Categories: Energy & Power

Dual Fuel Generator Market Set for Significant Growth

The Generator Sales Global Market Report 2023 by The Business Research Company, provides generator sales market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Generator Sales Global Market Report 2023, the global generator sales market size grew from $23.84 billion in 2022 to $26.3 billion in 2023 at a compound annual growth rate (CAGR) of 10.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The market size of the generator sales market is expected to grow to $39.28 billion in 2027 at a CAGR of 10.6%.

The increasing demand for telecommunications is expected to propel the growth of the generator sales market. The demand for telecommunications is growing due to various reasons such as growing demand for communications and collaborations, rising spending, growth of electronic devices, advancements in technology, push from the government, and others. This rise in demand for telecommunications will create a significant need for generators as telecommunication infrastructures such as telecom stations, and data centers as well as telecom equipment such as electronic machines, and computers need a continuous power supply and backup for effective operation.

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The generator sales market is segmented:

1) By Fuel Type: Diesel, Gas, Other Types

2) By Sales Channel: Direct, Indirect

3) By Application: Standby, Prime And Continuous, Peak Shaving

4) By End User: Industrial, Commercial, Residential

Technological advancement is a key trend gaining popularity in the generator sales market. The market is witnessing the development of innovative generators based on advanced technologies such as sustainable generators, hydrogen fuel cell generators, and others. These innovations offer continuous and efficient power supply/backup, sustainability, reduced cost, low maintenance, and other benefits. Key players in the market are focused on offering generators with revolutionary technologies to meet customer demands and strengthen their position in the market. For instance, in November 2020, A&I Power, a US-based company dedicated to offering sustainable innovations in power generation introduced its revolutionary patented technology ‘self-contained generator, providing a highly efficient way of electricity generation. This generator has no moving parts and does not need fossil fuels resulting in more efficiency than traditional generators. It also has zero gas emissions, low maintenance, and high product safety and productivity. In addition, in November 2021, Caterpillar Inc., one of the leading manufacturers of power generators based in the USA launched a three-year project via a collaboration with Ballard Power Systems and Microsoft to showcase a hydrogen fuel cells-based power system to generate reliable and sustainable backup power for Microsoft data centers.

The generator sales market report table of contents includes: