A generator is often defined as a device or system that converts mechanical energy, usually via a spinning shaft, to electrical energy. This technique is based on the electromagnetic induction principle, which states that a changing magnetic field causes an electric current to flow through a conductor. Generators are widely utilized in a variety of applications, including power plants, wind turbines, hydroelectric dams, and portable generators for backup power. They play an important role in providing electricity for both household and industrial use.
According to a new market research report, the global generator market is projected to reach USD 34.5 billion by 2030 from an estimated USD 23.1 billion in 2023, at a CAGR of 5.9% during the forecast period.
Leading Key Market Players
Caterpillar (US), Cummins (US), Rolls-Royce Holdings (UK), Weichai Group (China), Kohler Co. (US), Atlas Copco (Sweden), Denyo (Japan), Wacker Neuson (Germany), Generac (US), Doosan (South Korea), Greaves Cotton Limited (India), Kirloskar Oil Engines Ltd. (India), Siemens (Germany), Aksa Energy (Turkey), Wärtsilä (Finland), Honda (Japan), Briggs & Stratton (US), ABB (Germany), Yanmar (Japan), Cooper Corp (India), Jubaili Bros (UAE), Southwest Products (US), Sterling & Wilson (India), and Siam Telemach (Thailand).
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This research report categorizes the generator market by fuel type, end user, power rating, application, design, sales channel, and region
On the basis of fuel type:
- Diesel
- Gas
- LPG
- Biofuel
- Coal Gas
- Producer Gas
- Fuel Cell
On the basis of application:
- Standby
- Prime & Continuous
- Peak Shaving
On the basis of end- user industry:
- Industrial
- Utilities/Power Generation
- Oil & Gas
- Chemicals & Petrochemicals
- Mining & Metals
- Manufacturing
- Marine
- Construction
- Others (Agriculture, Transportation, and Aerospace & Defense)
- Commercial
- IT & Telecom
- Healthcare
- Data Centers
- Others (Hotels, Shopping Complexes, Malls, and Public Infrastructure)
- Residential
On the basis of by power rating:
- Up To 50 KW
- Up To 10 KW
- 11–20 KW
- 21–30 KW
- 31–40 KW
- 41–50 KW
- 51–280 KW
- 281–500 KW
- 501–2,000 KW
- 2,001–3,500 KW
- Above 3,500 KW
On the basis of by sales channel:
- Direct
- Indirect
On the basis of by sales channel:
- Stationary
- Portable
On the basis of region:
- Asia Pacific
- Europe
- North America
- Middle East & Africa
- South America
Recent Developments
- In January 2022, Caterpillar launched Cat G3516 natural gas-fueled Fast Response generator set with US EPA Certification for use in emergency and non-emergency applications.
- In January 2022, Rolls-Royce, along with its distributor partner Knopf & Wallisch (K&W), supplied three mtu customized and containerized combined cooling, heat and power plant (CCHP) trigeneration units to Romanian cloud service provider ClusterPower.
- In October 2021, Generac announced the introduction of two new large diesel units – the MDE330 and MDE570 diesel mobile generators, which are aimed at providing ease of operation and maintenance. The rental-ready machines feature wide-opening removable doors to maximize serviceability.
- In August 2021, Toho Gas and MHIET Successfully Conduct Test Operation of City Gas and Hydrogen Mixed-fuel Combustion in a Commercial Gas Engine for a Cogeneration System.
- In March 2021, Cummins Power Systems introduced the C2750D5BE. The new model complements the successful QSK60 series, extending its standby power range from 2500kVA to 2750kVA for 50Hz markets
Key Stakeholders
- Government & research organizations
- Institutional investors and investment banks
- Investors/shareholders
- Environmental research institutes
North America is expected to be the second largest region in the Generator market
North America is expected to be the second largest generator market during the forecast period. Extensive LNG projects and growing investments in manufacturing and chemicals & petrochemicals industries are the primary drivers of the market in this region. Due to its large-scale industrial sector and the world’s highest per capita energy consumption, the region has tremendous energy requirements. This is creating demand for the generators in the market.
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Objectives of the Study
- To define, describe, segment, and forecast the Generator market, in terms of value and volume, on the basis of fuel type, end user, power rating, application, design, sales channel, and region
- To forecast the market size for five key regions: North America, South America, Europe, Asia Pacific, and Middle East & Africa, along with their key countries
- To provide detailed information about the key drivers, restraints, opportunities, and challenges influencing the growth of the market
- To strategically analyze the subsegments with respect to individual growth trends, prospects, and contributions of each segment to the overall market size
- To analyze market opportunities for stakeholders and the competitive landscape of the market
- To strategically profile the key players and comprehensively analyze their market shares and core competencies
- To analyze competitive developments, such as sales contracts, agreements, investments, expansions, new product launches, mergers, partnerships, joint ventures, collaborations, and acquisitions, in the market
