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The electric generators market share is expected to increase by USD 4.09 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 3.32%.
This electric generators market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers electric generators market segmentations by type (diesel, gasoline, and others) and geography (APAC, Europe, North America, MEA, and South America). The electric generators market report also offers information on several market vendors, including ABB Ltd., Briggs and Stratton LLC, Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., Greaves Cotton Ltd., Honda Motor Co. Ltd., Multiquip Inc., Siemens AG, and Wacker Neuson SE among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The increasing demand for uninterrupted power supply among end-users is notably driving the electric generators market growth, although factors such as high maintenance and operation cost of generators may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the electric generators industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Electric Generators Market Driver
The increasing demand for uninterrupted power supply among end-users is one of the key factors driving the growth of the global electric generator market. The focus on economic development and increasing investments in industrialization are raising the demand for electric energy across the world. Most commercial and industrial sectors depend on the continuous and uninterrupted power supply to prevent damage to equipment, loss of service, and data loss. The need for reducing power interruptions has increased investments in improving power infrastructure worldwide. Power disruption in utilities is a major challenge faced by the industrial and commercial sectors. The aging power infrastructure is increasing the strain on power grids. Power outages, which are caused by natural calamities, failure in power distribution centers, and maintenance shutdown in work facilities, have increased across the globe. Hence, the sudden power outages and shortages because of various reasons are driving the demand for electric generators among end-users. These machines provide an uninterrupted power supply.
Key Electric Generators Market Trend
The focus on technological advances will fuel the global electric generators market growth. The growing demand for power backup solutions during outages across industries and in the commercial sector and the increasing adoption of advanced technologies such as the internet of things (IoT) and artificial intelligence (AI) have increased the opportunity for the growth of advanced electric generators across the globe. The integration of IoT in electric generators eases the maintenance process, which includes testing, monitoring, fixing, and component replacement. IoT is mainly used to manage and maintain electrical equipment or devices, including electric generators. Moreover, IoT-enabled maintenance of DG helps the industrial and commercial sectors to run their businesses effectively by increasing the operational efficiency of the DG. However, IoT integration with DG also helps in the monitoring of the fuel tank to detect fuel theft, ensure refueling, maintain a limit of carbon emission, and monitor engine efficiency. Companies are focusing on developing and offering IoT solutions for DG to minimize the overall capital expenditure and maximize the return on investment (ROI). For instance, Technoton offers diesel generator monitoring solutions for the remote monitoring of diesel generators, including the monitoring of fuel consumption and parameters of engine operations.
Key Electric Generators Market Challenge
The high maintenance and operation cost of generators is a major challenge for the global electric generators market growth. The operation cost of electric generators depends on the type of fuel used and the power load. Gasoline is the most widely used fuel source for generators. The average cost of gasoline is generally between $2.80 and $3.00. A portable electric generator consumes approximately 18 gallons of gasoline. Thus, the average operating cost of an electric generator ranges from $50 to $55 per day. The average cost of diesel generators ranges between $3.15 and $3.20. An electric generator of 20 kilowatt uses approximately 1.6 gallons of fuel per hour. However, the average cost to run the diesel generator generally ranges from $120 to $125. Hence, the high cost of the operation and maintenance of electric generators and the costs associated with the replacement and fixing of various parts of generators to improve operational efficiency are expected to hamper the growth of the global electric generators market to a certain extent during the forecast period.
This electric generators market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the electric generators market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the electric generators market encompasses successful business strategies deployed by the key vendors. The electric generators market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The electric generators market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the electric generators market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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