Electric Generators Market: Introduction
In many parts of the developing world, providing electricity access for all remains a serious challenge. To counter electricity shortage, electric generators are considerably used in every part of the world. Growing economies, burgeoning and urbanizing middle classes across the prominent regions provide an ideal platform for a promising growth outlook. Electric generators are utilized in residential, commercial, and industrial applications as a backup power source. They are offered on the basis of fuel type, notably diesel and natural gas. In the forthcoming years, the demand for natural gas electric generators is pegged to outpace that for diesel-based electric generators against the backdrop of growing environmental concerns. In addition, for residential purposes, standby and portable electric generators are gaining traction in the global electric generators market.
Subsequently, the aim of the study is to analyze the most recent trends and dynamics in the global and regional electric generators market.
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Electric Generators Market: Market Dynamics
The regulatory environment in North America is expected to surge the demand for gaseous fueled electric generators. Electrical grids in many parts of the world have been experiencing several challenges over the past few years. Aging power transmission infrastructure and the increasing global demand for electricity have augmented the sales of electric generators in order to fulfill the power demand. Spurring urbanization has put pressure on existing facilities, due to which governments and private companies have increased power disruptions. Consequently, the population in cities is expected to adopt residential electric generators. In the near term, the electric generators market is set to witness an upward growth trajectory with a significant rate.
The increased use of diesel-powered electric generators across the world, notably in Asian countries, both at an industrial and a residential level, has worsened regional air pollution. Therefore, governments have started implementing stringent laws and regulations to curb the heightened use of diesel-powered electric generators. In the coming years, this will decelerate the use of electric generators. In some parts of the world, the declining cost of renewable sources of energy is proliferating new opportunities to reduce reliance on costly electric generators, which is anticipated to impede the growth of the electric generators market.
Companies in the electric generators market have developed an array of strategies to enhance penetration in the residential electric generators market. These include increasing awareness, affordability and availability, optimizing innovative sales and improving marketing techniques.
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Electric Generators Market: Regional Outlook
Geographic location and low population densities of villages with low access to electricity make certain regions lucrative for the pragmatic growth of the electric generators market. Aging and underinvested electric grids, increasing power outages and favorable demographics are some of the long-term growth propagators in the electric generators market. Furthermore, the regulatory environment regarding natural gas is driving the demand for gaseous-fueled electric generators in North America. Despite the increase in electricity generation in India and SEAP, these regions face a structural shortage of power. For residential consumers, this constraint is most evident during periods of peak demand, which has compelled households to invest in electric generators as back-up. In remote areas of ASEAN, small diesel-powered electric generators continue to play a key albeit diminishing role in providing electricity.
Electric Generators Market: Market Participants
Examples of some of the key market participants in the global electric generators market discerned across the value chain include:
- Generac Power Systems
- Kohler Co.
- Caterpillar Inc.
- Atlas Copco
- Kirloskar Group
- Cummins Inc.
- Siemens AG
- Briggs & Stratton Corporation
- HIMOINSA S.L.
- GRUPEL S.A.
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