What is the global market size of Generators Market?

Generators Market size was valued at USD 18.6 Billion in 2021 and is poised to grow from USD 19.53 Billion in 2022 to USD 28.85 Billion by 2030, at a CAGR of 5% during the forecast period (2023-2030).

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

Q: Who are the key vendors in the Global Generators Market?

The global generators market is highly competitive and fragmented, with several players operating in the market. The market players compete based on product quality, innovation, price, and distribution network. The company focuses on innovation and has launched several new products in recent years. The key players in the market compete based on product quality, innovation, price, and distribution network. The examples of the competitive landscape and strategies of the major players in the generators market. 'Caterpillar Inc. (US)', 'Cummins Inc. (US)', 'Generac Holdings Inc. (US)', 'Kohler Co. (US)', 'Briggs & Stratton Corporation (US)', 'Wartsila Corporation (Finland)', 'MTU Onsite Energy GmbH (Germany)', 'Atlas Copco AB (Sweden)', 'Himoinsa S.L. (Spain)', 'Kirloskar Electric Company Limited (India)', 'Mitsubishi Heavy Industries Ltd. (Japan)', 'Siemens AG (Germany)', 'Yanmar Co. Ltd. (Japan)', 'Doosan Corporation (South Korea)', 'Rolls-Royce Holdings plc (UK)', 'Wacker Neuson SE (Germany)', 'Ingersoll-Rand plc (Ireland)', 'Honda Motor Co., Ltd. (Japan)', 'ABB Ltd. (Switzerland)', 'General Electric Company (US)'

Q: Which region accounted for the largest share in Global Generators Market?

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.

Report ID: SQMIG20D2126 | Region: Global | Published Date: April, 2024
Pages: 202 | Tables: 62 | Figures: 75

Generators Market News

In February 2024, Inox Wind has entered into an exclusive agreement with Wind to Energy (W2E), a global provider of wind turbine technology and design. The collaboration aims to introduce the 4.X MW wind turbine generator (WTG), specifically designed for low wind conditions in India. Inox Wind is committed to lowering the cost of wind energy for its clients, and the introduction of the 4.X MW turbine aligns with this objective.
In January 2024, EcoFlow, a prominent provider of portable power and eco-friendly energy solutions, unveiled the DELTA Pro Ultra at CES 2024. This product is hailed as the world's most powerful smart hybrid whole-house battery generator and backup system. Its innovative features have earned it recognition as a 2024 CES Innovation Awards Honoree, highlighting its exceptional design and groundbreaking technology.
In November 2023, Metacon AB (publ) achieved a significant milestone in its global expansion strategy by signing a Memorandum of Understanding (MoU) for a strategic partnership with PERIC Hydrogen Technologies Co., Ltd. This Chinese company is renowned worldwide for manufacturing large-scale electrolytic hydrogen generators, among other products.

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Generators Market size was valued at USD 18.6 billion in 2022 and is poised to grow from USD 19.53 billion in 2023 to USD 28.85 billion by 2031, at a CAGR of 5% during the forecast period (2024-2031).

The generators market is highly competitive and fragmented, with several players operating in the market. The market players compete based on product quality, innovation, price, and distribution network. The company focuses on innovation and has launched several new products in recent years. The key players in the market compete based on product quality, innovation, price, and distribution network. The examples of the competitive landscape and strategies of the major players in the generators market. 'Caterpillar Inc. (US)', 'Cummins Inc. (US)', 'Generac Holdings Inc. (US)', 'Kohler Co. (US)', 'Briggs & Stratton Corporation (US)', 'Wartsila Corporation (Finland)', 'MTU Onsite Energy GmbH (Germany)', 'Atlas Copco AB (Sweden)', 'Himoinsa S.L. (Spain)', 'Kirloskar Electric Company Limited (India)', 'Mitsubishi Heavy Industries Ltd. (Japan)', 'Siemens AG (Germany)', 'Yanmar Co. Ltd. (Japan)', 'Doosan Corporation (South Korea)', 'Rolls-Royce Holdings plc (UK)', 'Wacker Neuson SE (Germany)', 'Ingersoll-Rand plc (Ireland)', 'Honda Motor Co., Ltd. (Japan)', 'ABB Ltd. (Switzerland)', 'General Electric Company (US)'

The generators market is driven by the growing demand for uninterrupted power supply across various sectors such as healthcare, telecommunications, and IT. The need for reliable backup power solutions in case of power outages, natural disasters, and grid failures has contributed to the growth of the market.

Smart Generators: Advancements in technology have led to the development of smart generators that can monitor power consumption, automatically start and stop, and provide remote access and control. Smart generators offer improved efficiency, greater control, and enhanced reliability. For example, some smart generators can automatically adjust their output based on the power demand, which can help to reduce fuel consumption and extend the lifespan of the generator.

Asia Pacific is expected to dominate the 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.

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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

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What is the market size of Generators Market?

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