DELRAY BEACH, Fla., Nov. 8, 2024 /PRNewswire/ -- The global Generator Market is anticipated to grow from estimated USD 24.11 billion in 2024 to USD 32.98 billion by 2030, at a CAGR of 5.4% during the forecast period. The main driver of the generator market is the increasing demand for a steady power supply across the healthcare, telecommunication, and IT sectors. The rise in frequent power cuts, frail grid infrastructure, and increased urbanization have seen a growing demand for generators as a source of backup power. Scorching industrialization and massive infrastructure development, such as new buildings, roads, and airports, accelerate generator sales. Renewable energy and hybrid generators are also becoming increasingly popular as cleaner and more efficient solutions.
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Stand By segment by Application
Stand By application is expected to account largest market share during the forecast period. The demand is seen especially concerning the reliable supply of backup power in critical industries, such as healthcare and data centers, and also on the commercial side. Ever-registered power supply downturns coupled with increasing demand for continuous electricity both in the developed and the emerging markets have been leading to this growth, as businesses prioritize reducing downtime and ensuring continuous operation.
Commercial segment by end-user
The commercial part of end users is growing fast for several reasons: growing digitization of various industries, rising pressure on efficiency and cost-effectiveness, and subscription-based emerging models. Businesses continue investing in software and services that augment productivity and customer engagement. Moreover, the recent trend of data-driven decision-making goes hand in hand with targeted marketing strategies, which allows firms to better shape their offerings and strengthen loyalty among customers.
Regional Analysis
The major end users such as residential, commercial and industrial sectors (utilities/power generation, oil & gas, chemical & petrochemical, mining & metal, manufacturing, marine, construction and others) are expected to drive the generator market in Asia Pacific. The region is experiencing rapid development fueled by the growth of major economies such as China, India, South Korea, Japan, Indonesia, and Australia. Asia Pacific has emerged as a global hub for manufacturing activities, with virtually every industry experiencing growth.
Key Players
The report profiles key players such Caterpillar (US), Cummins Inc. (US), Rolls-Royce Holdings (UK), Generac (US), Mitsubishi Heavy Industries (Japan), MAN Energy Solutions (Germany) and Briggs & Stratton (US).
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Caterpillar Inc. (US)
Caterpillar Inc. (US) is the world's leading manufacturer of heavy-equipment and solutions for the mining and construction, energy, and transportation industries. The four key business segments, each targeted towards several different industries and markets, include Construction Industries, Resource Industries, Energy & Transportation, and the Financial Products Segment, among others. Under the Energy & Transportation segment, the firm sells a full range of power generation products and services, including reciprocating engines, industrial gas turbines, diesel-electric locomotives, and their respective components. The segment provides its products to a diverse group of customers for use in the energy, marine, rail, and industrial markets. The company offers under the Energy & Transportation segment a comprehensive range of generator sets for power generation, industrial and commercial, oil and gas, marine, rail and transport, and others.
Cummins Inc. (US)
Cummins Inc. (US) is a global leader in engineering, designing and manufacturing a diverse range of products. From power generation equipment to filtration systems for diesel and natural gas engines, and many others, the company operates under five principal business segments: Engine, Distribution, Components, Power Systems, and New Power. With a strong global reach, Cummins conducts business through around 500 wholly-owned joint ventures and independent distributors combined with over 10,000 locations offering authorized Cummins products and services in more than 190 countries and territories. There are hundreds of research and development facilities and global centers for marketing, administration, supply chain management, distribution, and manufacturing.
Mitsubishi Heavy Industries, Ltd. (Japan)
Mitsubishi Heavy Industries, Ltd. (Japan) is a global company that operates its businesses based on four fields, including engineering, electrical equipment, and electronics. The company provides products to several sectors including, but not limited to, energy, transportation, environmental management, aerospace, marine, automotive, and defense sectors. Mitsubishi Heavy Industries has four core business operations in Energy Systems, Plants & Infrastructure Systems; Logistics, Thermal & Drive Systems; and Aircraft, Defense & Space. Under its Logistics, Thermal & Drive Systems segment, the company provides a wide range of diesel generator sets through its subsidiaries Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. and Mitsubishi Hitachi Power Systems. These products are categorized in different series: MGS-B., MGS-C., MGS-HV, MU-G, and KU, and also gas generator sets on its MGS-G and KU gas product lines. Moreover, through the joint venture with MHI Vestas, the company provides wind turbine generators. Mitsubishi Heavy Industries is very well represented worldwide, due to an extensive and large distribution network which it has established through its local and regional corporate offices as well as through its collaborations with local and regional businesses.
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