WiseGuyReports.com adds “Power Generators Global Market Report 2023” reports to its database.
Pune, Maharashtra -- (SBWIRE) -- 01/17/2020 -- Power Generators Market:
The power generator manufacturing market consists of sales of generators which are machines that convert mechanical energy into electrical energy for applications in external circuits. A generator uses mechanical energy such as steam, gas, water to convert it into electrical energy for uninterrupted power supply.
The global power generator manufacturing market was worth $17.4 billion in 2019. It is expected to grow at a compound annual growth rate (CAGR) of 6.37% and reach $22.2 billion by 2023
The generator manufacturing market covered in this report is segmented by type into gas generator, diesel generator, and ckd generator. The generator manufacturing market in this report is segmented by capacity into below 75kva, 75-375 kva, 375-750 kva, and above 750 kva. The generator manufacturing market in this report is segmented by application into stand by, peak shaving, and continuous. The generator manufacturing market in this report is segmented by end user into mining, oil & gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and others.
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Increasing demand from several industries such as mining, oil and gas, and pharmaceuticals is expected to contribute to the growth of the generator manufacturing market in the forecast period. Generators are used as a source of power backup in many industrial activities. However in cases where grid infrastructure is absent, generators are used as the only source of power. For example, majority of the mining sites are located in remote locations, and require generators for their day-to-day power requirements. For instance, mining market in India is expected to increase from $105 billion in 2018 to $126 billion in 2022 at a CAGR of 4.63%. Economic growth in emerging markets is increasing the industrial activity which in turn will drive the market for generators in the forecast period.
Government initiatives to promote building and maintaining a robust energy infrastructure will drive the demand for power generation systems which in turn is expected to restrain the market for generators in the forecast period. According to the International Energy Agency (IEA), in 2017, the global electricity industry attracted capital investments of $700 billion. As of 2017, Asia-Pacific was the leading region with $1.67 trillion worth of investments in pipeline power generation construction projects, followed by the Middle East and Africa with $1.16 trillion each. Pipeline power generation projects in Europe and the Americas were valued at $921 billion and $931 billion, respectively. Governments in both developed and developing countries are focusing on building and maintaining a robust energy infrastructure, and it is expected to limit the growth of the generator manufacturing market.
Generator manufacturing companies are increasingly manufacturing portable generators. A Portable generator provides electricity by running a gas-powered/diesel-powered engine that turns an on-board alternator to generate electrical power. Rising demand for uninterrupted and reliable power supply is increasing the demand for portable generators. Portable generators offer several advantages such as flexibility, and increased ease of use. The global portable generators market is expected to reach $2.5 billion by 2024 growing at a CAGR of 4.1% through 2019.
In February 2018, Generac Holdings Inc bought Selmec Equipos Industriales for an undisclosed amount. Through this acquisition, Generac Holdings aims to scale up its ottomotors business. Selmec is a Mexico based leading manufacturer of industrial generators.
Major players in the market are Aggreko, Atlas Copco, Caterpillar Inc., FG Wilson, Kirloskar Electric Co. Ltd., Cummins Inc., Rolls-Royce, Wärtsilä, Yanmar Co. Ltd., Briggs & Stratton
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