Albany, NY -- (SBWIRE) -- 09/22/2017 -- The global generator market is highly fragmented due to the presence of numerous global and regional players. Transparency Market Research (TMR) has found that these players are witnessing intense competition, which has led them to involve in various strategic partnerships resulting in increased number of mergers and acquisitions. Due to stringent regulations regarding Co2 emissions, these players are focusing on product innovations to increase the efficiency of generators. Players such as Briggs & Stratton Corporation, Mitsubishi Heavy Industries Ltd., Kohler Co., Generac Holdings Inc., Caterpillar Inc., and Cummins Inc., have emerged as a few the prominent players in the overall market for generators.
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Transparency Market Research in a report has estimated that the global generator market was worth US$16.61 bn in 2015. Expanding at a steady CAGR of 4.58% over the forecast period 2016-2024, this market is anticipated to reach the market value US$24.76 bn by the end of 2024.
Based on application, the prime continuous power segment emerged dominant in the global market, holding a share of nearly 48.91% in 2015. Due to the increasing investment from enterprises, this segment is most likely to hold its leading position over the forecast period. Geographically, North America has accounted for the maximum share in the global market and expected to contribute US$7.43 bn to the market by the end of 2024. Furthermore, Asia Pacific is anticipated to grow with a significant pace during the forecast period.
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Increasing Demand for Power from Emergency Facilities to Boost the Market
Rapid industrialization and increasing population witnessed around the world has led to the insatiable demand for electricity. The global demand for electricity is more than the supply derived from the cumulative efforts of all the resources. To fill this gap, the demand for efficient generators has escalated. For various sectors such as industrial, commercial, and residential, generators have become preferred equipment for back up source of electricity. Prime continuous power and peak shaving power are the facilities provided by generators that make them more desirable option by the consumers. As emergency facilities such as emergency call centers, communication services, and hospitals need an uninterrupted power supply for providing their services, they have been demanding advanced generators to act as a secondary power source. Furthermore, development in the industries such as marine, chemicals, oil & gas, and mining is expected to propel the market growth throughout the forecast period.
Stringent Regulations Pertained to Emissions Motivate Manufacturers to Implement Innovations
The emission and fuel efficiency issues pertained to functioning of generators may act as a restraint for the growth of the market. Players are facing stringent regulations regarding the carbon emissions. Furthermore, high maintaining costs and volatile operating of generators are among the key hurdles manufacturers are needed to overcome. Due to technological advancements, consumers are offered generators with greater efficiency and wireless connectivity. Nevertheless, rise in demand for natural gas generator sets is anticipated to help the market sustain its growth. Factors such as increasing per capita electric power consumption and rapid industrialization in the developing economies such as Thailand, South Korea, China, and India are driving the growth of the market in Asia Pacific, further fueling the global market for generators.
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This information is taken from the report, "Generator Market (Fuel Type - Diesel Generator Sets, Natural Gas Generator Sets, and Fuels Generator Sets; Power Rating - Below 100 kVA, 100-350 kVA, 350-1000 kVA, and Above 1000 kVA; Application - Standby Backup Power, Prime Continuous Power, and Peak Shaving Power; End User - Residential, Commercial, and Industrial) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024."