Synchronous Generator Market Share

APAC Market Forecast

The synchronous generator market in the Asia Pacific is predicted to account for the largest share of 45% by 2036 impelled by growing urbanization. India's towns and cities have grown quickly as a result of people migrating there owing to the country's natural population expansion, migration from rural to urban areas caused by rural poverty, and unemployment. For instance, in India, more than 460 million people live in urban areas, and this figure is increasing annually by over 2%. The process of urbanization depends heavily on infrastructure development including roads, public transportation, and sewage systems. Moreover, over the next five to ten years, India plans to invest more than USD1 trillion in roads, trains, and other infrastructure.

North American Market Statistics

The North America synchronous generator market is estimated to be the second largest, during the forecast period, led by the growing power outages. Owing to an aging grid, and increasingly extreme weather, such as the snowstorm in New York, which is a result of climate change, Americans experience power outages twice a year on average. For instance, the average length of a power outage in the United States increased from over 3 hours to over seven hours between 2013 and 2021. Particularly, in the last ten years, in the US, the number of power outages has surged by more than 60%.