Generator Sales Market Size, Share, Growth Analysis, By Fuel Type(Diesel, Gas, and Others), By Power Rating(Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA), By Application(Continuous Load, Peak Load, Standby Load), By End-user(Mining, Oil & Gas, Construction, Residential), By Region - Industry Forecast 2024-2031

Generator Sales Market Drivers

Global generator sales market growth driven by the rising adoption in construction industry

• The demand for generators is expected to increase in the upcoming years due to rising construction activity and investment around the globe. On construction sites, generators provide power backup during power outages. During the projected period, the extensive use of generators in the construction industry is expected to fuel market growth.

Growing Oil & Gas Exploration and Production Activities to Encourage Growth

• In both growing and developed economies, the need for power has suddenly increased throughout time. Additionally, the global market has benefited from the rising investments made to generate hydrocarbons from reserves. For instance, according to the BP Statistical Review of World Energy 2022, global primary energy consumption reached 595.15 exajoules in 2021, up from 564.01 exajoules in 2020, a rise of more than 5.8% year over year.

Generator Sales Market Restraints

Rising Green Energy Adoption of Technology Can Impact Market Growth

• Strong clean energy deployment targets set by numerous regional governments and organizations to reduce greenhouse gas emissions may impede the market expansion. To integrate low-carbon generation technology and reduce their carbon footprint, several governments are required to follow strict laws. This could reduce the likelihood of genset installation all over the world. Additionally, there may be issues with product uptake due to the increasing investments being made to upgrade the grid infrastructure and improve the transmission and distribution (T&D) lines.