Press release
Electric Generators Market Global Industry Analysis, Business Development, Size, Forecast To 2033
Electric Generators Market
The Business Research Company presents an extensive market research report on the Electric Generators Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric generators market size has grown steadily in recent years. It will grow from $29.69 billion in 2023 to $31.11 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth in the historic period can be attributed to industrial revolution, electrification of urban areas, world wars and military use, rural electrification programs, growing commercial and residential demand.
The electric generators market size is expected to see steady growth in the next few years. It will grow to $36.68 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The growth in the forecast period can be attributed to adoption in emerging markets, resilience planning and disaster preparedness, electric vehicle charging infrastructure, government energy policies, decentralization of energy. Major trends in the forecast period include digital integration for user experience, hybrid power solutions, remote monitoring and predictive maintenance, demand for clean energy, grid stability and resilience.
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Key Market Players:
Major companies operating in the electric generators market report are Kirloskar Electric Co. Ltd., Honda Motor Co. Ltd., Caterpillar Inc., Toshiba Corporation, Cummins Inc., General Electric Company, YAMAHA Motor Pvt. Ltd., Rolls-Royce Holdings plc, Atlas Copco, Doosan Group, Mahindra Powerol Ltd., Yanmar Co. Ltd., Westinghouse Electric Corporation, Mitsubishi Heavy Industries Ltd., Kohler Co., Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, Ingersoll Rand, Sterling Generators Pvt. Ltd., Generac Holdings Inc., Cooper Corp., AKSA Power Generation, Wacker Neuson SE, Briggs & Stratton Corporation, Escorts Group, MQ Energy Inc., Powerica Ltd., Inmesol S.L, Firman Power Equipment, Champion Power Equipment Inc., Albion Jvco Limited
Market Drivers:
Increasing demand from several industries such as mining, oil and gas, and pharmaceuticals is expected to contribute to the growth of the generator manufacturing market in the forecast period. Generators are used as a source of power backup in many industrial activities. However, in cases where grid infrastructure is absent, generators are used as the only source of power. For example, majority of the mining sites are located in remote locations, and require generators for their day-to-day power requirements. For instance, at the end of fiscal year 2020, the growth rate in the production of mining industry across India was about 1.6%. Preliminary data for the fiscal year 2021 indicates a dramatic deacceleration of the mining industry production growth rate. Economic growth in emerging markets is increasing the industrial activity which in turn will drive the growth of electric generators market for in the forecast period.
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https://www.thebusinessresearchcompany.com/report/electric-generators-global-market-report
The electric generators market covered in this report is segmented -
1) By Type: Gas Generator, Diesel Generator, CKD Generator
2) By Capacity: Below 75kva, 75-375 kva, 375-750 kva, Above 750 kva
3) By Application: Stand By, Peak Shaving, Continuous
4) By End User: Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Other End-Users
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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