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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Generator Sales Market Size
The global generator sales market size has reached a value of more than USD 66.42 billion in 2023. The market is expected to grow at a CAGR of 4.90% between 2024 and 2032 to reach a value of USD 101.81 billion by 2032.
| Global Generator Sales Market Report Summary | Description | Value |
| Base Year | USD Billion | 2023 |
| Historical Period | USD Billion | 2018-2023 |
| Forecast Period | USD Billion | 2024-2032 |
| Market Size 2023 | USD Billion | 66.42 |
| Market Size 2032 | USD Billion | 101.81 |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.9% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 5.6% |
| CAGR 2024-2032 - Market by Country | India | 6.5% |
| CAGR 2024-2032 - Market by Country | China | 5.4% |
| CAGR 2024-2032 - Market by Fuel Type | Gas | 5.8% |
| CAGR 2024-2032 - Market by End-User | Industrial | 5.5% |
| Market Share by Country 2023 | UK | 3.7% |
Global Generator Sales Market Trends
Generators are machines that convert mechanical energy into electrical energy as the output over the power lines. Mechanical energy is provided through an outside source, like internal combustion engines, gas turbines, water turbines, and steam turbines. The mechanical energy is then converted to electricity with the help of a generator.
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The following trends are driving the growth of the market:
Rapidly Growing Manufacturing Industry
Emerging nations are going through rapid industrialisation and governments are increasing the development of the manufacturing sector as it has played a significant role in economic growth, especially in the Asia Pacific region.
Increasing Demand for Backup Power Supply
The rapid growth of industries and increasing urbanisation has led to increased consumption. This situation has propelled businesses and people to stop relying on power grids alone and adopt generators for uninterrupted power supply.
Rural Area Electrification
Governments around the world have initiated plans to provide electricity to rural areas as a major portion of the world’s population resides in rural areas, away from access to the main grid.
Global Generator Sales Market Opportunities
Rising Demand for Hybrid Generators
With research and development for new and innovative fuel sources as an alternative that can replace conventional fossil fuels, manufacturers have been propelled to launch innovative generators such as hybrid generators and bifuel. These generators utilise two sources of energy to supply electricity depending on the need.
Global Generator Sales Market Challenges
Development of Renewable Energy Sources and Energy Storage Technology
With increasing environmental awareness, renewable energy sources and energy storage technologies are increasingly being adopted by countries. Investment in energy storage technologies is also increasing to meet the growing energy demands.
Generator Sales Market Analysis
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Based on fuel type, the market can be segmented into diesel and gas, among others. Based on the power rating, it can be bifurcated into below 75kVA, 75-375 kVA, 376-750 kVA, and above 750 kVA. Based on application, the market segments include prime and continuous, standby, and peak shaving. Based on end-user, the market divisions include industrial, commercial, and residential.
The regional markets for the generator sales market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.
| CAGR 2024-2032 - Market by | Country |
| India | 6.5% |
| China | 5.4% |
| UK | 4.5% |
| Canada | 4.3% |
| France | 3.8% |
| USA | XX% |
| Germany | XX% |
| Italy | XX% |
| Japan | 3.4% |
| Australia | XX% |
| Saudi Arabia | XX% |
| Brazil | XX% |
| Mexico | XX% |
The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global generator sales market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans.
- Caterpillar Inc.
- Generac Power Systems, Inc.
- Cummins Inc.
- WeiChai Holdings Group Co., Ltd.
- Mitsubishi Heavy Industries, Ltd.
- Siemens AG
- ABB Ltd.
- Others
Fuel Types in Generators
Based on fuel type, the market can be divided into diesel and gas, among others. Among these segments, diesel holds the largest share in the market. This can be attributed to diesel generators as they are easy to install and operate compared to gas gensets. Diesel generators are much more durable and easily available in the market.
Gas generators are rapidly growing in adoption due to the increasing environmental awareness and the increasing efforts of countries to reduce greenhouse gases and carbon emissions.
End-Users of Generators
Based on end-users, the market is bifurcated into industrial, commercial, and residential. The industrial segment holds the largest market share, with the residential sector growing rapidly.
The industrial segment is experiencing significant demand, especially in the Asia-Pacific region, owing to rapid industrialisation. Manufacturers are also increasing their development of generators to support industrial operations as these generators will help with power supply during an event of failure.
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Competitive Landscape
Caterpillar Inc. is one of the United States fortune 100 corporations that are engaged in designing, developing, and selling machinery, engines, financial products, and insurance to customers. It is the world’s most known and largest manufacturer of construction and mining equipment. Their products include diesel and natural gas engines, and industrial gas turbines.
Generac Power Systems Inc. is one of the Fortune 1000 companies in the United States, founded in 1959. It is a leading manufacturer of backup power generation products for industrial, commercial, and residential backup generators. Their products for business and industry sectors include industrial generators, mobile generators, light towers, heaters, and pumps. Their home power products include home backup power, clean energy, portable generators, and pressure washers, among others.
Cummins Inc. is a multinational company specialising in manufacturing and designing diesel and alternative fuel engines and generators, and related components and technology. Their power generation products and services are utilised in various sectors such as agriculture, commercial, data centres, mining, and marine, among many other sectors.
Other market players include WeiChai Holdings Group Co., Ltd., Mitsubishi Heavy Industries, Ltd., Siemens AG, and ABB Ltd., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Fuel Type |
|
| Breakup by Power Rating |
|
| Breakup by Application |
|
| Breakup by End-User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
Generator Sales Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global market for generator sales reached a size of USD 66.42 billion.
The market is expected to grow at a CAGR of 4.90% during the period 2024-2032.
The generator sales market is expected to reach a value of USD 101.81 billion.
The market is driven by the increasing demand for energy for residential and industrial purposes and the rising demand for backup power services in the manufacturing industry.
The increasing demand for alternative fuel-based generators and the rising demand for hybrid generators are key trends in the market.
The regional markets for the global generator sales market include North America, Europe, the Asia Pacific, Latin America, Middle East and Africa.
The different fuel type includes diesel and gas, among others.
The power ratings in the market include 75kVA, 75-375 kVA, 376-750 kVA, and above 750 kVA.
The applications available in the market include prime and continuous, standby, and peak shaving.
The different end-uses of generator sales include industrial, commercial, and residential.
The key players in the market include Caterpillar Inc., Generac Power Systems, Inc., Cummins Inc., WeiChai Holdings Group Co., Ltd., Mitsubishi Heavy Industries, Ltd., Siemens AG, and ABB Ltd, among others.
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