Generator Sales predicted to soar to $22.4 billion by the year 2019
The Generator Sales Market by Type (Diesel and Gas), by Power Range (0-100,100-350,350-750KVA and above), by End User (Industrial, Commercial, Residential, Municipalities, and Others) & by Region - defines and segments the global generator sales market with analysis and forecast for global revenue. This market is estimated to grow from $16.6 billion in 2014 to $22.4 billion by 2019, at a CAGR of 6.1% from 2014 to 2019.
The global generator sales market is witnessing high growth on the account of increased power demand from developing economies, lack of grid stability, and support. Continuous rise in the demand for power with an upsurge in industrialization and urbanization have necessitated power backup for few applications that require uninterrupted power supply.
Globally, power demand is growing at a faster pace, and rapid upsurge in industrialization & urbanization are the two important factors that prompt the need for power backup to continue critical applications, which require reliable and continuous power. This necessitates a wider scope for generator manufacturing companies in the near future. The global generator sales market is witnessing high growth on the account of an increase in the demand from developing economies, lack of grid stability, and support. There are regions in remote places with no grid connectivity, where generators are the only source for power.
Consequent increase in the power demand has escalated concerns for generator demand globally. As of now, alternative technologies for power generation such as captive power plants and independent power producers have limited presence. Asia-Pacific can be an apt example where the power demand is going to double between 2010 and 2035.
Currently, Asia-Pacific is estimated to be the largest market for global generator sales market, given the large volume of industrialization, growing power demand, and increased consumption from the residential sector. Within this region, China accounted for the major share in the total Asia-Pacific generator sales market in 2013, and is projected to grow at a CAGR of 8.3% from 2014 to 2019. Rising demand for power from the data center industry is also one of the major factors driving the growth of this market in China. High power deficits and significant economic growth potential are the strongest drivers for market expansion in the Chinese generator sales market.
Asia-Pacific has gained importance due to its rapid growth, sharply over the past decade; the rental market is just starting to grow. Moreover, ageing power infrastructure and growing supply demand gap in developing countries have been creating further power deficit, which is expected to enhance the demand for generator sales.
North America is another major market for generator sales, with the U.S. leading the market due to aging of power grid that led to an increased usage of more generators as a precautionary measure. Its market is expected to grow at a CAGR of 5.2 % from 2014-2019. South America, the Middle East, and Europe are also witnessing decent growth rates due to increased activities in the oil & gas, mining, and construction industries. The major players of the generator sales market include Apr Energy Plc. (U.S.), Caterpillar Inc. (U.S.), Mitsubishi Heavy Industries Ltd. (U.S.), and Wacker Neuson S.E (Germany).
Furthermore, the North American, the Middle East & African regions are also key markets, where power rental business is creating huge prospects for the industry. Consequently, increasing power consumption from residential and commercial use has increased the need for generators in the market.
As a result, power generator service providers and equipment manufacturers are continuously trying to integrate their existing technologies, and develop new technologies extensively through Research & Development (R&D) to decrease smoke emission, related risks, and associated costs. This market is dominated by a few global players and the rest is fragmented between regional players; new product development is becoming a key strategy for global power generator sales.
S&W Power Systems has been in the Power Generation Business since 1963 and is still growing strong with every passing year. S&W Power Systems is committed to meeting the Power Generation needs of the World and being a major player in the Generator Sales Market.