At 5.79% CAGR, Generator Sales Market to hit USD 31.78 Bn by 2027, says Brandessence Market Research

LONDON, Dec. 3, 2021 /PRNewswire/ -- According to Brandessence market research, the generator sales market size is Valued at USD 21.43 Billion in 2020 and expected to reach USD 31.78 Billion by 2027. The generator sales market size is expected to grow at 5.79% CAGR during the 2021-2027 period. Growing demand for portable generators in various industrial sectors including IT/Telecom, Power, Marine, Oil & Gas, healthcare, mining, and others remains a strong driver of growth.

According to Brandessence market research, the generator market is likely to promise major growth during the 2021-2028 period, as demand for electricity for applications like electric vehicle promises major uptake. Even during the pandemic, the demand for electric vehicle outstripped estimates, and rose against the tide of falling vehicle sales for key manufacturers. Today, '100kva generators for sale' ads are common for mid-range applications like at offices, restaurants, and residential buildings. However, in near future the 100kva generators for sale can be a necessity for households, as increased number of home appliances, their growing electricity consumption, and incessant demand for connectivity, with major power consumption of electric vehicles are likely to drive growth for the generator sales market. The 100kVa generator is known for its diesel-based, rugged, efficient, and high-block load capacity application. Such generators may be essential to power next-gen homes in the near future.

"Factors such as amendment of norms and issuing of favorable regulations and policies regarding gas and diesel generators, increasing awareness about the environment and growing demand for IT facilities and data centers are driving the generator sales market"

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As Covid-19 wanes, and industrial output resurges, the demand for power generation continues to pick up robust pace. According to the International Energy Agency, the demand for electricity in residential areas has increased in most economies around the world. As a result of increased lockdowns, consumers increasingly spend time at home, with more time to undertake hobbies, and other activities like watching the Tele. In the first week of April 2020, residential demand in some European countries reached its peak at 40% higher than in the same period in 2019. The increased prospect of a covid-free economy, relatively stable industrial activity, and increased demand in residential sector are likely to remain key drivers of growth in generator sales market.