Press release
Electric Generators Global Market Estimated to Surge at a CAGR of 4.2% to Reach $36.68 Billion By 2028 | Cummins Inc., Atlas Copco, Caterpillar Inc., Wacker Neuson, Ingersoll Rand
Electric Generators Market Size
Electric Generators Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $36.68 billion In 2028 At A CAGR Of 4.2% :
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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Electric Generators Market Major Segments
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
Key Driver - Growing Demand From Diverse Industries Drives Generator Manufacturing Market In Forecasted Period
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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Prominent Trend - Surge In Portable Generator Production Addresses Growing Need For Reliable Power Supply
Generator manufacturing companies are increasingly manufacturing portable generators. A Portable generator provides electricity by running a gas-powered/diesel-powered engine that turns an on-board alternator to generate electrical power. Rising demand for uninterrupted and reliable power supply is increasing the demand for portable generators. Portable generators offer several advantages such as flexibility, and increased ease of use. The global portable generators market is expected to reach $2.5 billion by 2024 growing at a CAGR of 4.1% through 2019.
Electric Generators 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
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric generators market in 2023. Western Europe was the second-largest region in the global electric generators market share. The regions covered in the electric generators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Generators Market Report Structure
3. Electric Generators Market Trends And Strategies
4. Electric Generators Market - Macro Economic Scenario
5. Electric Generators Market Size And Growth
…..
27. Electric Generators Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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