Large Generator Market to hit US$ 10,440.97 million, Globally, by 2028 at 9.1% CAGR: The Insight Partners
The Insight Partners
Rising Demand for Uninterrupted Power Supply is Driving the Growth of the Large Generator Market during 2022–2028
NEW YORK, UNITED STATES, March 30, 2023 /EINPresswire.com/ -- According to the new research report on "Large Generator Market1 Forecast to 2028 – COVID-19 Impact and Global Analysis," published by The Insight Partners, the market is expected to reach US$ 10,440.97 million by 2028 and register a CAGR of 9.1% from 2022 to 2028.
Report Coverage - Large Generator Market
Report Coverage Details
Market Size Value in US$ 6,176.78 million in 2022
Market Size Value by US$ 10,440.97 million by 2028
Growth rate CAGR of 9.1% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2022
No. of Pages 172
No. of Tables 89
No. of Charts & Figures 75
Historical data available Yes
Segments Covered Fuel Type and Industry
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North America is the world's most industrially developed region. The growing IT & telecom and power & utility industries and rapid urbanization are expected to support the growth of the large generator market during the forecast period. Communication is key for communities and businesses worldwide. With more than 250 million mobile users growing, the North American telecommunications market is in a rapid growth phase. The industry has also experienced major investment activity in fiber deployments, HFC technology upgrades, and mobile broadband networks to respond to the increasing expectations of subscribers. The North America IT and telecom sector have found itself at the epicenter of growth, innovation, and disruption in most areas of industry and consumer activity. For instance, according to the Information Technology & Innovation Foundation, the US IT sector accounted for 28% of establishments and 22.4% of jobs in 2022. Thus, such a significant rise in the North America IT and Telecom industry has increased the need for large generators to keep cell tower sites powered and in service and to keep messages and vital data getting through phone lines.
Large generators are widely used in the manufacturing sector to avoid losses due to power outages. The manufacturing industry significantly impacts the overall economy of the US. The US is one of the world-leading manufacturing economies, accounting for about US$ 2.3 trillion in GDP. According to Power Curious, the US ranks first as the highest importer of generators. Furthermore, the US homes several major generator companies such as Caterpillar, Kohler, Cummins, and Atlas Copco. The demand for generators in the US is rising due to huge demand from the mining, manufacturing, telecommunications, and commercial sectors. All such factors enhance the growth of the large generator market in the US.
Furthermore, to identify alternative energy sources to conventional fossil fuels, other fuel sources are used to provide power for the required business. Hybrid generators are internal combustion engines coupled with batteries offered by many OEMs. When the load is high, these hybrid generators directly power the engine; when the load is low, the battery powers the engine. They lessen the noise generated by generators and consume less fuel. They have several advantages over traditional generators and are predicted to gain ground on mobile generators, which are usually employed in mining, construction sites, and remote applications, further fueling the growth of the large generator market.
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Key Findings of Study:
In terms of global large generator market share, Asia Pacific held the largest market share in 2021, followed by North America and Europe. Rising industrialization in countries such as China, Japan, Taiwan, Indonesia, and Singapore and the growing manufacturing industry in these countries are a few factors that are creating the demand for the installation of large generators. Countries in the Asia Pacific such as China, Japan, South Korea, and India observed a significant paradigm shift in respective industrial sectors, which increased the demand for large generators, contributing to the growth of the APAC large generator market.
The North American large generator market growth can be attributed to the growing IT & telecom industry across the region. Furthermore, the rising manufacturing industry is fueling the demand for large generators. Several large generator markets players such as Kohler Co. and Caterpillar Inc provide a variety of large generators, thus boosting the growth of the large generator market in the region.
The growth of the large generator market in Europe is attributed to the presence of a large number of well-established market players in the region, such as Atlas Copco, Siemens AG, ABB, and Himoinsa S.L. These players facilitate the end users across the region as well as international buyers to procure the large generators easily. Further, huge growth in the industrial sectors and aging power grid infrastructure boost the growth of the large generator market in the region.
Large Generator Market: Competitive Landscape and Key Developments
ABB Ltd, Siemens AG, Atlas Copco AB, Caterpillar Inc, Cummins Inc, Yanmar Holdings Co Ltd, Generac Power Systems Inc, Kohler Co, Mitsubishi Heavy Industries Ltd, INNIO Jenbacher GmbH & Co OG, and Rolls-Royce Holdings Plc are among the key market players operating in the global large generator market and profiled in this market study.
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The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductors and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Devices, Technology, Media and Telecommunications, and Chemicals and Materials.
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