The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Generator Sales Global Market Report 2024, the generator sales market is expected to show significant growth in the forecast period.

The generator sales market has been on a steady upward trajectory, reflecting its resilience and significance. Starting at $23.96 billion in 2023, the market is set to grow to $24.93 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 4.1%. This growth in the historic period can be attributed to factors such as power outages and grid reliability, aging infrastructure, industrial growth, extreme weather events, and increased construction.

Future Prospects: A Glimpse into Growth
Looking ahead, the generator sales market is poised for continuous growth, expected to reach $29.45 billion in 2028 with a CAGR of 4.3%. The forecasted growth is fueled by factors like aging generator replacements, energy storage systems, off-grid solutions, telemedicine, connectivity, and adherence to regulatory compliance. Major trends in the forecast period include the rise of smart generators, hybrid power systems, microgrid development, grid-interactive generators, an uptick in generator rental services, and a surge in data-centered generators.

Fueling Growth: Increasing Demand for Telecommunications

Telecommunications’ Role
A significant driver for the generator sales market is the escalating demand for telecommunications. This surge is attributed to various factors like the growing need for communications and collaborations, increased spending, advancements in technology, and government initiatives. Telecommunication infrastructures, including telecom stations and data centers, require continuous power supply and backup for effective operation.

Statistics Reinforce Demand
For instance, according to the Indian Brand Equity Foundation (IBEF), the rural subscriber teledensity in India increased to 60.33% in July 2021, showcasing the expanding reach of telecommunications. Additionally, the projection of 350 million 5G subscriptions in India by 2026 further emphasizes the pivotal role of generators in supporting the growth of the telecommunications sector.

Market Leaders and Innovations

Dominant Companies in the Generator Sales Market
Major companies that dominate the generator sales market include Kohler Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Holdings PLC, Siemens AG, Toshiba Corporation, Caterpillar Inc., Cummins Ltd., Generac Holdings Inc., AKSA Power Generation, Briggs & Stratton Corporation, and many more.

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Innovations Steer Market Dynamics
A key strategy for market leaders is a focus on product innovations, introducing advanced generator systems that leverage innovative technologies. For instance, Honeywell, a US-based manufacturing company, completed the first round of testing for its 1-megawatt generator system in May 2022. This system, designed to serve hybrid-electric aircraft, represents a breakthrough in aerospace-grade electric machines that can operate as a 1-megawatt motor without modifications.

Strategic Acquisition: WorldWide Electric and Athlon Generator LLC

Strengthening Portfolios through Acquisition
In August 2021, WorldWide Electric, a US-based manufacturer of electric motors, motor controls, and gear controls, acquired Athlon Generator LLC, a US-based generator manufacturer. This strategic move allowed WorldWide Electric to expand its product offerings by adding generators to its comprehensive portfolio of motors, motor and gear controls, further enhancing its growth in the market.

Market Segmentation: Understanding Varied Dynamics

Critical Components of Market Segmentation
The generator sales market is segmented based on fuel type, sales channel, application, and end-user:

1. Fuel Type:
   • Diesel
   • Gas
   • Other Types
2. Sales Channel:
   • Direct
   • Indirect
3. Application:
   • Standby
   • Prime and Continuous
   • Peak Shaving
4. End User:
   • Industrial
   • Commercial
   • Residential

Regional Influence
In 2023, Asia-Pacific emerged as the largest region in the generator sales market, underscoring the region’s dominance and influence in shaping the industry landscape.

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The Generator Sales Global Market Report 2024  provides an in-depth analysis on the generator sales market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the generator sales market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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