The electric generators market size is expected to see steady growth in the next few years. It will grow to $36.68 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The forecasted growth is driven by emerging market adoption, resilience planning, electric vehicle charging infrastructure, government energy policies, and energy decentralization. Major trends include digital integration for improved user experience, hybrid power solutions, remote monitoring, clean energy demand, and enhancing grid stability and resilience.
The electric generator market is poised for growth, driven by increasing demand from diverse industries such as mining, oil and gas, and pharmaceuticals. Generators serve as crucial power backup sources in various industrial operations and become indispensable where grid infrastructure is lacking. Notably, mining sites, often situated in remote areas, heavily rely on generators for their day-to-day power needs. As of the end of the fiscal year 2020, the Indian mining industry witnessed a production growth rate of approximately 1.6%. However, preliminary data for the fiscal year 2021 suggests a significant deceleration in the growth rate. The surge in industrial activities due to economic growth in emerging markets is expected to fuel the demand for electric generators in the forecast period.
The electric generators market is set to experience growth fueled by the increasing demand for residential projects. Residential projects encompass a broad spectrum of construction initiatives focused on creating living spaces. Electric generators play a vital role in residential settings, providing a reliable power source during sudden outages. For example, in February 2023, according to Fit Small Business, a US-based digital resource for small businesses, the total number of new housing units initiated in December 2022 was recorded at a seasonally adjusted annual rate of 1,382,000. This figure represented a 21.8% decline compared to the December 2021 rate of 1,768,000 and a slight decrease of 1.4% from the revised November 2022 estimate of 1,401,000. Specifically, single-family housing starts in December 2022 reached a rate of 909,000, indicating an 11.3% increase from the November 2022 total of 817,000. Throughout 2022, approximately 1,553,300 housing units were initiated, reflecting a 3.0% reduction compared to the 2021 total of 1,601,000. The escalating demand for residential projects is poised to propel the growth of the electric generator market.
Government initiatives aimed at building and maintaining robust energy infrastructure are expected to impact the electric generators market, potentially restraining its growth in the forecast period. As of March 2021, government agencies, responsible for building maintenance and minor repairs, are focusing on enhancing energy infrastructure. This emphasis on government-led initiatives in both developed and developing countries may limit the demand for power generation systems, subsequently influencing the electric generators market.
The electric generator manufacturing sector is witnessing a trend toward the production of portable generators, driven by an increasing demand for uninterrupted and reliable power supply. Portable generators, powered by gas or diesel engines, offer flexibility and enhanced ease of use, contributing to their growing popularity. The global portable generators market is projected to reach $2.5 billion by 2024, exhibiting a Compound Annual Growth Rate (CAGR) of 4.1% through 2019.
Prominent companies within the electric generators market are driving innovation by introducing new products such as the C1000D6RE, aiming to enhance their market profitability. The C1000D6RE boasts a 1000 kW rating per ISO 8528 and is equipped with two Cummins QSX15 Tier 4 Final engines. Cummins Inc., a US-based company specializing in the design, manufacturing, and distribution of engines, filtration, and power generation products, exemplifies this trend. In June 2022, Cummins Inc. launched the C1000D6RE, a 1MW twin-pack rental generator. Notably, this generator is designed for parallel use with other rental power solutions and features masterless operation capabilities. The C1000D6RE presents a compelling rental power solution suitable for diverse applications across various industries that demand mobile power. Additionally, the generator's container is engineered to endure harsh weather conditions and incorporates a comprehensive sound attenuation system.
In August 2021, Graycliff’s WorldWide Electric, a U.S.-based provider specializing in industrial electric motors, gears, and motor controls, completed the acquisition of Georator Corporation and Athlon Generator for an undisclosed sum. This strategic move allowed WorldWide Electric to expand the range of products and services it offers. By incorporating the extended product portfolio, the company aimed to strengthen its partnership with the existing customer base. Georator Corporation, one of the acquired entities, is a U.S.-based manufacturer specializing in rotary and solid-state power frequency converters, while Athlon Generator, the other acquired entity, is a U.S.-based provider of generators designed for industrial applications.
