In 2020, the market for the sales of generators was valued at USD 24.76 billion. The market is anticipated to increase at a CAGR of 5.9% between 2021 and 2028, rising from USD 26.06 billion in 2021 to USD 38.95 billion in 2028. The COVID-19 pandemic’s impact on the world has been unparalleled and astounding, with the market experiencing a decline in demand in every region. According to our data, the global market had a -9.5% decline in 2020 compared to the average annual growth between 2017 and 2019. When the pandemic is finished, this market’s demand and growth will resume to pre-pandemic levels, which would explain the increase in CAGR throughout the projected period.
The tremendous progress of industrialisation has increased the need for power. Generators are now essential pieces of equipment in both industrial and residential settings due to the need for uninterrupted power supply and peak and continuous power requirements. Generators are devices that transform mechanical energy into the best possible electrical power for a range of functions. To successfully create and manage current, a generator unit has a number of parts, including an engine, fuel system, alternator, main assembly, cooling & exhaust system, and others.
Global industrial operations have been severely hampered by the new coronavirus’s unexpected emergence. The number of impacted patients has been steadily increasing, forcing various countries to implement a variety of fighting strategies such national lockdowns and social isolation. Due of this global pandemic, the suspension of industrial operations has significantly impacted the market.
Growing reluctance to invest in new projects, restrictions on international trade, a lack of available capital, preventive government policies that reduced employment, and numerous other issues have had a negative impact on the industry’s growth. For instance, the International Energy Agency (IEA) forecasted in May 2020 that the COVID-19 pandemic-related decline in demand would result in a 33% decrease in worldwide investment in the oil and gas sector in 2020 compared to 2019.
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A power outage makes residential, commercial, and industrial operations vulnerable to carrying out everyday chores due to a variety of natural disasters or equipment malfunctions. For instance, a power system failure in Argentina in June 2019 caused a blackout that affected almost 48 million people in Latin America. Over a number of countries in the region, including Brazil, Mexico, Peru, Chile, Uruguay, and Paraguay, the region experienced an unparalleled power outage. As a result, numerous public and private institutions are actively researching and developing energy storage systems. Widespread use of energy storage will make it easier to withstand irregular situations.
Market expansion may be hampered by strict clean energy deployment goals set by several regional governments and organisations to reduce greenhouse gas emissions. In order to integrate low carbon generation technologies and reduce carbon footprint, several governments are required to follow strict laws. This could reduce the likelihood of installing generators all across the world. Additionally, there may be some issues with product uptake due to the increasing investments being made to upgrade the grid infrastructure and strengthen the transmission and distribution (T&D) lines.
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- North America
- The U.S.
- The UK
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa