Generator Market 2016 Trends, Research, Analysis and Review Forecast 2024

Generator Market - Global Industry Analysis,
Size, Share, Growth Trends, and Forecast 2016
- 2024
Generator Sales to Remain Strong as Demand for Energy Snowballs
The insatiable demand for electricity has been fueled by the increasing population
and industrialization globally. However, there is still a supply gap as electricity
generation by utilities is not sufficient to meet the global demand for power. This
has created a favorable space for generator sets to fill in the gap between power
generation and consumption. Generator sets have thus been seen as ideal solutions
to provide electricity in individual homes and other facilities. Their advantages in
peak shaving power and prime continuous power have manifested in the form of
key drivers for the market.
In terms of revenue, the global generator market was valued at US$16.61 bn in
2015. The market is expected to reach US$24.76 bn by 2024, expanding at a CAGR
of 4.58% from 2016 to 2024, says TMR.
The demand for medium power rating generator sets is currently the highest in the
residential, commercial, small industrial, and other small-scale facilities. Moreover,
the integration of generators with renewable energy systems opens up a window of
opportunity for companies in the global generator market.
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Adoption of Off-grid Power Systems in Developed Countries Lays Firm
Ground for Generator Sales Growth
On the basis of geography, the generator market has been segmented into five
regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin
America. In 2015, North America held the largest market share (32.70%), followed
by Middle East & Africa (22.22%). The market in North America is expected to
expand at a CAGR of 3.58% from 2016 to 2024 to account for US$7.43 bn in
revenues by 2024.
Developed countries such as the U.S., U.K., and Germany, have started adopting offgrid
power systems to reduce dependence on utility-scale electricity. This has
boosted the sales of generators sets in these regions. At a CAGR of 6.39%, the

generator market in Asia Pacific is expected to expand at the fastest rate during the
forecast period.
The Middle East & Africa generator market is currently witnessing strong generator
sales in countries such as Saudi Arabia, the UAE, South Africa, Kenya, Iran, Nigeria,
and Qatar. Remote areas that still remain cut off from regular power supply carry a
high economic potential for companies in the generator market.
Asia Pacific held the third-largest market share of the global generator market,
accounting for 22.2% in 2015. The market in Asia Pacific is expected to expand at a
CAGR of 6.39% from 2016 to 2024 to account for US$6.19 bn in revenues in 2024.
Countries such as China, India, Malaysia, Thailand, and Australia are showing a swift
increase in energy consumption. However, emerging countries in APAC are still
plagued by an underdeveloped electricity transmission and distribution
infrastructure and frequent power outages, creating a lucrative target market for
sales of generator. Europe and Latin America collectively accounted for 23.7% of the
global generator market in 2015.
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Spotlight will Remain on Use of Generators for Prime Continuous Power
By application, the global generator market can be segmented into standby backup
power, prime continuous power, and peak shaving power. Of these, prime
continuous power held the largest market share (48.91%) in 2015. Enterprises are
primarily investing in generators to ensure prime continuous power – this trend will
continue to drive generator sales, leading the prime continuous power segment to
expand at a CAGR of 4.39% from 2016 to 2024. By end-user, the market has been
segmented into residential and commercial and industrial. Of these, commercial and
industrial held the largest market share (58.50%) in 2015; the segment is expected
to expand at a CAGR of 5.22% from 2016 to 2024.
Key players in the generator market include Briggs & Stratton Corporation,
Caterpillar Inc., Cummins Inc., Generac Holdings, Inc., Kirloskar Electric Company
Ltd., Kohler Co., Mitsubishi Heavy Industries, Ltd., Multiquip Inc., Wärtsilä
Corporation, and Yanmar Co., Ltd.
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