Generator Market

Market Overview:

The global generator market size reached US$ 20.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.10% during 2023-2028.

A generator is a machine that converts mechanical energy to provide an optimum amount of electrical power. It usually comprises an engine, charger, main control, alternator, voltage regulator, fuel system, main assembly, and a cooling and exhaust system. It is widely used in commercial and residential areas to offer emergency power and survive prolonged power outages. Nowadays, several manufacturers are introducing advanced generators that automatically switch on when the local power grid turns off.

Generator Market Trends:

Extreme weather events and natural disasters like earthquakes, hurricanes, tornadoes, and tsunamis can cause blackouts. This represents one of the key factors driving the sales of home generators worldwide, especially in rural areas, to address power shortages and ensure an uninterrupted power supply. Moreover, construction activities usually require high electric power to run various equipment and machinery. As these sites are in remote areas and cannot avail grid supply, a significant rise in the number of construction activities is positively influencing the sales of high-power generators across the globe. Apart from this, with the growing environmental concerns, natural gas generators are gaining traction in industrial sites to survive power overloads. This can also be attributed to stringent regulations implemented by governments of various countries to reduce the negative environmental impact of generators. Furthermore, due to rapid urbanization and increasing reliance on electricity, there is a rise in the utilization of portable generators in residential applications. Besides this, commercial generators are employed as an emergency power backup in the healthcare industry to keep life support machines and other necessary medical tools working. Additionally, there is a rise in the need for hydrogen-oxygen generators with a nebulizer to alleviate the symptoms of pneumonia in patients with coronavirus disease (COVID-19), which is strengthening the market growth.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global generator market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on fuel type, power rating, application and end user.

Breakup by Fuel Type:

• Diesel
• Gas
• Others
   

Breakup by Power Rating:

• Below 75 kVA
• 75-375 kVA
• 375-750 kVA
• Above 750 kVA
   

Breakup by Application:

• Continuous Load
• Peak Load
• Stand by Load
   

Breakup by End User:

• Residential
• Commercial
• Industrial
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., Atlas Copco AB, Bharat Heavy Electricals Limited, Briggs & Stratton Corporation, Caterpillar Inc., Cummins Inc., Generac Power Systems Inc., General Electric Company, Kohler Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce plc, Siemens AG, Toshiba Corporation, Wacker Neuson SE and Wärtsilä Corporation.

Report Coverage:

Key Questions Answered in This Report:

• How has the global generator market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global generator market?
• What are the key regional markets?
• What is the breakup of the market based on the fuel type?
• What is the breakup of the market based on the power rating?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end user?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global generator market and who are the key players?
• What is the degree of competition in the industry?