Generators refers to a device that converts mechanical energy to electrical energy. It uses various fuel sources such as gasoline, diesel, and gas as fuel to run the internal combustion engine. Generators are widely used as a source of power backup in various industries, commercial installations, and residential buildings.
Generators market is anticipated to gain thrust with a growing demand for uninterrupted power supply during power grid downtime. Operations of commercial establishments such as malls, data centers, hospitals, construction are highly dependent on the power supply. Growing power outage due to lack of power generation and grid maintenance activities impacting business operations of commercial installations which in turn is influencing commercial installations to use generators as a power backup source. Thus, fueling the demand for power backup equipment such as generators. Further, a growing gap between power generation and power supply resulting in a power outage which in turn is anticipated to increase the demand for generators over the forecast period. Moreover, increasing power cuts and voltage fluctuations adversely impact the operations of industries, which in turn is influencing the industries to adopt reliable power backup equipment such as generators to reduce their downtime due to power outages. This in turn is expected to augment the demand for generators over the forecast period (2021 - 2029). However, the high cost of acquisition and increasing use of renewable energy sources such as solar, wind coupled with favorable regulatory policies for use of renewable energy sources is expected to hamper the growth of generators market during the forecast period (2021 - 2029).
North America is expected to the largest region in the global generators market owing to the increasing demand for generators in commercial establishments and industries is expected to drive the demand in the region. The Asia Pacific is anticipated to be the fastest-growing region due to rapid urbanization and industrialization especially in China and India fueling the demand for generators over the forecast period (2021 - 2029).
The global generators market is expected to be valued at US$ 23.23 Bn in 2020 and is projected to expand at a CAGR of 6.3% during the forecast period 2021 - 2029.
Purpose of the Report
The purpose of this strategic research study titled Global generators market Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029 is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global generators market.
Target Audience
USP and Key Offerings
The report titled Global Generators Market Growth, Future Prospects, Competitive Analysis and Forecast, 2021 – 2029 offers strategic insights into the generators market along with the market size and estimates for the duration of 2019 to 2029. The said research study covers an in-depth analysis of multiple market segments based on product type, power rating, end-use and cross-sectional study across different geographies. In order to help strategic decision-makers, the report also includes competitive profiling of the leading generators manufacturers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Overall, the research study provides a holistic view of the global generators market growth, offering market size and estimates for the period from 2019 to 2029, keeping in mind the above-mentioned factors.
On the basis of end-use, the global generators market is categorized into the following types:
On the basis of end-use, the global generators market can be segmented into residential, industrial, and commercial.
Among end-use, the commercial segment was the largest segment in 2020. The growth of the segment is augmented by rising demand for uninterrupted power supply from various commercial establishments such as malls, banks, restaurants, movie theatres, hospitals, schools, offices, and other commercial buildings fueling the demand for generators. The industrial segment is anticipated to be the fastest-growing segment due to rapid industrialization especially in emerging economies fueling demand for power supply. Power cuts due to supply-demand unbalance and grid maintenance activities influencing industries to adopt generators as an alternate power source to minimize their losses due to downtime. Further, increasing voltage fluctuation from the grid causing wear and tear of high-value equipment which in turn is encouraging the use of generators as an alternative power source. The segment is anticipated to gain significant market share by 2029. The residential segment is also anticipated to register steady growth due to increasing demand from residential buildings is anticipated to drive the demand for generators during the forecast period (2021 - 2029).
On the basis of fuel type, the global generators market is categorized into the following types:
Among all fuel type, the diesel segment was the most dominant segment in 2020 accounting for over 50% of the revenue share of the global generators market. The segment is expected to continue its dominance over the forecast period due to its low cost of acquisition. The gas generators market is projected to be the fastest-growing segment over the forecast period (2021 - 2029). The growth of the segment is augmented by its increasing popularity due to low operational cost coupled with favorable regulatory policies due to low emission of greenhouse gases. The segment is anticipated to gain significant market share by 2029.
On the basis of power rating, the global generators market is categorized into the following types:
Among all power rating generators, 100-350 kVA power rating segments were anticipated to be the largest segment in 2020 accounting for significant revenue share in the global generators market. The growth of the segment is augmented by the wide adoption of 100-350 kVA power rating generators in the residential sector and small-scale industries as a power backup source. 350-1000 kVA power rating segment is anticipated to be the fastest-growing segment during the forecast period (2021 - 2029). The growth of the segment is augmented by increasing the use of 350-1000 kVA power rating generators in malls, educational institutions, data centers, IT sector, telecom, and residential societies. The segment is anticipated to gain significant market share in the global generators market by 2029. Other segments such as 100 kVA power rating segment, 1000kVA power rating segment are anticipated to grow at a steady rate over the forecast period.
The global generators market is segmented on the basis of geography. The Asia Pacific is expected to the largest and fastest-growing region in the global generators market. Rapid industrial growth in China in the past one decade due to low-cost manufacturing along with favorable regulatory policies has influenced the OEM to set up a manufacturing base in China which in turn has fueled the demand for generators in the region. Moreover, favorable regulatory policies to boost the industrial growth in India is projected to amplify the demand for generators in the region. Followed by it, North America is anticipated to be the second-largest region in global generators due to the increasing demand for generators from various industries and commercial buildings in the region.
Europe, Latin America, Middle East & Africa (MEA) are anticipated to collectively contribute significant revenue shares in the global generators market and are projected to grow at a steady rate over the forecast period (2021 - 2029).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Generators market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Fuel Type
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Power Rating
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End Use
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
