Product Code: RP-ID-10335704 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Energy & Power |
Report ID: 10335704
Market Overview:
Global Standby Generator Market Outlook 2028
Global Standby Generator Market Analysis Throughout 2025
Standby generator is an electrical power source, which keeps the power on during an outage. Frequent power outages have led to an increased adoption of such devices in different end-use sectors, wherein continuous power supply is of utmost importance for uninterrupted workflow. The global standby generator market is anticipated to gain a CAGR of 4.9% throughout the forecast period, i.e. 2021-2025. Factors such as the growing need for emergency power backup sources, increasing advancements in the development of advanced standby generators, growing collaboration and partnerships of large manufacturing companies and the growing number of new product launches are anticipated to promote the growth of the global standby generator market. Additionally, factors such as the increasing power outages, growing concerns for the rising natural calamities, growing awareness for low emission power sources and rapid industrialization are anticipated to drive the growth of the global standby generator market.
The global standby generator market consists of various segments that are segmented by power capacity, fuel, cooling system, distribution channel, by application and by region. The market is further segmented by fuel into diesel, natural gas and gasoline, out of which, the diesel segment held the largest market share of around 65% in the year 2019 and is further anticipated to grow by attaining a CAGR of around 5% during the forecast period. On the other hand, the natural gas segment is anticipated to grow with the highest CAGR of around 5.5% during the forecast period. The natural gas generators are cost-effective, efficient, and environment friendly as compared to other generators. These generators run on natural gas instead of diesel or gasoline.
Based on region, 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 market in Asia Pacific is anticipated to grow with the highest CAGR of around 7% during the forecast period and cross a value of around USD 5600 million by the end of 2025.
Some of the affluent industry leaders in the global standby generator market are Cummins Inc., Briggs & Stratton Corporation, AKSA Power Generation, Caterpillar, Inc., Generac Power Systems, Inc., Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries, Ltd., HIMOINSA S.L., Atlas Copco AG and Kohler Co.
Cummins Inc., Briggs & Stratton Corporation, AKSA Power Generation, Caterpillar, Inc., Generac Power Systems, Inc., Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries, Ltd., HIMOINSA S.L., Atlas Copco AG and Kohler Co.
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