Generators have been in use for more than three decades and with the rise in technologic improvements supplemented with constant R&D, the market has doled out thousands out of generator and backup products for use. With the change in climatic conditions across the globe, generators have gained a significance in cases of power outages. Easy installation followed by smooth handling are some added features that imply the importance of using a generator.
On a commercial level, many players are now manufacturing versatile products that range from small to mid-size and mid-size to large generators. The market is largely surrounded by consumer demand, manufacturer’s approach and availability of SMART products.
The market is highly driven by rise in demand for a reliable power source and uninterrupted demand from a wide range of verticals. Interestingly, medical domain has a massive use of generators and backup to power surgical devices, equipment and internet connectivity. In addition, the medical domain also experiences a surgical growth due to constant need of power supply to serve during emergencies.
Other than medical sector, commercial ventures have paved their way in the global market registering a steady demand. IT parks and other information technology startups are now investing significantly in alternative power sources to have a constant power supply to their operations. However, inflated costs, rising completion and inclination towards adoption of solar panels may limit the market demand in the near future.
Generators of various types such as diesel, gas and electricity are commonly used for multipurpose. Diesel and gas generators sum up for a greater market share.
Applications of generators include continuous power; standby and peak shaving are used in the international market all over the world for end-users such up as commercial, industrial and residential.
By power rating, the market can be segmented as less than 100 kVA, 100-349 kVA, 350-999 kVA and more than 1000 kVA. At present, generators with 100-349 kVA are deployed for commercial ventures.
Asia-Pacific regions have a sizeable market with a dominating position in the generators market since two decades. The market continues registering a higher growth rate in the near future and maintain a dominant position in the global market. Electricity cut-offs on frequent basis, occurrence of natural disasters and manufacture of generators and backup accounts for a significant market share. Apart, a cumulative rise in the demand contributes to the revenue generation for generators market in the near future.
Europe and North America market have lucrative opportunities in terms of rise in commercial aspects of business, growing internet demands for business purpose, steady growth in government spending along with implementation of policy and norms, favors the market development of generators and backup domain.
Prominent players in the generators market include Rolls Royce, Kirloskar, Mitsubishi, Yanmar, Kohler and Caterpillar. The market players have adopted key strategies such as mergers and acquisitions coupled with new product launches.