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Increasing demand for uninterrupted power supply: With the growing dependence on technology and the increasing number of power outages, there is a high demand for uninterrupted power supply. This drives the demand for generators, which act as a backup power source during power outages.
Growing need for reliable and efficient power supply: The generator sales market is also driven by the need for reliable and efficient power supply. As businesses and industries become more reliant on electricity, they need backup power sources that can provide uninterrupted power supply during power outages.
Increasing construction activities: The construction industry requires a reliable power supply for various activities, such as powering tools and equipment. As construction activities increase, the demand for generators also increases.
Rising demand for mobile generators: Mobile generators are increasingly being used for outdoor events, construction sites, and emergency response situations. As a result, the demand for mobile generators is growing.
Government initiatives and investments: Many governments are investing in infrastructure development, including the installation of backup power systems. This has resulted in an increase in demand for generators, which are a key component of backup power systems.
Growth of the industrial sector: The industrial sector requires a continuous power supply for its operations. As industrial activities increase, the demand for generators also increases.
Emergence of renewable energy sources: The emergence of renewable energy sources such as solar and wind power has not reduced the demand for generators. Instead, generators are being used as a backup power source for these renewable energy systems, which are not always reliable during extreme weather conditions or at night.
Generator Sales Market Analysis:
Generator Sales Market is projected to be worth USD 33.54 billion by 2030, registering a CAGR of 6.67% during the forecast period (2023 - 2030).
Market Segmentation
- On the basis of type, the market is segmented into standby, peak shave, and continuous. Amongst these, continuous segment holds the largest market share due to increasing demand for power during peak period and areas in frequent outages. On the other hand, the standby segment can face increased demand owing to its requirement in healthcare and data centers.
- By fuel, the generator sales market is divided into diesel and gas. Diesel generators are dominating the market owing to their capacity to generate large amount of power and easy availability of fuel. Its wide usage in marine, oil gas, healthcare, and manufacturing sectors can drive the segment growth. However, gas generators are expected to dominate the generator sales market over the forecast period as they are environment-friendly amid increasing prices of diesel.
- By portability, the generator sales market is divided into stationary and portable. Portable generators are expected to gain a higher number of customers owing to increasing short-term projects and generator rental market becoming stronger. Huge need for hybrid generators that provide advantages in terms of fuel consumption, noise, and running time can boost the portable generator sales in the coming years. Development of mobile gensets for residential and construction applications can provide huge growth opportunities.
- On the basis of end-use, the market is classified into commercial, residential, and industrial. Industrial segment holds the largest market share owing to increasing industrialization from developing countries. Favorable policies in Mexico, India, Canada, and China can drive the segment growth.
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