Generator Market SWOT Analysis Of Top Key Player Forecasts To 2024 Generator Market - Global Industry Analysis, Size,

Generator Market - Global Industry Analysis,
Size, Share, Growth Trends, and Forecast 2016
- 2024
Generator Sales to Remain Strong as Demand for Energy Snowballs
The insatiable demand for electricity has been fueled by the increasing population
and industrialization globally. However, there is still a supply gap as electricity
generation by utilities is not sufficient to meet the global demand for power. This
has created a favorable space for generator sets to fill in the gap between power
generation and consumption. Generator sets have thus been seen as ideal solutions
to provide electricity in individual homes and other facilities. Their advantages in
peak shaving power and prime continuous power have manifested in the form of
key drivers for the market.
In terms of revenue, the global generator market was valued at US$16.61 bn in
2015. The market is expected to reach US$24.76 bn by 2024, expanding at a CAGR
of 4.58% from 2016 to 2024, says TMR.
The demand for medium power rating generator sets is currently the highest in the
residential, commercial, small industrial, and other small-scale facilities. Moreover,
the integration of generators with renewable energy systems opens up a window of
opportunity for companies in the global generator market.
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market.html
Adoption of Off-grid Power Systems in Developed Countries Lays Firm
Ground for Generator Sales Growth
On the basis of geography, the generator market has been segmented into five
regions: North America, Europe, Asia Pacific, Middle East & Africa, and Latin
America. In 2015, North America held the largest market share (32.70%), followed
by Middle East & Africa (22.22%). The market in North America is expected to
expand at a CAGR of 3.58% from 2016 to 2024 to account for US$7.43 bn in
revenues by 2024.
Developed countries such as the U.S., U.K., and Germany, have started adopting off-
grid power systems to reduce dependence on utility-scale electricity. This has
boosted the sales of generators sets in these regions. At a CAGR of 6.39%, the