Global Generators Market Growth Analysis Report - Market Size, Share, Forecast Trends and Outlook (2025-2034)

Global Generators Market Outlook

The global generators market size reached approximately USD 65.97 billion in 2024. The market is projected to grow at a CAGR of 4.80% between 2025 and 2034, reaching a value of around USD 100.60 billion by 2034.

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Key Takeaways

• The demand for portable generators is rising due to their versatility and convenience, especially for outdoor activities.

• The growing demand for HVAC equipment across the world is likely to provide impetus to the generators market.

• Manufacturers are emphasising the development of fuel-efficient generators to reduce operational costs and environmental impact.

A generator is defined as electrical equipment which is used for the transmission of power lines to domestic, commercial, automotive, military and defence, aerospace, and industrial sectors by converting mechanical energy into electricity. This mechanical power is usually obtained by rotating a shaft, which is multiplied by rotational or angular velocity.

The generators market growth is propelled by the increase in sales demand due to the rise in the number of data centres, businesses, hospitals, and other commercial complexes. Emerging nations are improving their power networks, to be able to supply energy reliably to consumer and industrial end-users. Accelerating economic growth and technological advancements are further increasing the demand for power and generators. As a result of growing industrial expansion, high production levels, and rising investment, the demand for high-capacity industrial generators is increasing. Silent generators are also immensely popular as they can operate in close proximity to workers without causing any noise disturbance, which is accelerating the generators market development.

The rising applications of generators in various end-use sectors, including military and defence, automotive, commercial, industrial, oil and gas, aerospace, and construction, among others, are among the crucial factors in the market. Generators are capable of producing the power required for the functioning of equipment used in the above industries, such as appliances, compressors, and fans, among others.

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If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Key Trends and Developments

Shift towards cleaner energy sources; portable generators for outdoor activities; adoption of hybrid generators; and technological advancements are the major trends impacting the generators market expansion

March, 2024

Moleaer, a global leader in nanobubble technology, launched its Trinity Nanobubble Generator at GreenTech America which is designed to support sustainable agriculture practices.

February, 2024

Inox Wind announced a collaboration with the Germany-based company Wind to Energy (W2E) to launch a new series of wind turbine generators in the Indian market.

November, 2023

Hitachi Energy, in collaboration with PowerCell Group, revealed the HyFlex Hydrogen Power Generator in Gothenburg, Sweden which is designed for use in locations where traditional power sources are not practical.

August, 2023

The United Nations Development Programme (UNDP) in Ukraine, in collaboration with the Danish government, offered 182 generators to aid in the restoration of electricity supply in the Mykolaiv Oblast region of Ukraine.

Shift towards cleaner energy sources

There is a growing trend for generators powered by natural gas, biogas, and other alternative fuels that emit fewer pollutants.

Portable generators for outdoor activities

There is a growing trend for portable generators in outdoor recreational activities, such as camping, tailgating, and outdoor events.

Adoption of hybrid generators

Hybrid generators that combine diesel engines with battery storage are gaining popularity as these systems can reduce fuel consumption and emissions.

Technological advancements

Innovations such as smart generators, remote monitoring systems, and advanced control technologies are becoming more prevalent in the market.

Generators Market Trends

The trend towards generators powered by natural gas, biogas, and other alternative fuels is driven by a combination of environmental concerns, regulatory pressures, and technological advancements. For instance, governments around the world are implementing stricter emission regulations to combat climate change and reduce air pollution which has increased the demand for cleaner power generation options in the generators market.

Market players are increasing their collaborative efforts to launch innovative generators in the market.  For instance, Inox Wind, an Indian wind energy solutions provider, has announced a collaboration with the Wind to Energy (W2E) company to launch a new series of wind turbine generators in India in February 2024. This new series, known as the 4.X MW series, is designed specifically for low wind regimes in India and can be upgraded with the use of boosters to enhance performance.

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Market Segmentation

“Generators Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Market Breakup by Type

• AC Generator

• DC Generator

Market Breakup by Power Generation

• Thermal

• Hydro

• Wind

• Portable

• Standby

• Others

Market Breakup by Region

• North America

• Europe

• Asia Pacific

• Latin America

• Middle East and Africa

AC motors account for a major generators market share due to their high durability and efficiency

According to the market analysis, AC motors offer significant advantages, which make them ideal for an industrial setting. These advantages include lower power demand for start-up, improved control over acceleration and current levels, broader customisability, and enhanced durability, longevity, and efficiency. In addition to this, the growing demand for AC motors in appliances such as compressors, conveyors, HVAC equipment, and transportation equipment, among others is anticipated to increase the segment share in the forecast period.

DC motors are anticipated to gain significant growth in the forecast period as they are more commonly found in applications that require precise speed and torque control. In diesel generator sets, DC motors can be used as starting motors as these motors are responsible for turning over the diesel engine until it starts running on its own.

Standby generators maintain their dominance in the market due to their rising usage in end-use sectors such as residential and commercial, among other sectors

Standby generators, also known as backup or emergency generators, hold the highest share in the generators market. This is due to their widespread use across various sectors, including residential, commercial, industrial, and healthcare. Standby generators are essential for providing emergency power during outages, ensuring uninterrupted operation of critical systems and equipment. The growing popularity of standby generators in the residential sector is also anticipated to augment the segment growth.

Portable generators are expected to grow at a sizeable rate in the generators market in the coming years. Their versatility, ease of use, and mobility make them popular for a wide range of applications, including recreational activities, construction sites, small businesses, and temporary power needs.

Competitive Landscape

The generators market players are introducing novel technologies to stay ahead in the competition, further increasing their collaboration efforts to meet the evolving regulatory landscape

ABB Ltd provides a wide range of products and services for industries such as utilities, transportation, and infrastructure, including electric motors, generators, drives, power grids, control systems, and robotics.

Siemens AG operates in various segments including Digital Industries, Smart Infrastructure, Mobility, and Siemens Healthineers and provides a wide range of products and services including automation technology and industrial software.

Cummins Inc., founded in 1919, is an engines and power generation company that designs, manufactures, and distributes engines, filtration, and power generation products.

Mitsubishi Heavy Industries, Ltd. is a heavy industries and engineering company. It operates in various segments including energy systems, industrial machinery, aircraft, and defence and space, among others.

Other major players in the market include Nidec Corporation, Caterpillar Inc., Atlas Copco, Doosan Corporation, Kohler Co., Multiquip Inc., Wacker Neuson SE, and Aggreko plc, among others.

Generators Market Analysis by Region

The rising demand for generators in the commercial sector in the Asia Pacific, owing to the rapid urbanisation, increasing energy demands, and strong foothold of major market players, is driving the market growth in the region. The rising demand for diesel generators in the mining sector in emerging economies is likely to be a major factor driving the market expansion. Additionally, the expansion of the manufacturing sector in countries like India due to favourable government policies and the thriving economy is likely to propel the demand for generators in the forecast period. For instance, the Make in India initiative by the Indian government is anticipated to boost the sales of generators across the country, thus, aiding the market growth in the Asia Pacific.

Meanwhile, in North America, the generators market in the USA is likely to be affected by the growing adoption of bi-fuel generators by manufacturers to target high operational costs and carbon emissions.

Key Highlights of the Report

Generators Market Report Snapshots

Generators Market Size

Generators Market Trends

Generators Market Share

Generators Companies

Generators Market Regional Analysis