Generator Sales Market To Exceed USD 28.40 Billion By 2025: BMRC
Generator Sales Market is valued at USD 19.15 Billion in 2018 and expected to reach USD 28.40 Billion by 2025 with the CAGR of 5.79% over the forecast period.
Factors such as amendment of norms and issuing of favorable regulations and policies regarding gas and diesel generators, increasing awareness about the environment and growing demand for IT facilities and data centers are driving the generator sales market.
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Scope of Generator Sales Market is as;
A device that converts mechanical energy into electrical power for use in an external circuit is known as Generator. The Sources of mechanical energy include gas turbines, water turbines, steam turbines, wind turbines, internal combustion engines and even hand cranks. It provides all of the power for electric power grids. Electric motor and motors and generators have many similarities with the reverse conversion of electrical energy into mechanical energy. Many motors can be mechanically driven for generating electricity and frequently make acceptable manual generators. it provides benefits such as it provides Electricity supply no matter what, more autonomy, more possibilities, more mobility, additional security layer, more efficient energy production and many more.
The regions covered in this generator sales market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of generator sales is sub divided into U.S., Mexico, Canada, UK, France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Global Generator Sales Market Reports–
Globally Manufacturers such as Caterpillar, Inc. , Cummins, Inc. , Generac Holdings, Inc. , Kohler Co. , Mitsubishi Heavy Industries, Ltd. , Briggs & Stratton Corporation , Kirloskar Electric Company Ltd. , MQ Power Corporation , Rolls-Royce Holdings PLC. (MTU Onsite Energy) , Wärtsilä Corporation , Wacker Neuson , Yanmar Co., Ltd. , General Electric , Honda Motor Co., Ltd and many Others are contributing in the Market Growth.
NEWS:
Indian Centre asks states not to stop payment of renewable energy generators.
On 2 April, 2020, the Indian central government has asked to states to continue buy power from renewable energy producers and clear their dues on a regular basis as was being done prior to the lockdown. The Ministry of New and Renewable Energy has wrote to electricity distribution companies and all states on April 1 after renewable energy producers complained that some states were restraining the payment and purchase for electricity generated from sources such as solar energy.
In that letter the ministry said that power ministry has recently issued instructions providing for a suspension to discoms or distribution companies to make payments for electricity generating companies in the wake of COVID-19 outbreak and the following nationwide lockdown. However in Some state discoms has used that order to start curtailing renewable energy power terming the prevailing situation a 'force majeure' condition.
Global Generator Sales Market Segmentation –
By Type
Diesel Generator Sales, Gas Generator Sales, Other Generator Sales
By Power Rating
Below 100 kVA, 100kva-350 kVA, 351-1,000 kVA, Above 1,000 kVA
By Application
Standby Gensets, Prime Or Continuous Gensets, Peak Shaving Gensets
Rise in Adoption of Renewable Energy Increases Requirement of Backup Power Facilities is driving the growth of the market.
As Renewable energy is rapidly gaining grip across the globe. Therefore there is increasing adoption of Renewable Energy which increases the requirement of Backup Power facilities such as generator sets. According to Renewables 2019 Global Status Report, Global renewable power capacity grew to around 2,378 GW in 2018 and renewable energy has grown to account for more than 33% of the world’s total installed power generating capacity. Hence it is major factor for driving the market growth. Rising popularity of dual-fuel generator sets which save significant fuel is contributing in the market growth. In addition, factor such as rise in demand for generators handle of varying voltages in case of voltage drops and power outages between the industrial processes to avoid equipment malfunctioning is expected to boost the growth of the market. However, high installation and operating costs of generators and the consumer shift toward environment-friendly alternatives are hampering the growth of the market.
Asia Pacific is dominating the Generator Sales Market.
Geographically, Asia Pacific is dominating the generator sales market. This is due to high demand for power products in India and China. For instance, According to Government of India estimates, the nation’s per capita power consumption was pegged at 779 kWh in 2010, far below the world average of over 2,782 kWh and the Planning Commission of India said that for the Indian economy to grow at 9%, it is imperative for the power sector to grow at 8.1% per annum. Also the high economic growth rate of China has led to an increase in the demand for power generation equipment such as diesel and gas generators in the country. Also the North America is at second position in dominance. This is due to increasing growth seen in countries such as the U.S. and Canada are the major contributors in this region.
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