Multi Fuel Generators Market Outlook - 2030
The global multi fuel generators market size was valued at $1,038.7 million in 2020, and is projected to reach $1,880.6 million by 2030, growing at a CAGR of 6.2% from 2021 to 2030. Increasing demand for uninterrupted and reliable power supply and increasing instances of power outages owing to aging grid infrastructure and extreme weather conditions are some of the global multi-fuel generators market trends observed in the industry. Furthermore, throughout the projection period, demand for continuous power in residential, commercial, and industrial segments, as well as rise in fuel costs and environmental concerns about dangerous emissions are expected to drive the market expansion. Limited power generation capacity, as well as high equipment cost, are some of the restraints for the market growth. Increasing adoption of tri-fuel generators can be stated as an multi fuel generators market opportunity.
The global multi fuel generators market is segmented on the basis of fuel type, power rating, application, end-use industry, and region. On the basis of fuel type, the global market report covers dual-fuel and tri-fuel. On the basis of power rating, the global market is segmented into below 350KVA, 351KVA to 1000KVA, and above 1000KVA. Applications covered in the report are standby gensets, continuous gensets, and peak shaving gensets. Based on end use industry, the global market is segmented into residential, commercial and industrial. The report further outlines the details about the revenue generated through the sale of multi fuel generators across North America, Europe, Asia-Pacific, and LAMEA. Presently, Asia-Pacific accounts for the largest share of the market, followed by North America and Europe.
Major players operating in the global multi fuel generators industry include Generac Holdings Inc., Kohler Co., Honda Power Products, Briggs & Stratton, Yamaha Motor Corporation, Cummins Inc., DuroMax, Pulsar Products, and Champion Power Equipments.
Multi fuel generators Market, by Fuel Type
The dual-fuel generator segment is expected to grow at a CAGR of 5.1% during the forecast period. It is mainly popular in the trucking and bus industry, which combines diesel and natural gas for a dependable, economical solution. On the other hand, the tri-fuel segment is expected to showcase the highest CAGR during the forecast period.
By Fuel Type
Dual Fuel Generators is projected as the most lucrative segment.
Multi fuel generators Market, by Power rating
The 351kVA to 1000kVA segment accounted for the largest share of followed by below 350kVA segment. The below 350kVA segment is the fastest growing segment, expected to grow at around 6.9% CAGR during the forecast period.
By Power Rating
351kVA to 1000kVA Multi Fuel Generators is projected as the most lucrative segment.
Multi fuel generators Market, by Application
The Continuous Gensets segment accounted for the largest share of the multi fuel generators market in 2020, followed by Peak Shaving Gensets segment.
By Application
Continuous Gensets is projected as the most lucrative segment.
Multi fuel generators Market, by End-use Industry
The Industrial segment accounted for the largest share of the multi fuel generators market in 2020, followed by commercial segment.
By End-use
Industrial end-use is projected as the most lucrative segment.
Multi fuel generators Market, by Region
Asia-Pacific region accounted for the largest multi fuel generators market share in 2020, and is projected to contribute 7.3% share in the global multi-fuel generator market during the forecast period.
By Region
Asia-Pacific is projected as the most lucrative market.
Key Benefits For Stakeholders
- The report provides in-depth analysis of the global market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global multi fuel generators market for strategy building.
- A comprehensive multi fuel generators market analysis covers the factors that drive and restrain the global market growth.
- The qualitative data about market dynamics, trends, and developments is provided in the report.
Impact Of Covid-19 On The Global Multi Fuel Generators Market
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- In many countries, the economy has dropped due to halt of several industries, especially transport and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The demand-supply gap, disruptions in raw material procurement, and price volatility are expected to hamper growth of the industry during the COVID-19 pandemic.
- Due to a scarcity of resources in various parts of the world, the COVID-19 pandemic has impacted negatively on the commercial and industrial sector. The industry's top players are concerned about market's prospects and are rethinking their strategies to meet the challenge.
Key Market Segments
By Fuel Type
- Dual fuel
- Tri fuel
By power rating
- Below 350 KVA
- 351 KVA to 1000 KVA
- Above 1000 KVA
By Application
- Standby gensets
- Continuous gensets
- Peak shaving gensets
By end use industries
- Residential
- Commercial
- Industrial
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Middle East
- Rest of LAMEA
Multi Fuel Generators Market Report Highlights
| Aspects | Details |
 By Fuel Type |
|
 By power rating |
|
 By Application |
|
 By End Use |
|
 By Region |
|
 Key Market Players | Briggs & Stratton, Yamaha Motor Corporation, Cummins Inc., DuroMax, Honda Power Products, Pulsar Products, Kohler Co., Generac Holdings Inc., Champion Power Equipments |
Analyst Review
Global multi fuel generatorss are highly reliable source of back-up and prime power requirement around the globe. A multi-fuel generator offers a power solution in case of a power failure. It has paved a new road for environmental sustainability, resulting in a decrease in use of fossil fuels for power backup.
For the purpose of analysis, the report segments the global multi fuel generators market on the basis of fuel type, power rating, application, and end-user industry. On the basis of fuel type, the global multi fuel generators market report covers dual-fuel and tri-fuel. On the basis of power rating, it is segmented into below 350KVA, 351KVA to 1000KVA, and above 1000KVA. Applications covered in the report are standby gensets, continuous gensets, and peak shaving gensets. By end-use industry, it is segmented into residential, commercial, and industrial. The report further outlines details about the revenue generated through the sale of multi fuel generatorss across North America, Europe, Asia-Pacific, and LAMEA.
Growth drivers, restraints, and opportunities are explained in the report to better understand the market dynamics. This report further highlights key areas of investments. In addition, it includes Porter’s five forces analysis to understand competitive scenario of the industry and role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights competitive landscape of key players to increase their market share and sustain intense competition in the industry.
Manufacturing industries are the major potential customers of Multi Fuel Generators industry.
The Continuous Gensets segment accounted for the largest share of the Multi Fuel Generators market.
To get latest version of Multi Fuel Generators market report can be obtained on demand from the website.
Acquisition, agreements & joint ventures, expansion and new product launches are some of the key growth strategies of Multi Fuel Generators market players.
Asia-Pacific region will provide more business opportunities for Multi Fuel Generators in future.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
Major players operating in the global multi fuel generators market include Generac Holdings Inc., Kohler Co., Honda Power Products, Briggs & Stratton, Yamaha Motor Corporation, Cummins Inc., DuroMax, Pulsar Products, and Champion Power Equipments.
The Multi Fuel Generators market is projected to reach $1,880.6 million by 2030, growing at a CAGR of 6.2% from 2021 to 2030.
Increasing demand for uninterrupted and reliable power supply and increasing instances of power outages owing to aging grid infrastructure and extreme weather conditions are some of the driving factors, while limited power generation capacity and high equipment cost are some the restraining factors which will influence the Multi Fuel Generators market in the next few years.
Increasing demand for uninterrupted and reliable power supply and increasing instances of power outages owing to aging grid infrastructure and extreme weather conditions are some of the driving factors, while increasing adoption of tri-fuel generators is an opportunity in the Multi Fuel Generators market.
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