Generator Sales Market Size, Share, Growth Analysis, By Fuel Type(Diesel, Gas, and Others), By Power Rating(Below 75 kVA, 75-375 kVA, 375-750 kVA, and Above 750 kVA), By Application(Continuous Load, Peak Load, Standby Load), By End-user(Mining, Oil & Gas, Construction, Residential), By Region - Industry Forecast 2024-2031

Generator Sales Market size was valued at USD 21.6 billion in 2019 and is poised to grow from USD 22.85 billion in 2023 to USD 35.88 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

Increasing demand for power is a product of a remarkable process of industrialization. Generators and gensets are vital equipment components in residences and industries due to the requirement for uninterrupted power and continuous power usage. In order to provide the most efficient electrical power for a variety of uses, gensets convert mechanical energy. A genset unit has a variety of components that work together to properly generate and manage current, including an engine, fuel system, alternator, main assembly, cooling & exhaust system, and others.

In many countries, especially in developing countries, the growing demand for electricity has exceeded the ability of those countries to deliver it. The amount of power generated has been constrained by the rise in per capita energy demand and the urbanisation and industrialization that have accompanied it. Because of this, businesses can't completely rely on the grid to obtain power and ensure a constant supply. Therefore, businesses must invest in generators that can produce power on demand and maintain business operations in the case of an outage.

Many types of equipment and machinery used throughout a wide range of industries often include power supply 24 hours a day, seven days a week, or they will stop working and could result in significant financial loss for the business. Vital industries like healthcare also cannot afford to lose power because it is linked to public health. The rise of the generator sales market has been driven by these factors considered collectively.

US Generator Sales Market is poised to grow at a sustainable CAGR for the next forecast year.