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WILMINGTON, Del. , Nov. 8, 2022 /PRNewswire/ -- Generators are products that are deployed to ensure continuous electricity supply, especially during power fluctuations and failure. Self Running Fuel Less Generator
Comprising of engine and alternator, generators are available in different sizes and ratings and have witnessed high demand across various end-use industries such as food and beverages, chemicals and materials, and metals and mining industries.
Among all generators, generator (up to 20kVA) have contributed significantly to growth of overall market because of increased demand owing to product feature such as ease of installation and flexible fuel consumption, as compared to other types of generators.
Growing number of off-grid areas in leading economies globally has emerged as key growth driver for Generator (up to 20kVA) Market.
Also, increasing need for backup power, especially in developing countries that are prone to power failure has helped increase product demand and create revenue-generating opportunities for prominent players in Generator (up to 20kVA) Market.
In addition to this, continuous growth in different industries such as telecommunication, information technology, and manufacturing has increasing the need for backup electricity in case of power fluctuation and failure, thereby fueling the demand for generator (up to 20kVA) and triggering market growth.
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Advancements to Existing Products Fuels Product Demand, Triggers Growth in Generator (up to 20kVA) Market
Innovations to existing products with integration of novel technologies leading to improved features has assisted in increasing product demand and helped the growth of overall Generator (up to 20kVA) Market.
The global Generator (up to 20kVA) Market is expected to grow at a compound annual growth rate (CAGR) of 5.5% during the forecast period between 2021 and 2031, as per a TMR study. The global market valuation is estimated to reach US$4.3Bn at the end of the forecast period.
Rapid Industrialization Stimulates Growth in Generator (up to 20kVA) Market
Other factors such as rapid industrialization and urbanization, especially in developing economies and increased demand for uninterrupted electricity supply have also helped generate revenue for well-established players in overall Generator (up to 20kVA) Market.
Standby application segment has emerged as largest contributor, in terms of revenue, to overall market because of increasing demand for standby generators in different establishments such as hospitals and clinics, restaurants, and banks in prominent countries worldwide.
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Asia Pacific Emerges as Maximum Revenue-generating Region in Global Generator (up to 20kVA) Market, North America Offers Lucrative Growth Potential for Future
In terms of region, Asia Pacific has emerged as leader in global Generator (up to 20kVA) Market owing to factors such as increasing prevalence of power fluctuations and growth in construction and telecom industries in countries such as India and China .
Ease of availability of key resources such as land and labor could help well-established market players establish manufacturing units in Asia Pacific countries, which could further help market growth in the region.
North America is projected to offer significant revenue-generating opportunities for leading players in overall Generator (up to 20kVA) Market because of growing volatility in electricity supply in countries such as US and Canada .
Prominent Player Presence Leads to Intense Competition in Global Generator (up to 20kVA) Market
The global Generator (up to 20kVA) Market is highly competitive, with the presence of several leading players. Few of these players include Mahindra Powerol, Caterpillar Inc., Cummins Inc., and Kohler Inc. Emergence of novel players could further intensify competition in global market, in the years ahead.
New product launches could be key, revenue-generating growth strategy for prominent players in overall generator (up to 20 kVA) market and help gain a competitive edge over other players.
Well-established market players could sign collaborative agreements with smaller players in a bid to expand their market presence and increase their revenue shares.
Research and development activities could be key, revenue-generating strategy for leading players in global market, in future.
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The global Generator (up to 20kVA) Market is segmented as follows:
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