Generator Sales Market: 2019 Global Industry Trends, Growth, Share, Size and 2026 Forecast Research Report
The global generator sales market is expected to gain momentum from an ever-increasing demand for oil and gas. According to Fortune Business Insights, in a published report, titled, “Generator Sales: Global Market Analysis, Insights, and Forecast, 2019-2026,” the global market is projected to reach approximately US$ 29.9 Bn by the end of 2026, thereby exhibiting a CAGR of 5.79% in the forecast period. The report also states that the global generator sales market was valued at nearly US$ 19.15 Bn in 2018.
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The report further reveals that the rising demand from mining, oil and gas, pharmaceuticals, residential, marine, manufacturing, and other industries will contribute to the global generator sales market growth during the forecast period. Furthermore, rapid development in construction as well as other business units and expansion of mining industry, are likely to boost global market growth. Fortune Business Insights predicts that the global market will not witness tragic decline in sales and growth during the forecast period.
Infrastructural Development to Favor Market Growth in Asia Pacific
The global generator sales market is geographically divided into North America, the Middle East and Africa, Asia Pacific, Latin America, and Europe. Amongst these regions, Asia Pacific is expected to dominate the generator sales market share during the forecast period. This growth is attributable to the rising demand from emerging nations, such as Malaysia, Japan, China, Indonesia, and India. These countries have so far exhibited steady generator sales market growth. This is because of the possession of strong potential of development in pharmaceutical, construction, commercial, and marine.
Asia Pacific is hence considered to be one of the fastest-growing continents in the entire world because of the persistent development in developing countries, namely, China and India. Fortune Business Insights predicts that the demand for diesel generators will rise in these nations due to rising investment towards infrastructural development, which will, in turn, boost the generator sales market in the upcoming years. Moreover, the Middle East and Africa will exhibit rapid growth and will follow the footsteps of Asia Pacific during the forecast period.
Cummins Launches HSK78G Generator Series to Push the Level of Efficiency
Cummins Inc., a provider of engines, filtration, and power generation products, headquartered in the U.S., debuted its new natural gas generator series called HSK78G in March 2019. The series is specially designed to offer reliable power, regardless of the climate, including extreme altitude or extreme heat up to 131 degrees Celsius as well as the source of natural gas. According to the company, its new technology will represent a bold move into the field of natural gas. The HSK78G series models are suitable for several sets of industries, such as manufacturing, hospitals, mining, and shopping malls.
Rolls Royce, a pre-eminent engineering company, based in the U.K., announced in February 2019 that it had signed a contract to offer its MTU diesel generators in order to supply power backup to the nuclear power plant located at Hinkley Point C in Somerset in the U.K. The company stated that it had been using its in-house capability to provide four sets of generators, full system integration, and all controls and instrumentations.
Earlier, in September 2018, Cummins Inc. declared that it was awarded a contract worth $490.9 million by the United States Department of Defence. Its main aim was to produce diesel-powered generators. According to the contract, Cummins will supply Advanced Medium Mobile Power Sources (AMMPS) generator sets through 2023. These generators will possess carbon emission reduction of 509,698 metric tons carbon dioxide over their expected life.
- Cummins Inc.
- Caterpillar Inc.
- Ingersoll Rand
- Kirloskar Electric Co. Ltd.
- Generac Power Systems
- FG Wilson
- Atlas Copco
- Honda Siel Power Products Ltd
- Briggs and Stratton
- Inmesol S.L
- Yanmar Co., Ltd.
- MQ Energy Inc.
- Wacker Neuson
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