Generator Market Size to Hit $34.5 billion by 2030 | Caterpillar Inc., Cummins Inc., Rolls-Royce Holdings plc

According to a new market research report, the global generator market is projected to reach USD 34.5 billion by 2030 from an estimated USD 23.1 billion in 2023, at a CAGR of 5.9% during the forecast period. Factors such as Increasing demand for uninterrupted and reliable power supply, rapid industrialization owing the demand for generators.

The Generator market is served by a mix of large international players with global operational presence and local players with a strong domestic supply network. Caterpillar Inc. (US), Cummins Inc. (US), Rolls-Royce Holdings plc (UK), Generac Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan) are the market leaders in the global Generator market.

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This research report categorizes the generator market by fuel type, end user, power rating, application, design, sales channel, and region
On the basis of fuel type:

Diesel
Gas
LPG
Biofuel
Coal Gas
Producer Gas
Fuel Cell

On the basis of application:

Standby
Prime & Continuous
Peak Shaving

On the basis of end- user industry:

Industrial
Utilities/Power Generation
Oil & Gas
Chemicals & Petrochemicals
Mining & Metals
Manufacturing
Marine
Construction
Others (Agriculture, Transportation, and Aerospace & Defense)
Commercial
IT & Telecom
 Healthcare
Data Centers
Others (Hotels, Shopping Complexes, Malls, and Public Infrastructure)
Residential

On the basis of by power rating:

Up To 50 KW
Up To 10 KW
11-20 KW
21-30 KW
31-40 KW
41-50 KW
51-280 KW
281-500 KW
501-2,000 KW
2,001-3,500 KW
Above 3,500 KW

On the basis of by sales channel:

Direct
Indirect

On the basis of by sales channel:

Stationary
Portable

On the basis of region:

Asia Pacific
Europe
North America
Middle East & Africa
South America

Commercial, by end-user industry, is expected be the largest market during the forecast period.

Based on end-user industry, the generator market has been split into commercial, residential, industrial. Commercial end users include IT & telecom, healthcare, data centers, and others. Other commercial end users include hotels, shopping complexes, malls, and public infrastructure. Blackouts in commercial premises can lead to huge financial losses and safety issues. Also, it is challenging for IT and other commercial end users to conduct smooth operations during peak hours and in remote locations using power grids. Generators indirectly protect business interests and revenues by running operations smoothly and avoiding losses. These benefits is driving the market for commercial segment.

The direct segment, by sales channel is expected to be the fastest segment during the forecast period

Companies offering generators directly to end users or EPC contractors in different regions are considered under the direct sales segment. This mode eliminates the intermediaries involved in product distribution and helps avoid expensive overheads and reduce advertising costs. This advantage is driving the segment to the fastest market.

North America is expected to be the second largest region in the Generator market

North America is expected to be the second largest generator market during the forecast period. Extensive LNG projects and growing investments in manufacturing and chemicals & petrochemicals industries are the primary drivers of the market in this region. Due to its large-scale industrial sector and the world's highest per capita energy consumption, the region has tremendous energy requirements. This is creating demand for the generators in the market.

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Recent Developments

In January 2022, Caterpillar launched Cat G3516 natural gas-fueled Fast Response generator set with US EPA Certification for use in emergency and non-emergency applications.
In January 2022, Rolls-Royce, along with its distributor partner Knopf & Wallisch (K&W), supplied three mtu customized and containerized combined cooling, heat and power plant (CCHP) trigeneration units to Romanian cloud service provider ClusterPower.
In October 2021, Generac announced the introduction of two new large diesel units - the MDE330 and MDE570 diesel mobile generators, which are aimed at providing ease of operation and maintenance. The rental-ready machines feature wide-opening removable doors to maximize serviceability.
In August 2021, Toho Gas and MHIET Successfully Conduct Test Operation of City Gas and Hydrogen Mixed-fuel Combustion in a Commercial Gas Engine for a Cogeneration System.
In March 2021, Cummins Power Systems introduced the C2750D5BE. The new model complements the successful QSK60 series, extending its standby power range from 2500kVA to 2750kVA for 50Hz markets

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