2021 and beyond. Surging investment to boost production of hydrocarbons from bulk conventional and unconventional resources will continue favoring the expansion of the market over the forecast period.
The BP Statistical Review of Energy 2020 revealed that the total primary consumption of energy reached 583.9 exajoules in 2019, increasing from 576.23 exajoules in 2018, exhibiting a year-on-year increment over 1.3%. This is indicative of surging power demand in developed and developing countries alike, which will give tailwinds to the growth of the generator market in the coming years.
Rise in Urban Population Strengthening Generator Demand
It was reported by the United Nations in 2018 that nearly 55% of the world’s population lives urban areas, which is likely to increase to 68% by 2050. Surge in urban populations has been fuelling the demand for electricity. This is primarily attributable to construction activities undertaken for creating commercial spaces, housing societies, business parks, and others. Expansion of urban areas has created a gap between the demand and supply of electricity, subsequently, bolstering growth opportunities for the generator market.
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Fact.MR offers a comprehensive market overview in a new study, highlighting growth drivers and restraints.
Some of the key takeaways from the report are:
- Outlook for generators market remains positive, as Fact MR predicts it to register 5% CAGR between 2020 and 2030
- The U.S. not only spearheads growth in North America, it is expected to hold over 91% share in 2021, as overall outlook remains positive
- The U.K. is expected to register 5% year-on-year growth
- Germany will continue spearheading expansion in Europe, exhibiting 5% CAGR
- China and India will remain bright spots for generator market in Asia Pacific excluding Japan (APEJ)
“Generator manufacturers are increasingly focusing on innovations to stay ahead of the game. Their efforts have resulted in the advent of quieter and sustainable alternatives for conventional generators. The need for uninterrupted power supply also led to the solar and batter electric generators to fight against energy poverty,” said a lead analyst at Fact MR
Innovations Remain Crucial For Growth
Rising application of generators across diverse sectors has been bolstering the demand for innovations. Some of the leading market players have been investing in researches to gain competitive edge. For instance, A&I Power has patented a generator that does not require fossil fuel and is self-contained in the later part of 2020. This generator also does not have moving parts, which has made it more fuel-efficient. Besides this, innovations marrying generators to smart technologies have been doing rounds.
For instance, Honda Power Equipment has launched the Honda My Generator Bluetooth App that allows a user to start, stop, and monitor operations of Honda generators through Bluetooth interface on their smartphones. Innovations such as these will be enabling growth in the market in the coming years.
Who is winning?
General Electric Corporation, Mitsubishi Heavy Industries Ltd., SDMO, Kirloskar Oil Engines Limited, Kubota Corporation, Yamaha Motor Corporation, Cooper Corporation, Doosan Corporation, and AKSA Power Generation are some of the leading market players. To counter the increasing competition, some of these companies are focusing on product launches with innovative features.
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- In 2018, Inmesol launched a new series of silent generators. The company had stated during the launch of products will have pressure discharge of operating sound at about 50 dB(A) and that they were meant to cater to rental applications
- In August 2020, Generac, a leading backup generator producer launched Soup-up home solar storage system that are designed particularly to offer power back up during outages.
Valuable Insights into Global Generator Market Report
In its latest report, Fact.MR has presented a detailed analysis of the global generator market, along with an assessment for the years 2020 to 2030. In order to provide a better understanding, the market has been segregated into several segments on the basis of region (Asia Pacific Excluding Japan [APEJ], Europe, Latin America, the Middle East and Africa, Japan, and North America), application (portable and stationary), capacity (0-100 kVA, 100-350kVA, 350-1000kVA, and above 1000kVA), fuel (diesel and gas), and end use (commercial, industrial, and residential). All major economies and regions have been studied and reported under which all the different segments and the response of the market has been analyzed extensively.
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