August 8, 2019 by Steve Blade
Generators refer to devices that convert mechanical energy into electrical energy. Currently, generators find widespread adoption in various industries, residential buildings, and commercial installations as the source of power backup. Increasing demand for continuous and undisturbed power supply at the time of power grid downtime is expected to proliferate adoption of generators in the near future.
Globally, generators are benefitting with escalating concerns regarding energy security, which in turn has led prospective generator end-users seek ways for operating more efficiently and safely. In emerging nations worldwide, regular power outages have hindered smooth business operations, and implementation of generators has become the key for these entities for functioning throughout a power outage. This has further enabled businesses to save on operating costs and energy. Additionally, surging voltage fluctuations & power cuts have been adversely affecting operations of industries, which in turn has prompted adoption of the reliable power backup equipment.
However, high initial capital investments required for generators remain a major concern among end-users. Moreover, inclination toward utilization of renewable energy resources including solar & wind in tandem with favorable regulatory policies regarding use of these resources will further create obstacles to adoption of generators in the foreseeable future.
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A new report by Fact.MR has slated that the generator market will ride on an average 4.5% CAGR, in terms of volume, during the forecast period (2017-2026). In terms of value, sales of generator across the globe are poised to reach approximately US$ 39,000 Mn in revenues by 2026-end.
There has been a substantially high demand for generators in North America for use in commercial establishments and industries, for reducing operation downtimes and increasing productivity. In addition, robust economic vigour of the region further facilitates the commercial, industrial and residential sector in adoption of this expensive equipment. North America will continue to dominate the global generator market, in terms of revenues. Asia-Pacific excluding Japan will remain fastest expanding market for generator, in terms of value.
Key Takeaways from Fact.MR’s Report on Generator Market for Forecast Period 2017-2026 (In Terms of Value)
Key market players identified by Fact.MR’s report include Yamaha Motor Corporation, SDMO, Mitsubishi Heavy Industries Ltd., Kubota Corporation, Kirloskar Oil Engines Limited, General Electric Corporation, Doosan Corporation, Cooper Corporation, and AKSA Power Generation.
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