The companies featured in the US generator market are Generac Power Systems, American Honda Motor Corp., Caterpillar Inc., Cummins Inc., Ingersoll Rand, John Deere, Briggs and Stratton, HiPower Systems, Kohler – SDMO, Wacker Neuson
Pune, India, November 15, 2021 (GLOBE NEWSWIRE) – The United States Generator Set Sales Market The size is expected to grow exponentially reaching $ 6.94 billion by 2028. Fortune Business Insights in its report titled “United States sales market, 2021-2028. “, mentions that the market was worth 4.68 billion USD in 2020 and is expected to grow at a CAGR of 5.13% between 2021 and 2028. Factors such as the increase in petroleum business and the growing emphasis on the development of infrastructure in the United States is expected to stimulate product demand for the foreseeable future.
COVID-19 has resulted in several economies in the face of unprecedented losses. Due to the lockdown announced by government agencies around the world, several manufacturing facilities are shut down with limited operational activities. However, a collective effort by government and industries to bring the economy back is expected to drive the market growth during the forecast period.
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List of companies operating in the market:
- Generac Power Systems (US)
- American Honda Motor Corp. (United States)
- Caterpillar Inc. (United States)
- Cummins Inc. (United States)
- Ingersoll Rand (United States)
- John Deere (United States)
- Briggs and Stratton (United States)
- HiPower Systems (US)
- Kohler – SDMO (France)
- Wacker Neuson (Germany)
Market segmentation :
On the basis of nominal power, the market is divided into less than 75 kVA, 75-375 kVA, 375-750 kVA and more than 750 kVA. On the basis of fuel type, the market is divided into diesel, gas, and others.
- On the basis of fuel type, the diesel segment held a US generator sales market share of around 58.4% in 2020. The segment is expected to dominate due to the increasing adoption of diesel generators as a solution. back-up for emergency situations.
Based on the application, the market is segmented into continuous load, peak load and standby load. Further, on the basis of end user, the market is divided into mining, oil and gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, telecom, and others.
What does the report include?
The United States Generator Sales Market report includes qualitative and quantitative analysis of several factors such as major drivers and restraints that will impact the growth. Further, the report provides information on regional analysis which covers different regions, contributing to the growth of the market. It understands the competitive landscape that involves leading companies and adopting strategies to announce partnerships, introduce new products, and collaborate to further contribute to market growth between 2021 and 2028. Further, the research analyst adopted several research methodologies to extract information on current trends and industry developments that will drive the market growth during the forecast period.
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Growing incidence of power outages in the United States to propel growth
A devastating tornado traveled from Texas to Maine April 12-14, 2020, causing power outages of more than 4.3 million people and affecting an estimated 9.3 million people. Likewise, several other natural hazards cause a massive power outage affecting the electricity supply in the United States. Additionally, increasing energy demand due to infrastructure development is expected to contribute to the growth of the US generator sales market during the forecast period.
The market is experiencing positive growth due to the presence of supporting government initiatives that focus on energy security and help connect rural citizens to access to electricity. In addition to this, rapid urbanization has led to the development of several commercial, industrial and residential projects which are expected to increase demand for the product in the coming years.
Large companies invest in R&D activities to strengthen their market positions
The global market is fragmented with large companies focused on maintaining their presence. They do this by proactively investing in R&D activities to develop advanced generators and further drive generator sales in the United States for the foreseeable future. Moreover, other key players are adopting organic and inorganic strategies to maintain a strong position which will help in the growth of the market during the forecast period. The country’s market was worth $ 4.68 billion in 2020.
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COVID-19 Shutdown of Industrial Operations in the United States Dropped Growth Rate by -6.7% in 2020
The lockdown announced by government agencies in several states to control the spread of the coronavirus has led to the shutdown of several industrial operations. This had an additional impact on the economic growth of several industries with supply chain disruption and hampered activities. As a result, the market exhibited a lower growth rate of -6.7% in 2020.
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