According to the research report titled ‘Global Generator Market Size study, by Type (Diesel, Gas), by Application (Standby, Peak Shaving, Continuous), by Power Rating (<100 KVA, 100-350 KVA, 350-1000-2500 KVA, 2500-5000 KVA, >5000 KVA), by End-Use (Residential, Commercial, Industrial) and Regional Forecasts 2020-2027’, available with Market Study Report, global generator market was worth USD 22.3 billion in the year 2019 and is projected to exhibit a CAGR of 5.6% over 2020-2027.
 

For those unaware, generators are devices that convert mechanical energy sources such as gas and steam into electric power. They are widely adopted as power backup solutions during emergencies. They are utilized across several industry verticals including oil & gas, chemical, marine, construction, IT (Information Technology), healthcare, and other.
 

The report states that ease in accessibility, transportation as well as storage of fuel are major factors fostering the demand for generators across the globe. Besides this, development in construction sector, along with rapid industrialization & urbanization in developed as well as emerging nations are bolstering the growth of global generator market.
 

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Furthermore, increasing voltage fluctuations across various industrial processes have impelled the demand for generators in order to avoid disturbances in the operations, which in turn is favoring the overall market outlook.
 

As per industry experts, development of innovative technological solutions such as hybrid generators along with strategic alliances and acquisitions by numerous market leaders are further boosting the expansion of global generator market. In fact, Generac Holdings Inc. initiated a joint venture with Selmec Equipos Industriales, S.A. de C.V. in the year 2018, in order to reinforce its position in the market and expand its market share.
 

However, high installation cost of the devices may hamper the growth of global generator market throughout the study period.
 

Based on type, global generator market is split into gas and diesel. With regards to the application spectrum, the market comprises of continuous, peak shaving, and standby.
 

Elaborating on the power rating, generators are segmented into >5000 KVA, 2500-5000 KVA, 350-1000-2500 KVA, 100-350 KVA, and <100 KVA. The end-user landscape of global generator market comprises of industrial, commercial, and residential.
 

According to the regional analysis of the report, Asia-Pacific dominates the global generator market and is expected to register the highest CAGR over 2020-2027, owing to rapid urbanization & industrialization, increasing adoption of generators, and surging industrial demand for the devices.
 

The major players that define the competitive landscape of global generator market are FG Wilson, Greaves Cotton Limited, Mahindra Powerol Ltd., Su-Kam Power Systems Ltd., Honda Siel Power Products Limited, Caterpillar Inc., Generac Holdings Inc., Kohler Co., Cummins Inc., and Yamaha Motor Co., Ltd. among others.