Chicago, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Generator Market size is projected to grow from USD 23.1 billion in 2023 to USD 34.5 billion by 2030, at a CAGR of 5.9% according to a new report by MarketsandMarkets™. The growth of the Generator Market is driven by growing demand for continuous power supply and evolving new technologies such as fuel cell generators.
Increasing demand for uninterrupted and reliable power supply, rapid industrialization owing the demand for generators, and rise in the awareness of the benefits offered by fuel cell generators are expected to drive the demand for-backup power generation. The rapidly expanding manufacturing sector, especially in Asia Pacific, has fueled the demand for generators and power generation systems.
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264 – Tables
66 – Figures
349– Pages
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Scope of the Report
| Report Metric | Details |
| Generator Market Size Values |
|
| Base Year | 2022 |
| Forecast Period | 2023–2030 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | Fuel Type, End User, Power Rating, Application, Design, Sales Channel, and Region |
| Geographic Regions Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
| Companies Covered | 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). |
This report segments the Generator Market based on the fuel type into diesel, gas, LPG, biofuel, coal gas, producer gas, gasoline. During the projected timeframe, the Diesel segment is anticipated to dominate the Generator Market, serving as the primary contributor. This dominance can be attributed to the escalating urbanization and industrialization in emerging economies.
The Generator Market, by power rating, has been broadly classified into 50 kW, 51–280 kW, 281–500 kW, 501–2,000 kW, 2,001–3,500 kW, and above 3,500 kW. The up to 50 kW is the second fastest growing segment. Generators within this power range typically operate at a consistent engine speed, typically between 1,500 and 3,600 rpm. In particular, generators with power ratings ranging from 5 to 50 kW are commonly employed for personal and residential purposes. Additionally, generators below 50 kW power rating find utility in delivering power backup solutions for small-scale commercial activities, including telecom, retail, and various other sectors.
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Commercial, by end-user industry, is expected be the largest market during the forecast period.
Based on end-user industry, the Generator Market has been split into commercial, residential, industrial. Commercial end users include IT & telecom, healthcare, data centers, and others. Other commercial end users include hotels, shopping complexes, malls, and public infrastructure. Blackouts in commercial premises can lead to huge financial losses and safety issues. Also, it is challenging for IT and other commercial end users to conduct smooth operations during peak hours and in remote locations using power grids. Generators indirectly protect business interests and revenues by running operations smoothly and avoiding losses. These benefits is driving the market for commercial segment.
The direct segment, by sales channel is expected to be the fastest segment during the forecast period
Companies offering generators directly to end users or EPC contractors in different regions are considered under the direct sales segment. This mode eliminates the intermediaries involved in product distribution and helps avoid expensive overheads and reduce advertising costs. This advantage is driving the segment to the fastest market.
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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.
Key Players
The Generator Market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network. Caterpillar Inc. (US), Cummins Inc. (US), Rolls-Royce Holdings plc (UK), Generac Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan) are the market leaders in the global Generator Market. These companies use strategies such as product launches, mergers, acquisitions to increase their market share.
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