Demand for large generators is witnessing a surge owing to increasing requirement from end-use industries such as oil & gas, construction & mining, and related verticals. Key players in the market have been focusing on various organic & inorganic strategies to gain market position and attract newer customers. Companies such as Caterpillar have been marketing their products as digital world class machines, which emphasize on the implementation of newer technology such as IOT, in their products.
Despite variable government regulations pertaining to large generator emissions, the market has been actively overcoming such issues through investing in advanced R&D, which is readily helping manufacturers to produce newer large generators based on updated regulations.
As per the new report published by Fact.MR, the large generators market is anticipated to surpass US$ 3.8 Bn valuation in 2021, and is poised to expand at a CAGR of around 5% over the next ten years.
Key Takeaways from Market Study
- The large generators market is anticipated to add 1.6X value by 2031.
- Large diesel generators capture a major chunk, equivalent to more than half of the global market share, and are set to create an absolute $ opportunity of around US$ 2.4 Bn from 2021 to 2031.
- Among the end-use industries, the airports segments has been the fastest-growing one, owing increasing use of backup power systems at a majority of international airports.
- North America is set to dominate market revenue in 2021, and is expected to gain 66.3 BPS by 2031.
- The market in China, India, and Germany is expected to rise at around 5% CAGR each through 2031.
- Due to the COVID-19 crisis, demand for large generators was hit in 2020, which saw a decline of 2.8% over the 2nd and 3rd quarters.
“Investing in IoT-incorporated large generators will attract new end users in the market,” says a Fact.MR analyst.
Key Players in the market have been investing in developing IOT-based large generators to ease operational processes, which is being reflected in the increasing customer base for such products. These enhancements, as well as others, will drive demand for large generators in the medium- to long-term forecast period.
Based on regional analysis, North America and Europe, both, collectively account for a majority of the demand for large generators, followed by East Asia and South Asia & Oceania. This is owing to the fact that, these regions have a sizeable number of key manufacturers. Also, high presence of end-use industries utilising large generators for backup and primary work has been a major growth contributor in these regions.
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