According to the latest report by IMARC Group, titled "Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global generator market reached a value of US$ 19.30 Billion in 2021. A generator converts mechanical energy to provide optimum electrical power for various uses. Mechanical energy differs based on its kinds, such as internal combustion engines, hand cranks, gas turbines, water turbines, and steam turbines, which are further transformed into electrical energy by using generators. These devices are considered useful machines for generating electricity as they are strong, efficient and can be used in standby, prime, continuous, and peak shaving applications. Generators contain various components, such as the main assembly, engine, fuel system, alternator, and cooling and exhaust system, to manage the current effectively. As a result, they are widely deployed to supply emergency power during a grid failure or to provide power in sites with limited grid access.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Generator Market Trends:
The global market is majorly driven by the increasing demand for uninterrupted power supply. In line with this, the rising intensity and frequency of weather-related disasters are positively influencing the market. Furthermore, the growing data center outage costs are catalyzing the market. Apart from this, stringent environmental compliances and widespread focus on cost reduction, energy efficiency, and utilization of cleaner sources are contributing to the market expansion. Moreover, the rising significance of reliable emergency power supply, along with the growing susceptibility of grid infrastructure to external damage, is offering numerous growth opportunities in the market. Besides, the escalating need for the equipment to sustain day-to-day operations across many end users is favoring the product uptake across the globe. Other factors, including rapid industrialization, increasing infrastructure development, and the flourishing telecom sector, are also providing a boost to the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 27.07 Billion by 2027, exhibiting a CAGR of 5.3% during 2022-2027.
- On the basis of the fuel type, the market has been segmented into diesel, gas, and others.
- Based on the power rating, the market has been categorized into below 75 kVA, 75-375 kVA, 375-750 kVA, and above 750 kVA.
- On the basis of the application, the market has been classified into continuous load, peak load, and stand by load.
- On the basis of the end users, the market has been segmented into residential, commercial, and industrial.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market. Some of the key players include 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.
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