Authored By: Sarah
11 Jul 2024

 Generator Market to grow by USD 21385.3 million between 2024-2028

According to a research report “ Generator Market” by Type (Stationary, Portable) End-user (Industrial, Commercial, Residential) Geography (APAC, Europe, Middle East and Africa, North America, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 21385.3 million at a CAGR of over 8.09% during the forecast period. In the dynamic landscape of developing economies, including China, India, South Korea, South Africa, and Thailand, the pace of industrialization and urbanization is accelerating. Concurrently, population growth is surging. Notably, the urban population's share in these countries has experienced substantial expansion between 2011 and 2022. Specifically, China's urban population rose from 51% to 64%, India's from 31% to 36%, and Thailand's from 45% to 53%. These demographic shifts present significant opportunities for various industries, such as the generator market, to cater to the growing urban demands..

Browse market data tables, figures, and in-depth TOC on “Generator Market” by Type (Stationary, Portable) End-user (Industrial, Commercial, Residential) Geography (APAC, Europe, Middle East and Africa, North America, South America) Global Forecast to 2028.

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By Type, the Stationary segment is projected to dominate the market size in 2024.

In the industrial sector, generators are increasingly utilized as auxiliary power sources in sectors such as construction, mining, chemical manufacturing, and semiconductor fabrication. With global industrialization accelerating, particularly in developing countries like China, Brazil, and India, the demand for a continuous power supply is paramount. This trend is anticipated to favor the use of gas generators due to environmental regulations restricting diesel usage in engines and generators. The construction industry, with its extensive activities and increasing global spending, is a significant driver for the market. Many construction sites lack access to electricity grids, making gas generators indispensable for powering essential equipment.

By End-user, Industrial  segment is expected to hold the largest market size for the year 2024.

In the generator market, low-capacity stationary models are favored for small businesses with minimal energy demands and short operational durations. These generators offer cost savings, compact size, and suitability for most energy needs. Conversely, large standby generators, primarily used for extended power outages, predominantly run on diesel for cost efficiency and extended equipment lifespan. Engineered to meet specific applications, these generators include pre-installed fuel tanks.

APAC is forecasted to hold the largest market size by region in 2024.

In the generator market, businesses seek reliable and efficient power solutions. Our company offers advanced generator systems, ensuring uninterrupted power supply and minimizing downtime. These generators are engineered for optimal performance and fuel efficiency, delivering significant cost savings for businesses. By investing in our generator solutions, companies can safeguard their operations from power outages and maintain productivity.

The Generator Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • ABB Ltd.
  • AKSA Power Generation
  • Atlas Copco AB
  • Briggs and Stratton LLC
  • Caterpillar Inc.
  • Cooper Corp.
  • Cummins Inc.
  • Doosan Corp.
  • Eaton Corp. Plc
  • Generac Holdings Inc.
  • General Electric Co.
  • Honda Motor Co. Ltd.
  • Kirloskar Oil Engines Ltd.
  • Kohler Co.
  • Kubota Corp.
  • Mitsubishi Heavy Industries Ltd.
  • Multiquip Inc.
  • Siemens AG
  • Yamaha Motor Co. Ltd.

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Research Analysis Overview

In the dynamic and evolving energy landscape, the Generator Market plays a pivotal role in providing electrical energy from various mechanical sources. Prime movers such as Stators and Rotors are integral components of Generators, which convert Mechanical energy into Electrical energy through the process of Electromagnetic Induction. This market caters to diverse industries, including public buildings, oilfield projects, agricultural, commercial, residential, and Manufacturing plants. Additionally, it serves Mining operations, Construction sites, Rural areas, and Remote locations. The Generator Market encompasses a wide range of applications, from Power generation capacity in Urbanization and Industrialization to the provision of electrical power in Diesel Generators and Gensets. Strategic planning in this sector is crucial to address Industry dynamics and meet the growing demand for reliable power solutions in various sectors. Key applications include the provision of power in Oilfield projects, Urbanization, and Industrialization, among others.

Market Research Overview

In the generator market, renewable energy sources such as wind turbines and solar panels are increasingly being integrated with utility grids to enhance power reliability and reduce dependence on traditional power sources like internal combustion engines and prime movers. Urbanization and industrialization have led to an increased demand for power in various sectors, including manufacturing, pharmaceuticals, and public buildings. Third-party service providers offer generator technology solutions, including standby load generators, inverter generators, and hybrid power systems, to ensure continuous power supply during power outages or production line downtime. Regulations regarding emissions and noise pollution have driven the adoption of alternative fuel sources like bi-fuel generators and battery storage. The generator market ecosystem includes key players like Generac, Cummins, and Caterpillar, offering various fuel types, including gas and diesel, to cater to diverse industry dynamics and customer requirements. The market also serves critical infrastructure sectors like transportation, telecom, and mining operations in remote locations.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

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