Research Nester has released a report titled “Standby Generator Market – Global Demand Analysis & Opportunity Outlook 2025” which delivers detailed overview of the global standby generator market in terms of market segmentation by power capacity, fuel, cooling system, distribution channel, by application and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global standby generator market is segmented by power capacity into up to 50 kW, 50-150 kW, 151-250 kW, 251-350 kW, 351-450 kW, 451-750 kW, 751-1000 kW and above 1000 kW, out of which, the up to 5o kW segment registered the largest market share of 38.20% in 2019 owing to the growing residential sector across several developed and developing nations worldwide. Moreover, these category of generator sets are usually considered to be ideal for a home as they can power up small lights, fans, and other electrical appliances. The up to 5o kW segment, which reached a value of USD 6639.9 million in the year 2019 is further anticipated to attain an absolute $ opportunity of USD 1267.8 million by growing at 1.21x during the forecast period, i.e. 2021-2025. Additionally, the segment is also anticipated to grow by a CAGR of 4.8% during the forecast period.
The global standby generator market is anticipated to gain a CAGR of 4.9% throughout the forecast period owing to the rising need for energy and constant power supply, which is promoting the need for emergency power backup sources, such as standby generators. Additionally, growing collaboration and partnerships of large manufacturing companies, increasing advancements in the development of advanced standby generators, along with the growing number of new product launches are some of the additional factors anticipated to promote towards the growth of the global standby generator market. The market, which reached a value of USD 17382.5 million in the year 2019, is further expected to grow by 1.3x during the forecast period to attain a value of USD 19345 million by the end of 2025. Even though the global standby generator market is anticipated to dip by USD 2136.3 million in the year 2020, yet the market is expected to gain an absolute $ opportunity of USD 3379.6 million during the forecast period.
Regionally, the global standby generator market is segmented into five major regions including North America, Latin America, Europe, Asia Pacific, Turkey & Middle East and Africa. The standby generator market in North America is expected to grow with a CAGR of 3.7% during the forecast period owing to the growing application of standby generators in different end-use applications, such as homes, corporate buildings, corporate sites, and others. Additionally, the market in the region, which held the largest market share of 33.87% in the year 2019, is anticipated to gain an incremental $ opportunity of USD 209.4 million in the year 2025.
Growing Need for Energy and Uninterrupted Power Supply
People worldwide, in today’s era, are largely dependent on electricity. As such, the dependency on power grid infrastructure in several developing nations has increased massively. But due to the unreliability of these power sources and the fact that these sources are insufficient to meet the growing demand for electricity are majorly anticipated to drive the growth of the global standby generator market over the forecast period. Additionally, factors such as the growing concerns for the rising natural calamities, rapid industrialization, increasing power outages and the growing awareness for low emission power sources are expected to drive the market growth.
However, concerns regarding the stringent government norms for limiting carbon emissions is one of the major factors anticipated to limit towards the growth of the global standby generator market.
This report also provides the existing competitive scenario of the global standby generator market, which includes company profiling of Cummins Inc. (NYSE: CMI), Briggs & Stratton Corporation (OTCMKTS: NGGSQ), AKSA Power Generation (IST: AKSEN), Caterpillar, Inc. (NYSE: CAT), Generac Power Systems, Inc., Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries, Ltd. (TYO: 7011), HIMOINSA S.L., Atlas Copco AG (STO: ATCO-A) and Kohler Co. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global standby generator market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.