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3. Generator Market Size & Share - Future Growth Expectations

The generator market is expected to reach USD 34.5 billion in 2030 from USD 23.1 billion in 2023, at a CAGR of 5.9% during the forecast period.

The major factors driving the growth of this market include the uninterrupted power supply, industrialization, urbanization, and population growth, has led to a significant increase in power generation capacity worldwide.

The generator market is poised for substantial growth in the coming years, driven by several key factors:

• Increasing Demand for Electricity
• Growing Infrastructure Development
• Expanding Industrial Sector
• Increasing Frequency of Natural Disasters
• Rapid Expansion of Data Centers
• Growing Adoption of Renewable Energy
• Technological Advancements

To know about the assumptions considered for the study download the pdf brochure

Increasing Demand for Electricity

• Generators provide backup power during grid outages and supplement power supply in remote or off-grid locations, ensuring continuous electricity supply for essential services and critical infrastructure. The generator market is primarily driven by rising global demand for electricity, which is being driven by population growth, urbanization, and industrialization.

Growing Infrastructure Development

• Infrastructure development projects such as construction, transportation, telecommunications, and healthcare facilities require stable power sources to function. Generators are critical in supplying backup power for building sites, emergency services, and temporary facilities, which drives demand in the construction and infrastructure industries.

Increasing Frequency of Natural Disasters

• Natural disasters including hurricanes, floods, earthquakes, and wildfires are becoming more frequent and intense as a result of climate change. These events frequently result in power outages and infrastructure damage, necessitating the usage of generators for emergency response, disaster recovery, and resilience planning in disaster-prone areas.

Technological Advancements

• Advances in generator technology, such as increased fuel efficiency, pollution control, noise reduction, and remote monitoring capabilities, are improving generator performance, dependability, and environmental sustainability. These technical advancements are propelling market growth by broadening the variety of applications and attracting clients who want more efficient and environmentally friendly power solutions.

Based on these factors, the generator market is projected to experience robust growth in the coming years, with significant opportunities for market players to capitalize on emerging trends and technological advancements.

Generator Market Share - Global Industry Landscape

The generator market is characterized by the presence of several key players competing for market share. Some of the leading companies in the generator industry include:

• Cummins Inc.
• Caterpillar Inc
• Generac Holdings Inc
• Kohler Co
• Atlas Copco AB
• Wärtsilä Corporation
• Siemens AG
• Mitsubishi Heavy Industries, Ltd. (MHI)

These companies, along with several others, collectively shape the global generator industry landscape. Market dynamics are influenced by factors such as technological innovation, regulatory compliance, strategic partnerships, and market consolidation. As the demand for generator continues to rise, companies are expected to intensify their efforts to capture market share and drive innovation in generator discovery, development, and commercialization.

Cummins Inc (US)

• Cummins is a multinational firm that designs, manufactures, and distributes engines, power generation equipment, and related components around the world. The company provides a diverse range of generator sets fueled by diesel, natural gas, and alternative fuels for a variety of applications such as backup, prime, and continuous power generation.

Caterpillar Inc

• Caterpillar is a well-known producer of industrial gas turbines, diesel-electric locomotives, and engines for natural gas and diesel use in mining and construction. The company serves clients in the mining, telecommunications, construction, and oil and gas sectors with its Cat® generator sets, which are renowned for their dependability, durability, and performance.

Atlas Copco AB

• The Swedish multinational industrial engineering firm Atlas Copco offers power tools, assembly systems, mining and construction equipment, vacuum solutions, compressors, and other products. A variety of portable and stationary generator sets are available from the company's Power Technique division for demanding uses like mining, construction, and rental applications.

Siemens AG

• Siemens is a multinational technology giant with operations in the energy, healthcare, infrastructure, and industrial automation industries. Gas turbines, steam turbines, generators, and digital services for enhanced performance and dependability are all offered by the company's Power Generation Services business to power plant operators.

Related Reports:

Generator Market by Fuel Type (Diesel, Gas, LPG, biofuels), Power Rating (Up to 50 kW, 51–280 kW, 281-500 kW, 501-2000 kW, 2001-3500 kW, Above 3500 kW), Application, End-User Industry, Design, Sales Channel, Region - Global Forecast to 2030