Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) — According to latest report published by Fortune Business Insights, the global Silent Generator market size was valued USD 2.87 billion in 2021, and the market is forecast to grow worth USD 4.57 billion by 2029, at CAGR of 6.1% during forecast period. The surge can be attributed to the surging requirement for uninterrupted power supply for various applications across the residential sector.
Key Industry Development:
January 2021 – Cummins Power Systems rolled out inverter generators, dubbed Onam RV QG 2800i and 2500i with gasoline and liquid propane fuel sources. The technology made the two series 60% less vibrating as compared to other products.
January 2022 – Honda Power Equipment announced the sale of a EU32i portable generator with a newly developed engine with a maximum output of 3.2kVA. The sales of portable generators began in Europe in March 2022, followed by other global regions. The generator was a great portable power source option for various uses, including outdoor and recreational activities.
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COVID-19 Impact:
Industry Expansion Affected Due to Decreased Electricity Demand for Commercial Purposes
The COVID-19 pandemic negatively impacted the diesel generator market driven by the shutdown of operations across the tourism, manufacturing, and construction sectors. This was mainly propelled by the reduced demand for electricity across these industries. Several government bodies waived electricity charges for households for minimizing the financial impact of the pandemic.
However, the demand for diesel generators is set to rise considering the increasing efforts of various bodies toward economic revival.
Market Segment Analysis:
Standby Generator Demand to Surge Owing to Increase in Construction Activities
On the basis of type, the market is segregated into standby and portable. Of these, the standby sub-segment is slated to record appreciable growth throughout the forecast period. This is being driven by the increasing expenditure on construction activities.
46kVA-100kVA Systems to Gain Traction Due to Higher Demand for Backup Power
Based on power, the market is fragmented into 1kVA-12.5kVA, 12.5kVA-45kVA, 46kVA-100kVA, 100kVA-500kVA, and over 500 kVA. The 46kVA-100kVA segment is anticipated to register commendable expansion over the study period. The rise can be credited to the surging requirement for backup power across the commercial sector.
Diesel-based Generators to Gain Prominence on Account of Lower Cost of Maintenance
On the basis of fuel type, the market is subdivided into gasoline, diesel, gas, and dual fuel (gasoline/propane). The diesel segment is poised to register notable growth over the projected period owing to their higher engine efficiency and lower maintenance cost.
Electric Start Type Generators to Witness Substantial Demand Owing to Engine Specification
On the basis of start type, the market for silent generators is categorized into pull, electric, and wireless remote. Electric start type generators hold the highest market share. This is being impelled by its engine specification and the convenience of electric start.
Commercial Sector to Emerge Significant Due to Rising Demand for Noiseless Surroundings
Based on end-use, the market is divided into residential, commercial, and industrial. Of these, the commercial segment is projected to register lucrative growth over the estimated period. The rise can be credited to the growing demand for silent surroundings for overcoming disturbances.
On the basis of geography, the market is fragmented into North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Report Coverage:
The report provides a comprehensive coverage of the major trends that are expected to impel the industry growth across various regions. It further gives an insight into the prominent factors that are set to propel the market expansion over the forecast period. Some of the other aspects include the key steps taken by leading industry participants for strengthening their position in the market.
Market Drivers and Restraints:
Market Share to Surge on Account of an Increase in Power Requirement
The silent generator market share is set to rise owing to the surging power demand. The increased demand is due to the escalating usage of printers, heating and cooling systems, desktop and notebook computers, and routers.
However, the market growth could be hampered by increasing pollution concerns and the rising adoption of renewable sources for power generation.
Regional Insights:
North America to Lead Driven by Increasing Industrial Operations
The North America silent generator market growth is majorly being propelled by an increase in construction spending. Additional factors favoring industry expansion comprise escalating industrial operations and increasing urban population.
Asia Pacific is the second-largest market for silent generators. The regional growth is driven by the fast-paced development in residential and commercial sectors.
Competitive Landscape:
Market Players Launch New Products to Strengthen Industry Position
Leading companies are focused on the development and rollout of various products for maintaining their position in the market. Some of the other initiatives include mergers, acquisitions, and the formation of alliances. Additional steps comprise rising participation in trade conferences and increase in research activities.
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List of Key Players Mentioned in the Report:
- Caterpillar Inc. (U.S.)
- Cummins Inc. (U.S.)
- Generac Power Systems, Inc. (U.S.)
- Atlas Copco AB (Sweden)
- Kirloskar Oil Engines Limited (India)
- DENYO CO., LTD. (Japan)
- MAHINDRA POWEROL (India)
- Honda Power Equipment (U.S.)
- CRAFTSMAN (U.S.)
- Westinghouse Electric Company LLC (U.S.)
- WhisperPower International BV (Netherlands)
- Ashok Leyland (India)
- Jakson Group (India)
- Jiangxi Vigorous New Energy Technology Co., Ltd. (China)
- Briggs & Stratton (U.S.)
SILENT GENERATOR MARKET- TABLE OF CONTENT
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porter’s Five Forces Analysis
- Impact of COVID-19 on Silent Generator Market
- Global Silent Generator Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Portable Generator
- Standby Generator
- Market Analysis, Insights and Forecast – By Power
- 1kVA-12.5kVA
- 12.5kVA-45kVA
- 46kVA-100kVA
- 100kVA-500kVA
- Over 500 kVA
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Dual Fuel
- Gas
- Market Analysis, Insights and Forecast – By Start Type
- Electric
- Pull
- Wireless Remote
- Market Analysis, Insights and Forecast – By End-Use
- Industrial
- Commercial
- Residential
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Silent Generator Market Analysis (USD Billion), Insights and Forecast, 2018-2029
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Portable Generator
- Standby Generator
- Market Analysis, Insights and Forecast – By Power
- 1kVA-12.5kVA
- 12.5kVA-45kVA
- 46kVA-100kVA
- 100kVA-500kVA
- Over 500 kVA
- Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Dual Fuel
- Gas
- Market Analysis, Insights and Forecast – By Start Type
- Electric
- Pull
- Wireless Remote
- Market Analysis, Insights and Forecast – By End-Use
- Industrial
- Commercial
- Residential
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Dual Fuel
- Gas
- Canada Market Analysis, Insights and Forecast – By Fuel Type
- Diesel
- Gasoline
- Dual Fuel
- Gas
- U.S. Market Analysis, Insights and Forecast – By Fuel Type
Continued…
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