Major companies operating in the electric generators market report are Kirloskar Electric Co. Ltd., Honda Motor Co. Ltd., Caterpillar Inc., Toshiba Corporation, Cummins Inc., General Electric Company, YAMAHA Motor Pvt. Ltd., Rolls-Royce Holdings PLC, Atlas Copco, Doosan Group, Mahindra Powerol Ltd., Yanmar Co. Ltd., Westinghouse Electric Corporation, Mitsubishi Heavy Industries Ltd., Kohler Co., Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, Ingersoll Rand, Sterling Generators Pvt. Ltd., Generac Holdings Inc., Cooper Corp., AKSA Power Generation, Wacker Neuson SE, Briggs & Stratton Corporation, Escorts Group, MQ Energy Inc., Powerica Ltd., Inmesol S.L, Firman Power Equipment, Champion Power Equipment Inc., Albion Jvco Limited. Asia-Pacific was the largest region in the electric generators market in 2023. Western Europe was the second-largest region in the global electric generators market share. The regions covered in the electric generators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key categories in electric generator manufacturing include gas, diesel, and CKD generators. Gas generators burn gas to produce electricity, available in varying sizes from small ones found in hardware stores to larger versions offered by specialized companies or electricians providing installation, maintenance, and repair services. Custom gas generators can also be built for specific needs, such as powering server farms during blackouts. Generators come in different capacities such as below 75 kVA, 75–375 kVA, 375–750 kVA, and above 750 kVA, serving purposes such as standby, peak shaving, and continuous operation. They find applications across various industries including mining, oil and gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and others.
The electric generators market research report is one of a series of new reports that provides electric generators market statistics, including electric generators industry global market size, regional shares, competitors with an electric generators market share, detailed electric generators manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the electric generators industry. This electric generators market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The countries covered in the electric generators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric generators market consists of sales of gas generators, diesel generators, and other electric generators. This market excludes turbine generators. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
Executive Summary
Electric Generators Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electric generators market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
- Understand how the market has been affected by the coronavirus and how it is responding as the impact of the virus abates.
- Assess the Russia-Ukraine war’s impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
- Measure the impact of high global inflation on market growth.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market shares.
- Benchmark performance against key competitors.
- Suitable for supporting your internal and external presentations with reliable high quality data and analysis.
- Report will be updated with the latest data and delivered to you with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Where is the largest and fastest growing market for electric generators? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Report Scope
Markets Covered:1) By Type: Gas Generator; Diesel Generator; CKD Generator
2) By Capacity: Below 75kva; 75-375 kva; 375-750 kva; Above 750 kva
3) By Application: Stand By; Peak Shaving; Continuous
4) By End-user: Mining; Oil & Gas; Construction; Residential; Marine; Manufacturing; Pharmaceuticals; Commercial; Other End-Users
Key Companies Mentioned: Kirloskar Electric Co. Ltd.; Honda Motor Co. Ltd.; Caterpillar Inc.; Toshiba Corporation; Cummins Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes
Delivery Format: PDF, Word and Excel Data Dashboard
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Kirloskar Electric Co. Ltd.
- Honda Motor Co. Ltd.
- Caterpillar Inc.
- Toshiba Corporation
- Cummins Inc.
- General Electric Company
- YAMAHA Motor Pvt. Ltd.
- Rolls-Royce Holdings plc
- Atlas Copco
- Doosan Group
- Mahindra Powerol Ltd.
- Yanmar Co. Ltd.
- Westinghouse Electric Corporation
- Mitsubishi Heavy Industries Ltd.
- Kohler Co.
- Hyundai Heavy Industries Co. Ltd.
- Wärtsilä Corporation
- Ingersoll Rand
- Sterling Generators Pvt. Ltd.
- Generac Holdings Inc.
- Cooper Corp.
- AKSA Power Generation
- Wacker Neuson SE
- Briggs & Stratton Corporation
- Escorts Group
- MQ Energy Inc.
- Powerica Ltd.
- Inmesol S.L
- Firman Power Equipment
- Champion Power Equipment Inc.
- Albion Jvco Limited
Methodology
LOADING...
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | February 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 31.11 Billion |
Forecasted Market Value ( USD | $ 36.68 Billion |
Compound Annual Growth Rate | 4.2% |
Regions Covered | Global |