Generator Market Growth, Future Trends and Industry Analysis During 2024-32

According to IMARC Group’s latest report, titled “Generator Market Report by Fuel Type (Diesel, Gas, and Others), Power Rating (Below 75 kVA, 75-375 kVA, 375-750 kVA, Above 750 kVA), Application (Continuous Load, Peak Load, Stand by Load), End User (Residential, Commercial, Industrial), and Region 2024-2032.’ the study provides a detailed analysis of the industry, including the global generator market trends, size, share, 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$ 27.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2032, exhibiting a growth rate (CAGR) of 4.87% during 2024-2032.

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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.

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 2024-2032 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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