Generators Market Scope
A generator is referred to as a device which converts motive power into the electrical power for use in an external circuit. Generators are basically used to supply backup power to facilities, homes or businesses during power outages but that can also be used as a source of primary power in areas where there is unavailability of a local electrical grid or difficult to access operations like as mining and farming or even new construction and developments. A generator is a kind of invention which powered businesses across the world. Today there is no business which does not depend on electricity. Factors like increasing demand for IT infrastructure and also rapid urbanization is generating scope for generator market. while some of the factors like high maintenance and operational cost is creating a hurdle for the market.
According to AMA, the Global Generators market is expected to see growth rate of 6.0%Leading key players of the generator are focusing on strategic partnerships to improve their products and services and also they are focusing on increasing their client base to strengthen market position and to enhance product & service offerings. Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Generators market throughout the predicted period.
General Electric (United States), Mitsubishi Heavy Industries (Japan), Caterpillar (United States), Yanmar (Japan), Kirloskar Electric Co. Ltd. (India), MQ Power Corp. (United States), Kohler (United States), Generac Holdings, Inc. (United States), Cummins (United States) and Wacker Neuson (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Wartsila Oyj Abp (Finland), Rolls-Royce (MTU Onsite Energy) (United Kingdom) and Briggs & Stratton Corporation (United States).
Segmentation Overview
The study have segmented the market of Global Generators market , by Application (Standby, Prime & Continuous and Peak Shaving) and Region with country level break-up.
On the basis of geography, the market of Generators has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Need for rapid-response energy storage technologies
Market Growth Drivers:
Rising demand for uninterrupted & reliable power supply from end-users, Increasing demand for it infrastructure and Rapid urbanization in developing countries
Challenges:
High operation & maintenance cost and Stringent emission & noise control norms
Restraints:
Rising adoption of energy storage technologies and Significant investments to modernize/upgrade the existing T&D infrastructure
Opportunities:
Increasing requirement of hybrid generators, Bi-fuel, and inverter generators and Developing economies
Market Leaders and their Expansionary Development Strategies
In July 12, 2023, Cummins Inc. (US) announced the acquisition of Jacobs Vehicle Systems International (JVS) (UK), expanding its portfolio in off-highway powertrains and generator sets.
In February 15, 2023, Generac Power Systems (US) launched its PWRcell, a home energy storage system integrated with a generator, offering backup power and energy management.
Key Target Audience
Manufacturers of Generator, Suppliers of Generator Parts, Distributors and Retailers of Generator, Research Industry, Governmental Bodies and Regulatory Bodies
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.