(MENAFN- GlobeNewsWire - Nasdaq) Dublin, May 26, 2023 (GLOBE NEWSWIRE) -- The "large generator market forecast to 2028 - covid-19 impact and global analysis by fuel type and industry" report has been added to ResearchAndMarkets.com's offering.
The large generator market size is expected to grow from US$ 6,176.78 million in 2022 to US$ 10,440.97 million by 2028; it is estimated to register a CAGR of 9.1% from 2022 to 2028.
The large generator market in Europe is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe. Growing industrial sectors and aging power grid infrastructure are expected to boost the market growth in the region during the forecast period.
The aging grid infrastructure increases the risk of power outages due to various reasons, such as natural disasters. According to a report from Eurelectric, about one-third of Europe's distribution network has been in use for more than 40 years, and it is estimated that by 2030, half of all distribution networks will exceed the 40-year threshold. Further, Eurelectric states that electricity distribution grids in Europe will need investments between US$ 397.89 billion (EUR 375 billion) and US$ 450.94 billion (EUR 425 billion) until 2030 to modernize the aging infrastructure and expand the network to connect more renewables. The aging power infrastructure increasingly relies on large generators to tackle the risk of power outages, bolstering the growth of the large generator market in Europe.
Europe played a large role in developing the modern global oil and gas industry. European companies continue to play a major role in the oil and gas industry. The Europe oil and gas industry is facing increasing demands to cater to the rising energy need in the region. For many decades, the Europe oil & gas industry has been at the heart of delivering the increasing energy demand. This has allowed many areas in the industry to develop and prosper. Hence, continued power through large generators is necessary for the oil & gas industry, which is fueling the growth of the market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 172 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value (USD) in 2022 | $6176.78 million |
| Forecasted Market Value (USD) by 2028 | $10440.97 million |
| Compound Annual Growth Rate | 9.1% |
| Regions Covered | Global |
Market Dynamics
Drivers
Rising Demand for Uninterrupted Power Supply Increasing Adoption for Distributed Power Generation
Restraints
Growing Adoption of Renewable Energy Sources and Energy Storage Technologies
Opportunities
Increasing Requirement for Hybrid, Bi-Fuel, or Dual Fuel Generators
Future Trends
Development of Smart Solutions for Generators
Companies Mentioned
Caterpillar Inc Cummins Inc Rolls-Royce plc INNIO Jenbacher GmbH & Co OG Mitsubishi Heavy Industries Ltd Generac Power Systems Inc Yanmar Atlas Copco AB ABB Ltd Siemens AG Kohler Co
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