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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Generators Market Share
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.
Generators Market Report Snapshots
Generators Market Regional Analysis
*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 generators market attained a value of nearly USD 65.97 billion.
The market is estimated to grow at a CAGR of 4.80% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 100.60 billion by 2032.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers expected to aid market growth are the rising applications of generators in various end use industries, rapid urbanisation and infrastructure development, and thriving manufacturing sector.
The key market trends guiding the growth of the market include the growing technological advancements and the increasing energy demands.
AC motors and DC motors are the major types of generators in the market.
The market, based on power generation, is segmented into thermal, hydro, wind, portable, and standby among others.
The major players in the market are ABB Ltd, Siemens AG, Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., Atlas Copco, Doosan Corporation, Kohler Co., Multiquip Inc., Wacker Neuson SE, and Aggreko plc, among others.
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