Generator Sales Market – Snapshot
Generator is a machine that converts mechanical energy into electrical energy. Two types of generators are available in the market: stationary and portable. These generators can be used in standby, prime and continuous, and peak shaving applications in various end-use sectors such as industrial, commercial, and residential.
Increase in Demand for Electricity
Power consumption has increased significantly across the globe, especially in Asia Pacific, over the last few years. Strong growth of economy and rise in population have boosted the consumption of power. Increase in infrastructure development activities is also driving the demand for electricity. However, production of electricity by utilities is not sufficient to meet the global demand for power. This has created scope for generator sets to fill in the gap between power generation and consumption.
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Several residential, commercial, and industrial users have installed generators due to the lack of utility-scale or inconsistent power supply. Thus, rise in demand for power across the globe has boosted sales of generator sets. Consumption of electricity in Europe increased by 0.7% (23 Terawatt hours) in 2017. This was the third consecutive year of increase in consumption of electricity in the region. China consumed 5,367 TWh of electricity in 2016. Consumption of electricity rose to 5,683 TWh in the country in 2017.
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Prevalence of Rental Market, Especially for Portable Generators
The prevalent practice of renting generators is a major factor hampering the sale of generator sets. Consumers prefer to rent portable generators than generator sets. Portable generators offer several advantages over conventional generator sets. For instance, they can be easily transported from one place to another. Low weight and small size allows them to be transported and handled easily. They also require low amount of fuel. Certain industries such as construction, agriculture, and automotive repair are prefer to opt for rental generators, as these are portable and easy to handle. Renting is a more affordable option than buying if generators are needed for a short period of time.
Rise in Adoption of Renewable Energy Increases Requirement of Backup Power Facilities such as Generator Sets
Renewable energy is rapidly gaining traction across the globe. Europe leads the world in terms of adoption of renewable energy. Countries in the region have managed to substantially shift from combustible fuels toward environmentally efficient and clean power generation methods such as wind, solar, geothermal, and hydro energy. A few member countries of the European Union have already exceeded the 2024 target of the share of energy from renewable sources. However, renewable energy sources cannot provide consistent power. They are dependent on natural climate. For instance, solar energy can be produced during daytime, while wind energy can be produced when the wind is blowing with a certain force. This creates the need for backup power sources. Generators is one of these sources. Generators can provide the necessary power backup when renewable energy fails. Demand for generators is anticipated to increase in the near future due to the rise in the use of renewable energy.
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Expansion and Acquisition Activities in Generator Sales Market
In December 2017, Cummins, Inc. announced the launch of the new RS125 and RS150 models in the QuietConnect series generators. The generators have a capacity ranging from 13 kW up to 150 kW to back up larger homes and small businesses, including dental and medical offices, grocery stores, gas stations, and strip malls. In January 2017, Generac successfully completed the acquisition of Motortech Holding GmbH & Co. KG. This move strengthened the company’s position in the power generation market in Europe. In May 2016, Briggs & Stratton Corporation launched 8000 watts Elite Series, the first Bluetooth portable generator in the world. The generator is equipped with StatStation branded wireless Bluetooth device, which makes it convenient for customers to monitor the generator from inside their homes. In 2016, Caterpillar Inc. launched a new RP series of portable generators with four basic models ranging from 3.6 KW to 7.5 KW. In February 2015, KOEL Green signed a Memorandum of Understanding (MOU) with MTU Friedrichshafen, GmbH for building and commissioning emergency diesel gensets (EDGs) for future requirements of Nuclear Power Plants (NPP) in India.
Asia Pacific Generator Sales Market to Expand at Rapid Pace
Asia Pacific dominated the global generator sales market in 2017. The market in the region is expected to expand at a rapid pace during the forecast period. Rapid economic growth and rise in standard of living are major factors driving the demand for electricity in Asia Pacific. China is the most populated county in the world. Hence, demand for electricity in the country is high. China consumed 5,104 TWh of electricity in 2015. Consumption of electricity increased to 5,683 TWh in the country in 2017. According to the Global Tracking Framework 2017 Regional Assessment Report, more than 421 million people in Asia Pacific remained without access to electricity. Thus, demand for generators is high in the region.
Highly Competitive Market with Dominance of Top Players
The global generator sales market is highly fragmented. Large numbers of local and international players provide generator sales services. Key players operating in the global market include Cummins Inc., Caterpillar Inc., Generac Holdings Inc., Himoinsa S.L., AKSA Power Generation, KOEL Green, Atlas Copco AB, Aggreko PLC, Kohler Co., Briggs & Stratton Corporation, Yamaha Motor Corporation, Greaves Cotton Limited, AGCO Corporation, APR Energy, and Multiquip Inc.
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