The generator market size is forecast to reach USD 32.98 billion by 2030 from an estimated USD 24.11 billion in 2024, at a CAGR of 5.4% during the forecast period (2024-2030). Increasing power requirements resulting from industrialization, urbanization, and population growth worldwide propel demand for generators. More often than not, recurrent cases of power outages that result in the instability of the electricity grid through adverse climatic changes drive both the business and residential sectors to increase their backup sources of electricity. Other sectors also require constant power supply for vital operations among them data centers, the health sector, and manufacturing. Since solar and wind energy sources normally are unsteady, diesel and other generators are still important. They provide steady power since these renewable energy sources are not always available.
Download PDF Brochure:
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=47544335
Moreover, in recent years, the market players are also focusing on providing fuel-specific generators and offerings for various end users. All these factors are expected to provide growth opportunities for market players offering generators.
The demand for diesel generators, further fueled by the frequent power outages and rising electrification in rural areas, is increased by the need for a reliable backup power supply. They are integral to all industries that require uninterrupted power supply, including hospitals and data centers. Diesel fuel availability is a boon for their peak load management usage as well, despite the driven price hikes caused by technological shifts.
The 51-280 kW power rating segment of the market is the fastest growing segment during the forecast period. The demand for 51-280 kW power rating generators is increasing due to the growing power consumption among industries such as construction, telecommunications, and health care. These will be reliable power backup solutions for operations with medium sizes and suitable for emergency use in urban and rural areas where power failures frequently occur. Other factors that will drive such a demand include the industrial growth, development of infrastructure, and the increase in commercial facilities. Of course, enhanced scrutiny over energy security and persistent operations in an uncertain grid reliability environment pushes up their demand both in the developed and the developing regions.
The generators are expected to see the maximum growth in direct sales channel because customers want to experience something better during personal purchase, improved customer relationship, and cost saving advantage. Direct sales allow companies to focus directly on the specific needs of customers, offer flexible prices, and provide improved after-sales service, which fuels the demand and builds trust. Along with it, urbanization and more commercial projects are coming up, which is further boosting the demand for customized power solutions.
Key players in the generator market are Caterpillar (US), Cummins Inc. (US), Rolls-Royce Holdings (UK), Generac (US), Mitsubishi Heavy Industries (Japan), MAN Energy Solutions (Germany), Briggs & Stratton (US), Weichai Group (China), Kohler Co. (US), and Atlas Copco (Sweden). These companies have a strong diversified product portfolio and a strong global presence. They are more specific to developing latest technologies and solutions based on new emerging application areas of generators.
Make an Inquiry:
https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=47544335
With operations spread across the globe, these players leverage their R&D capabilities and wide ranges of products and services to gain further market share. They focus on product launches, collaborations, acquisitions, contracts, and partnerships towards improving business reach and reviving innovation in products.