Generator Market Size, Share, Demand, Forecast and Growth 2023-2028

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According to IMARC Group’s latest report, titled “Generator Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.’ the study provides a detailed analysis of the industry, including the global generator market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the generator market?

The global generator market size reached US$ 20.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 28.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.10% during 2023-2028.

What is generator?

A generator represents a machine that converts mechanical energy to provide an optimum amount of electrical power. It usually comprises an engine, charger, central control, alternator, voltage regulator, fuel system, main assembly, cooling and exhaust system, etc. In line with this, a generator is widely used in commercial and residential areas to offer emergency power and survive prolonged power outages. Presently, leading manufacturers are introducing advanced generators that automatically switch on when the local power grid turns off. Consequently, they are gaining extensive traction across countries.

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Generator Market Trends: 

The increasing number of extreme weather events and natural disasters, such as earthquakes, hurricanes, tornadoes, tsunamis, etc., causing blackouts is primarily driving the generator market. Additionally, the growing construction activities that generally require high electric power to run equipment and machinery are bolstering the global market. Besides this, the widespread adoption of home generators, especially in rural areas, to address power shortages and ensure an uninterrupted power supply is acting as another significant growth-inducing factor. Moreover, the rising popularity of natural gas generators in industrial sites to survive power overloads and the elevating consumer environmental concerns are also augmenting the market growth. Apart from this, the escalating demand for portable generators in residential applications, owing to the inflating urbanization levels, is positively influencing the global market. Furthermore, the introduction of commercial variants that are employed as emergency power backups in the healthcare industry to keep life support machines and other necessary medical tools working is expected to fuel the generator market in the coming years.

Generator Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the generator market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• ABB Ltd.
• Atlas Copco AB
• Bharat Heavy Electricals Limited
• Briggs & Stratton Corporation
• Caterpillar Inc.
• Cummins Inc.
• Generac Power Systems Inc.
• General Electric Company
• Kohler Co.
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce plc
• Siemens AG
• Toshiba Corporation
• Wacker Neuson SE
• Wärtsilä Corporation.

Key Market Segmentation:

The report has segmented the global generator market on the basis of fuel type, power rating, application, end user and region

Breakup by Fuel Type:

• Diesel
• Gas
• Others

Breakup by Power Rating:

• Below 75 kVA
• 75-375 kVA
• 375-750 kVA
• Above 750 kVA

Breakup by Application:

• Continuous Load
• Peak Load
• Stand by Load

Breakup by End User:

• Residential
• Commercial
• Industrial

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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Key Highlights of the Report:                                                           

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• The Impact of COVID-19 on the Global Market
• Value Chain Analysis
• Structure of the Global Market
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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