The generator set is a complete set of mechanical equipment that converts other forms of energy into electrical energy, which is generally driven by a water turbine, steam turbine, diesel engine or other power machinery, and converts the energy generated by water flow, air flow, fuel combustion or atomic nucleus fission into mechanical energy and transmits it to the generator, which is then converted into electrical energy and output to the electrical equipment for use. Generator set is a cost-effective and reliable equipment, so it has been widely used in industrial and agricultural production, national defense, science and technology and daily life, and is also commonly used as a backup equipment in industry, power grid, construction site power shortage or power outage.
Competition pattern of market segments: diesel generator sets occupy half of the market
According to the different power sources, the generator set can be divided into diesel generator set, natural gas generator set, coal-fired generator set, gasoline generator set, wind turbine, solar generator set and hydroelectric generator set. Among them, diesel generator sets are the most widely used because of the advantages of fast starting, convenient operation and maintenance, low investment and strong environmental adaptability. In 2020, diesel generator sets accounted for 56.85% of the entire generator set market, accounting for half of the market. Secondly, wind turbines and natural gas generator units ranked second and third with a market share of 23.58% and 15.42% respectively. From the perspective of different application fields, the commercial field occupies the highest market share of 46.78%, and the market share of industrial and residential generator sets is equal, with 27.57% and 25.65% respectively.
North America is currently the largest revenue market, and the Middle East, Africa and China markets have great growth potential
From a regional point of view, North America is currently the largest revenue market in the global generator set industry, with a market size of US$1.256 billion in 2020, accounting for 34.25% of the global market share, followed by Europe with a market size of US$1.131 billion and a market share of 30.83%, becoming the second largest market, and China is the third largest revenue market, with a market size of US$568 million in 2020, accounting for 15.47% of the global market. In addition, other important economies in the Asia-Pacific region, such as Japan and India, have a market share of 8.22% and 4.18% respectively, although their share is relatively small, but they also have a pivotal position in the market.
The total market revenue of the global generator set industry in 2015 was US$3.583 billion, and from 2015 to 2019, the market revenue increased year by year, and has increased to US$3.803 billion in 2019. In 2020, due to the impact of the epidemic, the global market revenue declined to $3.668 billion. On this basis, we have carried out a series of function calculations and deduced the data for the next 6 years with scientific models, and finally predicted that the total global market size of the industry will reach 4.183 billion US dollars by 2026. The CAGR from 2020 to 2026 is 2.21%. In addition, market share is expected to change by region. The market share of North America and Europe is expected to be 34.28% and 29.89% respectively in 2026, with varying degrees of decline, while China's market share is expected to increase to 19.34%. In addition, the Middle East and Africa region is expected to be the fastest-growing market in the future, with a market share expected to rise to 5.78% in 2026.
The market concentration of the global generator set industry is low, and the market share of the top 3 enterprises is less than 30%
The top 3 companies in the global generator set industry are Caterpillar, VESTAS and Siemens. Caterpillar is a U.S.-based heavy industrial equipment manufacturing company whose primary products include agricultural, construction and mining construction machinery, as well as diesel, natural gas and gas turbine engines. Vestas is a global partner for sustainable energy solutions for the energy industry, with a global wind power business that designs, manufactures, and installs wind turbines. To date, the company has more than 108GW of wind turbines in 80 countries, more than any other company. Siemens is a global powerhouse focused on electrification, automation and digitalization, and one of the world's largest producers of energy- and resource-saving technologies.
In 2020, Caterpillar, Vestas and Siemens accounted for 8.43%, 7.93% and 7.13% of the market share in the generator set industry, respectively, totaling less than 30%, and the total market share of the top 6 companies was only 40.4%. It can be seen that the concentration of the global generator set industry is low, there are many small and medium-sized enterprises in the market, and the competition is fierce.
The development of emerging economies has helped the industry to open up the market, and clean and environmentally friendly generators constitute the future development direction
In the future, with the continuous development and prosperity of emerging economies, the demand for electricity will increase sharply, and the problem of power shortage will be more serious. As a result, the positive economic conditions have boosted the growth of the generator set business, helping it to open up the market.
At present, although diesel generator sets still occupy a dominant position in the power generation system, with the continuous development of modern industry, the global energy crisis and air pollution problems are becoming increasingly prominent, the traditional fuel energy is decreasing day by day, the normal energy supply can not be satisfied, and the vigorous development and use of renewable energy is imminent. Solar, wind, hydro and other energy sources are inexhaustible renewable energy sources for human beings, and they are fully clean, in line with the requirements of low carbon, environmental protection and sustainability, and have an important position in the long-term energy strategy. Therefore, in the future development, clean and environmentally friendly generator sets such as wind turbines, hydropower generator sets and solar generator sets will gradually replace the backward units fueled by diesel and gasoline, and become the mainstream of the market, which is also the inevitable trend of historical development.