Generator Sales Market Significant Profits Estimated to be Generated by 2026
The global generator sales market was valued at around US$ 24 Bn in 2017 and is anticipated to expand at a CAGR of more than 5% from 2018 to 2026, according to a new report titled ‘Generator Sales Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026’ published by Transparency Market Research (TMR).
Generators are commonly used for short periods of time, especially during interruptions in electricity supply from transmission and distribution networks. Diesel is a commonly used fuel in generators. Countries across the globe are adopting various emission reduction goals to curb pollution. Continuous use of diesel in generators can hamper the emission reduction targets of countries. Hence, countries are introducing stringent laws that require generator manufacturers to lower emissions from diesel generators.
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Rise in Incidence of Power Outages Driving Market Growth
The global electrification rate has been improving over the last decade. However, the number of power outage days has also increased. Power outage primarily occurs due to natural calamities, transmission line failure, distribution line failure, and faults in equipment of power generation station or substation. Old power infrastructure, aging supply lines, and frequent incidences of natural calamities in North America are resulting in power failures in several states in the region. This is expected to drive the generator sales market in the region during the forecast period. Additionally, power fluctuations can cause considerable damage. For instance, they can damage electric equipment. The damage can also spread from equipment or machinery to humans operating those machines. Breakdown in any equipment in the entire infrastructure from power generation to transmission and distribution can cause short or long power outage days, depending on the severity of equipment failure. Furthermore, power outage reduces industrial output and leads to loss in revenues. It also causes discomfort, malfunctioning, and unproductivity in residential, commercial, government, and other facilities. Generator sets supply power to such facilities during power outages. Thus, increase in number of days of power outages is boosting the sales of generator sets.
Natural Gas Expected to be Highly Lucrative Segment
Diesel is a commonly used fuel in generators. However, the market share of the diesel segment is expected to decline during the forecast period, as it causes pollution. Pollution has become a major concern across the globe. On the other hand, natural gas is estimated to be a highly lucrative segment of the generator sales market during the forecast period. Natural gas generators make lesser noise and emit lower amount of VOCs than other types of generators. However, natural gas is highly flammable. High operation and maintenance costs of natural gas generators are projected to hamper the natural gas segment in the near future.
Rise in Incidence of Power Outages Driving Market Growth
The global electrification rate has been improving over the last decade. However, the number of power outage days has also increased. Power outage primarily occurs due to natural calamities, transmission line failure, distribution line failure, and faults in equipment of power generation station or substation. Old power infrastructure, aging supply lines, and frequent incidences of natural calamities in North America are resulting in power failures in several states in the region. This is expected to drive the generator sales market in the region during the forecast period. Additionally, power fluctuations can cause considerable damage. For instance, they can damage electric equipment. The damage can also spread from equipment or machinery to humans operating those machines. Breakdown in any equipment in the entire infrastructure from power generation to transmission and distribution can cause short or long power outage days, depending on the severity of equipment failure. Furthermore, power outage reduces industrial output and leads to loss in revenues. It also causes discomfort, malfunctioning, and unproductivity in residential, commercial, government, and other facilities. Generator sets supply power to such facilities during power outages. Thus, increase in number of days of power outages is boosting the sales of generator sets.
Request A Sample - https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=10850
Rise in Incidence of Power Outages Driving Market Growth
The global electrification rate has been improving over the last decade. However, the number of power outage days has also increased. Power outage primarily occurs due to natural calamities, transmission line failure, distribution line failure, and faults in equipment of power generation station or substation. Old power infrastructure, aging supply lines, and frequent incidences of natural calamities in North America are resulting in power failures in several states in the region. This is expected to drive the generator sales market in the region during the forecast period. Additionally, power fluctuations can cause considerable damage. For instance, they can damage electric equipment. The damage can also spread from equipment or machinery to humans operating those machines. Breakdown in any equipment in the entire infrastructure from power generation to transmission and distribution can cause short or long power outage days, depending on the severity of equipment failure. Furthermore, power outage reduces industrial output and leads to loss in revenues. It also causes discomfort, malfunctioning, and unproductivity in residential, commercial, government, and other facilities. Generator sets supply power to such facilities during power outages. Thus, increase in number of days of power outages is boosting the sales of generator sets.
Natural Gas Expected to be Highly Lucrative Segment
Diesel is a commonly used fuel in generators. However, the market share of the diesel segment is expected to decline during the forecast period, as it causes pollution. Pollution has become a major concern across the globe. On the other hand, natural gas is estimated to be a highly lucrative segment of the generator sales market during the forecast period. Natural gas generators make lesser noise and emit lower amount of VOCs than other types of generators. However, natural gas is highly flammable. High operation and maintenance costs of natural gas generators are projected to hamper the natural gas segment in the near future.
Natural Gas Expected to be Highly Lucrative Segment
Diesel is a commonly used fuel in generators. However, the market share of the diesel segment is expected to decline during the forecast period, as it causes pollution. Pollution has become a major concern across the globe. On the other hand, natural gas is estimated to be a highly lucrative segment of the generator sales market during the forecast period. Natural gas generators make lesser noise and emit lower amount of VOCs than other types of generators. However, natural gas is highly flammable. High operation and maintenance costs of natural gas generators are projected to hamper the natural gas segment in the near future.
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