Global Generator Market is Expected to Expand at a CAGR of 4.58% to Reach US$24.76 bn by 2024; Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024

ALBANY, New York, July 18, 2016 /PRNewswire/ --

Cutting through the noise in a highly fragmented generators market is becoming increasingly difficult for both regional and global players. This has manifested in the form of aggressive consolidation efforts and distribution network expansion strategies, finds Transparency Market Research (TMR) in a new study. The leading companies in the global generator market include Cummins Inc., Caterpillar Inc., Generac Holdings Inc., Kohler Co., Mitsubishi Heavy Industries Ltd., and Briggs & Stratton Corporation. A substantial part of the revenues generated via generator sales globally were concentrated in this camp in 2015, finds TMR.

"With regulators keeping a close watch on CO2 emissions and the efficiency of generators, constant innovation and improvement have become the mantra for growth. Other focus areas should remain noise reduction, wireless connectivity, remote monitoring, and power system integration," says a TMR analyst. Companies that are able to grasp changing consumer preferences and expand their distribution channels to far-flung areas in emerging economies will carry a huge competitive advantage.

"Natural gas generator sets are expected to witness a spike in demand. Industrial and commercial facilities are expected to install generator sets in large numbers," states the analyst.

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Natural Gas Fueled Generators are looking at a Promising Future 

The rising fuel prices and supply gap in electricity are driving more industrial and commercial consumers to install generators. As the existing grid infrastructure grapples with the increasing load, power outages can mean millions of dollars' worth of downtime for industrial and commercial facilities. Consequently, the demand for generators is expected to remain strong until 2024, TMR forecasts.

However, companies are now faced with strict mandates issues by regulatory bodies. The future for natural gas-fueled generators looks promising as a result. Irrespective of the power rating or fuel type, generators also now need to meet higher expectations in terms of noise reduction, wireless connectivity, and greater efficiency.

Despite no evident dearth of drivers, global generator sales could take a marginal hit from the swiftly expanding electricity transmission and distribution network worldwide.

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Generator Installations to Rise Swiftly in Commercial and Industrial Sector 

According to Transparency Market Research, the global generator market had a valuation of US$16.61 bn in 2015 and is expected to expand at a CAGR of 4.58% to reach US$24.76 bn by 2024.

The global generator market has been segmented on the basis of power rating, fuel type, application, and end-user. By power rating, the 100-350 kVA segment stood as the largest in 2015 owing to the fact that both residential and commercial facilities use generators in the segment. The fastest growth is projected for the above 1000 kVA power rating segment at a 6.51% CAGR during the forecast period.

Similarly, basis fuel type, diesel generator sets is the largest segment owing to the conventionally ubiquitous nature of diesel gensets. The conventions, however, are on course to changing in the long-term future as TMR finds that the natural gas generator set segment will expand at the fastest CAGR of 7.94% through the forecasting horizon. This change will be driven by the strong emphasis on minimizing harmful emissions.

Basis application, prime continuous power emerged as the largest segment in 2015, contributing revenues to the tune of US$8.12 bn in that year. By type of end user, the commercial and industrial segment accounted for the biggest share in the pie at 58.50% in 2015.

The information in this review is based on a Transparency Market Research report, titled "Generator Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016-2024."

Browse In Detail Regional Market Research: http://www.europlat.org/generator-market-in-asia-pacific.htm

Generator Market - Fuel Type Segment Analysis 

• Diesel Generator Sets
• Natural Gas Generator Sets
• Other Fuels Generator Sets

Generator Market - Power Rating Segment Analysis 

• Below 100 kVA
• 100-350 kVA
• 350-1000 kVA
• Above 1000 kVA

Generator Market - Application Segment Analysis 

• Standby Backup Power
• Prime Continuous Power
• Peak Shaving Power

Generator Market - End-user Segment Analysis 

• Residential
• Commercial & Industrial

Generator Market - Regional Analysis 

North America 

• U.S.
• Rest of North America

Europe 

• U.K.
• Germany
• France
• Rest of Europe

Asia Pacific 

• China
• India
• Australia
• Rest of Asia Pacific

Middle East & Africa 

• Saudi Arabia
• UAE
• Rest of Middle East & Africa

Latin America 

• Brazil
• Rest of Latin America

Browse Other Research Report: 

• Hydrogen Generator Market: http://www.transparencymarketresearch.com/hydrogen-generation-market.html
• Generator Sales Market: http://www.transparencymarketresearch.com/generator-sales-market.html
• Plastic Bottle Recycling Market: http://www.transparencymarketresearch.com/plastic-bottle-recycling-market.html

About TMR 

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR's data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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SOURCE Transparency Market Research