Asia-Pacific Generator Sales Market Set to Witness Promising Growth: Forecast to Grow at a CAGR of 6.4% during 2022-2028
Published | 15 January 2022
The Asia-Pacific generator sales market is growing at a high CAGR because of the increasing demand for continuous power supply in commercial and industrial sectors of the region. Furthermore, the flourishing manufacturing and construction sectors in Asian countries are also propelling the market forward…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Asia-Pacific generator sales market was worth USD 7.1 billion in 2021. According to the study, the market is estimated to grow at a CAGR of 6.4%, earning revenue of around USD 10.9 billion by the end of 2028. A growing demand for continuous power supply in commercial and industrial sectors, such as IT & telecom, healthcare, utilities & power generation, etc., can be attributed to the growth of the Asia-Pacific generator sales market. Furthermore, the development of the manufacturing and construction sectors in Asian countries, such as China, India, Japan, South Korea, etc., is another major factor driving the generator sales market. However, the growing trend toward greener energy sources has emerged as a major hindrance to market growth.
Asia-Pacific Generator Sales Market is Driven by Growing Construction Activities
The Asia-Pacific region has some of the fastest-growing economies in the world including India, China, Australia, Japan, South Korea, etc. These nations are significantly investing in construction activities to boost their infrastructural development. Generators are employed at construction sites to provide reliable and portable power which is used to provide motive power to various construction machinery such as hand drill, chain saw, air compressors, etc. These also act as an important source of electricity at construction sites. Due to these factors, the generator sales market is gaining significant traction in the Asia Pacific.
Rapid Industrialization is Propelling the Asia-Pacific Generator Sales Market Forward
Based on end-users, the Asia-Pacific generator sales market is grouped into industrial, commercial, and residential segments. Among these, the industrial segment accounted for the largest market share in 2021. The Asia-Pacific region is emerging as a manufacturing hub worldwide. In addition, the ongoing construction activities for infrastructural development are also increasing the demand for a continuous power supply, which is driving the growth of generator sales. On the other hand, the commercial segment is projected to register the highest CAGR during the forecast period since countries such as India and South Korea are significantly investing in their service sector.
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Asia-Pacific Generator Sales Market - By Application
Based on applications, the Asia-Pacific generator sales market is grouped into standby, prime & continuous, and peak shaving segments. The standby power generators segment holds the largest market share. Generators of this type provide backup power in the event of a power outage. Additionally, there is a high demand for standby power generators in India due to the frequent power outages in different parts of the country caused by overloading. Furthermore, due to its widespread use on construction and mining sites, the prime and continuous segment also holds a substantial share of the market.
Asia-Pacific Generator Sales Market - Regional Insights
Geographically, the Asia-Pacific generator sales market is segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. China dominates the Asia-Pacific generator sales market. However, India is also emerging as a potential market for generator sales. India is among the fastest-growing economies in the world and is significantly investing in infrastructural development, which in turn is driving the growth of the country’s generator sales market. Moreover, due to frequent power cuts, the demand for generator sales is surging in the commercial and industrial facilities of the country to ensure the smooth flow of the operations.
Impact of COVID-19 on Asia-Pacific Generator Sales Market
The COVID-19 pandemic has negatively impacted the growth of the Asia-Pacific generator sales market. As the countries had to impose a lockdown to mitigate the virus spread, the operations of the major end-users of generators, including manufacturing, construction, mining, marine, etc., were halted. This resulted in a sharp decline in the sales of generators across the Asia-Pacific, incurring huge losses to the manufacturers. The generator manufacturers themselves had to temporarily pause their production activities in light of social distancing norms, which also created a huge demand and supply gap post the upliftment of lockdown.
Asia-Pacific Generator Sales Market - Competitive Landscape
The leading players in the Asia-Pacific generator sales market are Cummins Inc., Doosan Corporation, Mitsubishi Heavy Industries Ltd., Siemens AG, Honda Siel Power Products Ltd, Caterpillar Inc, Kohler Co., ABB Ltd., Generac Power Systems, Weichai Group, and other prominent players.
The market is highly fragmented and consolidated due to the presence of multinational conglomerates as well as regional industry players. The market participants offer and launch a wide range of generators with different power ratings to match the needs of various end-users. They also significantly invest in research and development activities to improve their offerings in the competitive market. Furthermore, the adoption of competitive strategies, such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific generator sales market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Asia-Pacific generator sales market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting (BWC) provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost up the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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