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Generator Sales Market - New Revenue Pockets
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.
The diesel gensets market, in totality, has experienced steady historical growth. Although diesel gensets are characterized by low installation costs, they incur high fuel costs and face the risk of price volatility. Gasoline is the leading fuel choice in the consumer market (<15 kW). In the higher power class range, though, diesel and natural gases are the primary options.
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.
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 and Others) & by Region - Global Trends & Forecasts to 2019
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