Increase in power demand amidst power outage concerns & industrialization, rural electrification, and development in construction & infrastructure drive the growth of the global generator market.
WILMINGTON, Del., Nov. 13, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Generator Market by Type (Diesel, Gas, Propane, Dual Fuel, and Hybrid), by Voltage Rating (Below 100 kVA, 100 kVA to 350 kVA, 350 kVA to 1000 kVA, and Above 1,000 kVA), by Application (Backup Power, Continuous Power, and Peak Shaving Power), And by End-Use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global generator industry generated $45.9 billion in 2022 and is estimated to reach $74.1 billion by 2032, exhibiting a CAGR of 4.8% from 2023 to 2032.
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Prime determinants of growth
As global energy consumption continues to rise, there is a growing need for reliable power sources. Generators play a vital role in meeting this demand, particularly during peak usage periods or in regions with unreliable grid power. Power outages due to weather events, natural disasters, or aging infrastructure have highlighted the importance of backup power sources.
Expanding industries and manufacturing sectors require stable & continuous power sources to maintain production. Generators are a crucial component of industrial infrastructure to prevent costly downtime. In many developing regions, extending electrical grid infrastructure is expensive & challenging. Generators provide a cost-effective means of electrifying rural and remote areas.
Emissions and noise pollution associated with some types of generators are a significant restraint, especially in urban and environmentally sensitive areas. Stricter environmental regulations impact the market. The global transition toward cleaner & renewable energy sources reduces the reliance on generators in some areas. Battery storage and other energy storage solutions are becoming alternatives.
Generators complement renewable energy systems by providing backup power during periods of low renewable energy production. As the adoption of renewable energy sources increases, the demand for generators that work in conjunction with these systems is on the rise.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $45.9 Billion |
Market Size in 2032 | $74.1 Billion |
CAGR | 4.8 % |
No. of Pages in Report | 300 |
Segments covered | Type, Voltage Rating, Application, End-use Industry, and Region |
Drivers | Increase in power demand amidst power outage concerns |
Industrialization, rural electrification, and development in construction & infrastructure | |
Opportunities | Renewable energy integration and hybrid power systems |
Restraints | Environmental concerns and shift toward renewable energy |
High initial costs, including maintenance and fuel costs |
The diesel segment is expected to dominate the market growth during the forecast period.
Depending on the type, diesel segment dominated the market share for generator in 2022 in terms of revenue and contributed more than one-third of the total market revenue while growing at a CAGR of 5.2%.
The diesel segment is projected to grow at the fastest pace during the forecast period, with the highest CAGR. It is attributed to the fact that diesel fuel has a high energy density, which means it contains a significant amount of energy per unit volume or weight. This high energy density makes it an efficient fuel for engines and generators, thus driving the growth of the segment.
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The 350 kVA to 1000 kVA segment is projected to maintain its dominance throughout the forecast period.
Depending on voltage rating, 350 kVA to 1000 kVA segment dominated the market share for generators in 2022 in terms of revenue. With a CAGR of 5.1%, it accounted for nearly one-third of the revenue in 2022 and is predicted to grow at the highest rate during the projection period. The demand for generators in this range is on the rise across various sectors, driven by the need for reliable backup power solutions to mitigate the impact of power outages and grid instability.
The continuous segment is projected to maintain its dominance throughout the forecast period.
Depending on the application, continuous power segment dominated the market share for generator in 2022 in terms of revenue. With a CAGR of 5.1%, it accounted for more than half of the revenue in 2022 and is predicted to grow at the highest rate during the projection period. The need for continuous & reliable power supply is growing across various sectors, including data centers, healthcare, telecommunications, and manufacturing. The trend toward always-on operations necessitated robust continuous power solutions.
The industrial segment is projected to maintain its dominance throughout the forecast period.
Depending on the end-use industry, industrial segment dominated the market share for generator in 2022 in terms of revenue. The industrial segment garnered nearly half of the revenue in 2022 and is also expected to grow at the fastest pace during the forecast period, with a CAGR of 5.0% during 2023-2032. Industrial generators are specialized power generation systems designed to meet the high electrical demands of industrial and commercial facilities. These generators are crucial for ensuring uninterrupted operations, providing backup power during outages, and serving as the primary power source in areas where grid power is unreliable.
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Asia-Pacific is projected to maintain its dominance throughout the forecast period.
Based on region, Asia-Pacific dominated the market share for generator in 2022 in terms of revenue. In 2022, Asia-Pacific contributed more than two-fifths of the revenue at a CAGR of 5.1% during the forecast period. Diverse generator markets exist in Asia-Pacific countries, and they are all influenced by different socioeconomic, industrial, and environmental factors. With improvements in generator technology and rise in focus on environmental sustainability & energy efficiency, the market is still evolving.
Leading Market Players: -
- Caterpillar
- General Electric
- Kirloskar Oil Engines Ltd.
- Generac Holdings Inc.
- Kohler Co.
- AKSA POWER GENERATION
- Su-Kam
- Cummins Inc.
- ABB Ltd.
- Mitsubishi Electric
The report provides a detailed analysis of these key players in the global generator market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant position in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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