Portland, OR, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global multi fuel generators market was estimated at $1.03 billion in 2020 and is expected to hit $1.88 billion by 2030, registering a CAGR of 6.2% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Growth in demand for energy-efficient multi fuel generators and rise in usage in automobile industry drive the growth of the global multi fuel generators market. On the other hand, rise in regulation on tinted films restrains the growth to some extent. However, growth in construction industry in developing countries presents an array of opportunities in the near future.
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COVID-19 scenario-
- The outbreak of COVID-19 pandemic severely impacted the global manufacturing and industrial sectors as production facilities have stalled, which, in turn, led to a steep decline in demand for multi fuel generators.
- Implementation of partial or complete lockdown across various countries globally resulted in declined growth rate and disrupted supply chain, especially during the first phase of the lockdown.
- However, as the government bodies are relaxing the restrictions, the market is expected to recoup soon.
The global multi fuel generators market is analyzed across fuel type, power rating, application, end-use industry, and region. Based on fuel type, the dual fuel segment accounted for nearly three-fifths of the total market revenue in 2020, and is estimated to dominate by the end of 2030. However, the tri fuel segment would cite the fastest CAGR of 9.4% from 2021 to 2030.
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Based on end use, the industrial segment held the major share in 2020, garnering more than two-fifths of the global market. On the other hand, the residential segment would cite the fastest CAGR of 7.9% during the forecast period.
Based on region, the market is studied across Asia-pacific, Europe, LAMEA, and North America. The region across Asia-pacific held the highest share in 2020, with nearly two-fifths of the total market share. In addition, the region is also expected to cite fastest CAGR of 7.3% by 2030.
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The key market players analyzed in the global multi fuel generators market report include Cummins Inc., DuroMax, Pulsar Products, Generac Holdings Inc., Kohler Co., Honda Power Products, Briggs & Stratton, Yamaha Motor Corporation, and Champion Power Equipments. These key players have adopted strategies, such as expansion, mergers & acquisitions, agreements, regional expansion, and collaborations, to enhance their market penetration.
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