Generator Market Expected to Reach $74.1 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Generator Market," The generator market was valued at $45.9 billion in 2022, and is estimated to reach $74.1 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.

In times of power outages, generators offer a dependable supply of energy, guaranteeing the continuous operation of vital applications. They are employed in a variety of locations, including private residences and big industrial buildings. When there is a power outage, many generators start up automatically, minimizing downtime. Generators are adaptable to diverse applications because of their wide range of sizes and power outputs. Generators provide access to energy in remote and off-grid areas where grid connections are impractical.

Typically, generators need a fuel source, such as gasoline, diesel, or natural gas, which is an ongoing expense and an emissions source. In residential and environmentally sensitive regions, some generators' noise and exhaust emissions might be a problem. For them to work properly when needed, generators need routine maintenance. High-quality generators are pricey, and the total outlay increases due to installation fees. Because of their limited operating time and need for frequent refilling, portable generators.

There is a rising need for generators in the residential, commercial, and industrial sectors as power reliability becomes more crucial. In times of low renewable energy output, generators serve as a backup power source, enhancing renewable energy systems. Generators offer the chance to bring electricity to isolated areas.

The generator market is studied on the basis of type, voltage rating, application, end-use industry, and region. By type, the generator market is divided into diesel, gas, propane, dual fuel, and hybrid. The diesel segment is projected to offer the highest generator market opportunities for growth. Based on the voltage rating, the market is divided into below 100 kVA, 100kVA to 350 kVA, 350 kVA to 1000 kVA, and above 1,000 kVA. The 350 kVA to 1000 kVA dominated the market for 2022, and the same is projected to grow at the highest pace during the projection period.

By application, the market is categorized into backup power, continuous power, and peak shaving power. The continuous power segment is projected to maintain its dominance over the market during the projection period. By end-use industry, the market is further segmented into residential, commercial, and industrial. The industrial segment is projected to dominate the growth for the market in 2022 as well as continue the same over the projection years. By region, the generator market analysis is done across North America, Europe, Asia-Pacific, and LAMEA (Latin America, the Middle East, and Africa). The Asia-Pacific region dominated the market growth for 2022. It is also expected to maintain its dominance during the projection period.

The major players operating in the generator industry are Caterpillar, General Electric, Kirloskar Oil Engines Ltd., Generac Holdings Inc., Kohler Co., Aksa Power Generation, Su-kam, Cummins Inc., ABB Ltd., and Mitsubishi Electric. The companies adopted key strategies such as collaboration to increase their market share.

The drivers, restraints, and opportunities are explained in the report to better understand the generator market scope. This report further highlights the key generator market trends and areas of investment. In addition, it includes Porter’s five forces analysis to understand the competitive scenario of the industry and the role of each stakeholder. The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain the intense competition in the industry.

Some Of The Prominent International Standards For Generators Include:

• IEC 60034 Series: The International Electrotechnical Commission (IEC) 60034 series of standards covers rotating electrical machines, including generators. It sets requirements for electrical, mechanical, and thermal characteristics, as well as testing methods.
• ISO 8528 Series: The International Organization for Standardization (ISO) 8528 series consists of standards for reciprocating internal combustion engine generator sets. These standards specify performance requirements and testing procedures.
• ISO 8528-1: Part 1 of ISO 8528 focuses on the general requirements for generator sets, including definitions, performance characteristics, and testing.
• ISO 8528-2: Part 2 of ISO 8528 provides specific requirements for reciprocating internal combustion engine generator sets, including those driven by diesel or gas engines.
• ISO 8528-3: Part 3 of ISO 8528 covers generator sets powered by steam turbines. It includes performance characteristics and test methods for these systems.
• ISO 8528-5: Part 5 of ISO 8528 is dedicated to generator sets powered by gas turbines. It sets performance and test requirements for such systems.
• ISO 8528-6: Part 6 of ISO 8528 addresses generator sets with internal combustion engines and variable speed systems, focusing on performance characteristics and testing.
• ISO 8528-8: Part 8 of ISO 8528 deals with generator sets with reciprocating internal combustion engines and rotating electrical machines, providing performance and testing guidelines.
• ISO 8528-9: Part 9 of ISO 8528 pertains to generator sets with reciprocating internal combustion engines and asynchronous alternators, covering performance characteristics and testing.
• ISO 8528-10: Part 10 of ISO 8528 addresses generator sets with reciprocating internal combustion engines and synchronous alternators, specifying performance and test requirements.

Key Findings Of The Study

• By type, the diesel segment is projected to grow at the highest CAGR of approximately 5.2%, in terms of during the generator market forecast period.
• By voltage rating, the 350 kVA to 1000 kVA segment is projected to grow at the highest CAGR, in terms of during the generator market forecast period.
• Depending on application, the continuous power segment dominated the generator market share in 2022.
• By end-use industry, the industrial segment dominated the generator market growth at a CAGR of 5.0% in 2022.
• By region, Asia-Pacific dominated the generator market size and is expected to grow at a high CAGR during the forecast period.