Pune, India, Nov. 15, 2021 (GLOBE NEWSWIRE) -- The U.S. generator sales market size is expected to showcase exponential growth by reaching USD 6.94 billion by 2028. Fortune Business Insights in its report titled, “U.S. Sales Market, 2021-2028.”, mentions that the market stood at USD 4.68 billion in 2020 and is projected to exhibit a CAGR of 5.13% between 2021 and 2028. Factors such as the rising oilfield activities and the increasing focus on development of infrastructure in the U.S. is likely to boost the product’s demand during the foreseeable future.
COVID-19 has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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List of the Companies Operating in the Market:
- Generac Power Systems (U.S.)
- American Honda Motor Corp. (U.S.)
- Caterpillar Inc. (U.S.)
- Cummins Inc. (U.S.)
- Ingersoll Rand (U.S.)
- John Deere (U.S.)
- Briggs and Stratton (U.S.)
- HiPower Systems (U.S.)
- Kohler – SDMO (France)
- Wacker Neuson (Germany)
Based on the power rating, the market is segregated into below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA. On the basis of fuel type, the market is trifurcated into diesel, gas, and others.
- Based on fuel type, the diesel segment held the U.S. generator sales market share of about 58.4% in 2020. The segment is expected to dominate owing to the increasing adoption of diesel generators as a backup for emergency situations.
Based on the application, the market is segmented into Continuous Load, Peak Load, and Standby Load. Furthermore, On the basis of end-user, the market is divided into Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Telecom, and Others.
What does the Report Include?
The market report for United States generator sales includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Incidence of Power Outages in the U.S. to Propel Growth
A devastating tornado traveled from Texas to Maine from April 12 to April 14, 2020, leading to over 4.3 million people experiencing power outage and further it affected around 9.3 million people. Similarly, several other natural hazards lead to a massive power outage affecting the electricity supply in the U.S. The rising incidence of power outages propelled the manufacturers to provide solutions and work towards power restoration across the country. Moreover, the surging energy demand on account of the development of infrastructures is anticipated to contribute to the U.S. generator sales market growth during the forecast period.
The market is experiencing positive growth owing to the presence of supportive government initiatives that focus on providing energy security and aids in connecting rural citizens with access to electricity. In addition to this, rapid-paced urbanization has led to the development of several commercials, industrial, and residential projects that are projected to surge the product’s demand in the forthcoming years.
Major Companies Invest in R&D Activities to Strengthen Their Market Positions
The global market is fragmented by major companies that are focusing on maintaining their presence. They are doing so by proactively investing in R&D activities to develop advanced generators and further boost the United States generator sales during the foreseeable future. Additionally, other key players are adopting organic and inorganic strategies to maintain a stronghold that will contribute to the growth of the market during the forecast period. The market in the country stood at USD 4.68 billion in 2020.
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- May 2021 - Caterpillar Inc. introduced around 31 new models of CAT GC diesel generator sets. These sets are likely to be utilized for stationary standby power applications ranging between 50 Hz to 60 Hz.
Closure of Industrial Operations in the U.S. amid COVID-19 Led to Lower Growth Rate of -6.7% in 2020
The lockdown announced by the government agencies of several states to control the spread of the coronavirus led to a standstill of several industrial operations. This further impacted the economic growth of several industries with supply chain disruption and hampered activities. Owing to this, the market exhibited a lower growth rate of -6.7% in 2020.
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