CHICAGO, June 27, 2023 /PRNewswire/ -- Generator Sales Market is projected to reach USD 34.5 billion in 2030 from USD 23.1 billion in 2023 at a CAGR of 5.9% according to a new report by MarketsandMarkets. Generators are devices that convert mechanical energy into electrical energy. They consist of an engine or motor that drives a rotor, which creates a rotating magnetic field. This field induces an electric current in the stator windings, producing usable electrical power for various applications, such as providing backup power during outages.
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162 - Tables
57 - Figures
180 - Pages
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Generator Sales Market Scope:
Report Coverage | Details |
Market Size | USD 34.5 billion in 2030 |
Growth Rate | 5.9% of CAGR |
Largest Market | Asia Pacific |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Fuel Type, End User, Power Rating, Application, Design, Sales Channel, and Region |
Geographies Covered | Asia Pacific, North America, Europe, Middle East & Africa, and South America |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Rising adoption of hybrid generators, bi-fuel generators, and inverter generators |
Key Market Drivers | Rapid industrialization owing the demand for generators |
Commercial, by end-user industry, is expected be the largest market during the forecast period.
Based on end-user industry, the Generator Sales Market has been split into commercial, residential, industrial. Commercial end users include IT & telecom, healthcare, data centers, and others. Other commercial end users include hotels, shopping complexes, malls, and public infrastructure. Blackouts in commercial premises can lead to huge financial losses and safety issues. Also, it is challenging for IT and other commercial end users to conduct smooth operations during peak hours and in remote locations using power grids. Generators indirectly protect business interests and revenues by running operations smoothly and avoiding losses. These benefits is driving the market for commercial segment.
The direct segment, by sales channel is expected to be the fastest segment during the forecast period
Companies offering generators directly to end users or EPC contractors in different regions are considered under the direct sales segment. This mode eliminates the intermediaries involved in product distribution and helps avoid expensive overheads and reduce advertising costs. This advantage is driving the segment to the fastest market.
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North America is expected to be the second largest region in the Generator Sales Industry
North America is expected to be the second largest Generator Sales Market during the forecast period. Extensive LNG projects and growing investments in manufacturing and chemicals & petrochemicals industries are the primary drivers of the market in this region. Due to its large-scale industrial sector and the world's highest per capita energy consumption, the region has tremendous energy requirements. This is creating demand for the generators in the market.
Key Market Players:
Some of the major players in the Generator Sales Companies are Caterpillar Inc. (US), Cummins Inc. (US), Rolls-Royce Holdings plc (UK), Generac Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan). The major strategies adopted by these players include acquisitions, sales contracts, product launches, partnerships, and expansions.
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Recent Developments
- In January 2022, Caterpillar launched Cat G3516 natural gas-fueled Fast Response generator set with US EPA Certification for use in emergency and non-emergency applications.
- In January 2022, Rolls-Royce, along with its distributor partner Knopf & Wallisch (K&W), supplied three mtu customized and containerized combined cooling, heat and power plant (CCHP) trigeneration units to Romanian cloud service provider ClusterPower.
- In October 2021, Generac announced the introduction of two new large diesel units - the MDE330 and MDE570 diesel mobile generators, which are aimed at providing ease of operation and maintenance. The rental-ready machines feature wide-opening removable doors to maximize serviceability.
- In August 2021, Toho Gas and MHIET Successfully Conduct Test Operation of City Gas and Hydrogen Mixed-fuel Combustion in a Commercial Gas Engine for a Cogeneration System.
- In March 2021, Cummins Power Systems introduced the C2750D5BE. The new model complements the successful QSK60 series, extending its standby power range from 2500kVA to 2750kVA for 50Hz markets
Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting
Related Reports:
Portable Generator Market - Global Forecast to 2027
Power Rental Market - Global Forecast to 2027
Asia Pacific Generator Sales Market - Global Forecast to 2025
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