Increasing Demand for a Steady Power Supply, is Driving the Market
As the population is increasing, so is the energy requirement. The increase in quality of life will lead to a greater demand for energy and petrochemicals, especially from the United States, China, and India. The massive increase in power consumption in developing countries, such as China and India, with inadequate power generation capacity and grid infrastructure, will make a steady power supply a serious challenge. Thus, the demand for steady power boosts the sales of generator in several sectors, especially the industrial and commercial sectors. Moreover, the performance of any industry depends on the availability of resources for its successful operation, and electricity supply is a primary requirement. Unreliable power has significant consequences for the industrial and commercial consumers, for whom steady power supply is of paramount importance.
Asia-Pacific - Increasing Demand for Generators in Residential Sector
Currently, there is an ever-increasing demand for electricity among residential consumers, for running electrical and electronic products. The total final energy demand (TFED) in the growth of construction industry in the emerging economies of Asia-Pacific, is favoring the growth of the residential generators segment. Moreover, owing to the lack of firm power grid infrastructure, rural electrification is a major challenge for governments in developing nations. Villages in China, India, and various Southeast Asian countries still rely on diesel generators during night hours. However, this offers as potential prospects for generator companies, to serve rural areas with better and reliable power systems. Large and international vendors dominate the residential generator segment. However, many local and regional vendors are evolving in the market with low-cost options for both residential and commercial users.
Nigeria - Increasing Demand for Generators
A vast majority of the Nigerian economy is oil-dependent. Owing to the low crude oil prices, the country is currently facing an economic crisis. The Nigerian manufacturing and industrial sectors are the worst hit, by the economic slowdown. Underdeveloped grid infrastructure and highly interrupted power supply in important areas have led to an increase in the deployment of generators across the country. At present, almost 40% of the Nigerian population has no access to grid-connected electricity. In 2015, power supply in Nigeria averaged at 3.1 GW, whereas the country's demand was more than three times the supply. This has led to an increase in demand for generators, as a backup power supply in the residential sector.
Key Developments in the Market
● March 2017: Caterpillar launched CAT 3512C diesel generator set with improved power density for standby applications. The generator is rated at 1,750 kW for 60 Hz standby applications.
MAJOR PLAYERS: AKSA Power Generation, Briggs & Stratton Corporation, Caterpillar Inc., Cooper Corporation, Cummins Inc., among others.
Reasons to Purchase this Report
● Current and future global generator sales market outlook in the developed and emerging markets
● Analyzing various perspectives of the market with the help of Porter’s Five Forces analysis
● The segment that is expected to dominate the market
● Regions that are expected to witness the fastest growth during the forecast period
● Identify the latest developments, market shares, and strategies employed by the major market players
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