Which Are The Major Key Players In Global Generator Sales Market?
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. 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.
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.
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.