Global Generator Market Size Study, by Application, by End Use Industry, by Type, by Voltage Rating and Regional Forecasts 2022-2032

Global Generator Market is valued approximately at USD 48.10 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 4.8% over the forecast period 2024-2032. Generators play a pivotal role in transforming mechanical energy into electrical energy, a process based on the principle of electromagnetic induction discovered by Michael Faraday in the early 19th century. They are crucial for providing electricity for various applications, including lighting homes and businesses, delivering power in remote locations, and during emergencies. Generators consist of key components such as the prime mover, rotor, stator, magnetic field, and output terminals, each contributing to the efficient conversion of mechanical energy into electrical energy.

The generator market is experiencing significant growth due to the rising demand for reliable power sources, driven by increasing global energy consumption and frequent power outages. Generators are essential for ensuring uninterrupted power supply in critical applications such as hospitals and data centers, especially during peak usage periods or in regions with unreliable grid power. The expanding industrial and manufacturing sectors require stable and continuous power sources to maintain production, making generators a crucial component of industrial infrastructure. Additionally, in many developing regions, generators provide a cost-effective means of electrifying rural and remote areas where extending electrical grid infrastructure is challenging and expensive.

However, the market faces certain restraints, including the environmental impact of emissions and noise pollution associated with some types of generators. Stricter environmental regulations and the global transition towards cleaner and renewable energy sources are reducing the reliance on generators in certain areas. Furthermore, the high upfront cost of generators, ongoing maintenance expenses, and the fluctuating price and availability of fuel sources such as diesel and natural gas pose additional challenges to market growth. Despite these challenges, the generator market offers significant opportunities, particularly in the integration with renewable energy systems. Generators complement renewable energy sources by providing backup power during periods of low renewable energy production, enhancing the reliability and flexibility of energy systems. The combination of generators with energy storage solutions, like batteries, presents an opportunity to create hybrid power systems that can store excess power and use it during peak demand or power outages, further driving the demand for generators.

The key regions considered for the global Generator Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is a dominating region in the Generator Market in terms of revenue. The market growth in the region is being attributed to factors including frequent power outages due to extreme weather events, increasing demand for reliable backup power in residential and commercial sectors, growth in industrial activities requiring consistent power supply, and expanding infrastructure projects leading to higher electricity consumption. Whereas, the market in Asia Pacific is anticipated to grow at the fastest rate over the forecast period fueled by rapid urbanization, increasing industrialization, and a growing middle class leading to higher electricity demand. Frequent power outages and unreliable grid infrastructure across the region necessitate reliable backup power solutions. Additionally, the booming construction and infrastructure sectors contribute to the market's growth.

Major market players included in this report are:

• Su-kam
• Kohler Co.
• Caterpillar
• Kirloskar Oil Engines Ltd
• Cummins Inc.
• General Electric
• AKSA POWER GENERATION
• Generac Holdings Inc.
• ABB Ltd.
• Mitsubishi Electric
• Honda Motor Co., Ltd.
• Yamaha Motor Co., Ltd.
• Atlas Copco AB
• Briggs & Stratton Corporation
• Hyundai Heavy Industries Co., Ltd.

The detailed segments and sub-segment of the market are explained below:

By Application:

• Backup Power
• Continuous Power
• Peak Shaving Power

By End Use Industry:

• Residential
• Commercial
• Industrial

By Type:

• Diesel
• Gas
• Propane
• Dual Fuel
• Hybrid

By Voltage Rating:

• Below 100 kVA
• 100kVA to 350 kVA
• 350 kVA to 1000 kVA
• Above 1,000 kVA

By Region:

• North America
• U.S.
• Canada
• Europe
• UK
• Germany
• France
• Spain
• Italy
• ROE
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• RoAPAC
• Latin America
• Brazil
• Mexico
• RoLA
• Middle East & Africa
• Saudi Arabia
• South Africa
• RoMEA

Years considered for the study are as follows:

• Historical year - 2022
• Base year - 2023
• Forecast period - 2024 to 2032

Key Takeaways:

• Market Estimates & Forecast for 10 years from 2022 to 2032.
• Annualized revenues and regional level analysis for each market segment.
• Detailed analysis of geographical landscape with Country level analysis of major regions.
• Competitive landscape with information on major players in the market.
• Analysis of key business strategies and recommendations on future market approach.
• Analysis of competitive structure of the market.
• Demand side and supply side analysis of the market.