Generators Market Size, Share, Growth Analysis, By Product(AC Generator, and DC Generator), By Application(Standby, Peak Shaving, and Continuous), By Region - Industry Forecast 2024-2031

Asia Pacific is expected to dominate the global generators market during the forecast period, driven by the increasing demand for power in emerging economies such as China and India. The growth of the manufacturing sector, increasing urbanization, and government initiatives to promote renewable energy sources are expected to drive the growth of the generator market in the region. In addition, the region has a large number of manufacturing facilities, data centers, and healthcare facilities, which rely heavily on backup power to ensure uninterrupted operations. The growth of the construction industry and the increasing demand for off-grid power solutions in rural areas are also expected to boost the demand for generators in the region.

North America has the highest share in the global market. The market in the US has a major role to play in this, it is expected to register at a CAGR of 4.6% during the forecast period, IT firms and data centers are major consumers of generators in the US. Constantly developing infrastructure of data centers and other commercial complexes, paired with the increasing vulnerability of the power grid to varying weather, has increased the demand for generators, majorly diesel generators in the country. These generators find application in places where frequent power outages are witnessed. They help keep essential devices running and are also considered low-priced alternatives to standby generators with minimal operating and installation costs. This factor makes this generator ideal for residential complexes, small businesses, and so on.