Press release
Electric Generators Market Outlook 2025-2034: Key Trends, Growth Drivers, and Market Share
Electric Generators Market Size
The expanding needs from diverse sectors such as mining, oil and gas, and pharmaceuticals are projected to boost the electric generators market within the forecast timeframe. Generators serve as an essential power backup in various industrial operations. However, in situations where grid infrastructure is nonexistent, generators become the sole power source. For instance, most mining sites, located in isolated areas, depend on generators for everyday power needs. For example, the Australian Bureau of Statistics (ABS) reported in May 2024 that the mining industry saw substantial growth in 2022-23, with an EBITDA increase of 23.4% (AUD 52.0 billion) and a rise in Industry Value Added (IVA) of 23.2% (AUD 66.4 billion). This growth came after a notable surge of 34.7% and 31.2% in the prior year, respectively. The economic expansion in developing markets is enhancing industrial activity, thus propelling the electric generators market's growth during the projection period.
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What Is the projected market size and growth rate for the electric generators market?
The market for electric generators has been experiencing robust expansion in the past few years. Its growth is anticipated to rise from a figure of $29.75 billion in 2024, reaching $31.3 billion in 2025, a surge confirmed by a compound annual growth rate (CAGR) of 5.2%. The earlier growth period was largely influenced by the industrial revolution, the powering of metropolitan regions, international conflicts and military demands, the implementation of programs aimed at rural electrification, as well as increasing demand in the commercial and residential sectors.
The market size of electric generators is projected to experience consistent expansion in the upcoming years. It is expected to escalate to $37.17 billion in 2029 with a compound annual growth rate (CAGR) of 4.4%. This growth during the forecasted period can be ascribed to its adoption in budding markets, planning for resilience and preparing for disasters, infrastructure for charging electric vehicles, government strategies on energy, and energy decentralization. Significant trends during this period comprise digital integration to enhance user experience, solutions for hybrid power, remote monitoring partnered with predictive maintenance, demand for renewable energy, and the stability and resilience of the grid.
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What new trends are reshaping the electric generators market and its opportunities?
Leading firms in the electric generators marketplace are leveraging government schemes that promote the creation and fortification of a solid energy infrastructure, such as proof-of-concept facilities. These facilities bolster their research and development endeavors, authenticate pioneering technologies, and prove the feasibility of renewable energy alternatives. These facilities are unique venues tailored to display and evaluate innovative technologies or systems, particularly in the energy, manufacturing, and sustainability sectors. For example, in April 2024, Japan's multinational electronics firm, Panasonic Corporation, publicized the upcoming launch of its 10 kW Pure Hydrogen Fuel Cell Generator in Europe, Australia, and China, slated for October 2024. This cogeneration system can deliver up to 10 kW of DC power and an estimated 8.2 kW of heat for water warming. Noteworthy characteristics encompass the ability to link up to 250 modular units, modifiable power output in 1 kW progressions, and convenient installation in a variety of settings. With an electrical efficiency of 57% and heat recovery efficiency of 47%, the PH3 aims to reduce running costs and has a predicted lifespan of 15 years, resulting in lower life cycle expenses.
What major market segments define the scope and growth of the electric generators market?
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 And Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Other End-Users
Subsegments:
1) By Gas Generator: Natural Gas Generator, Propane Generator
2) By Diesel Generator: Portable Diesel Generator, Standby Diesel Generator, Prime Power Diesel Generator
3) By CKD Generator (Completely Knocked Down): CKD Gas Generator, CKD Diesel Generator
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Which region dominates the electric generators market?
Asia-Pacific was the largest region in the electric generators market in 2024. 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.
Which key market leaders are driving the electric generators industry growth?
Major companies operating in the electric generators market include 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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What Is Covered In The Electric Generators Global Market Report?
•Market Size Forecast: Examine the electric generators market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric generators market for a structured understanding.
•Key Players Overview: Analyze major players in the electric generators market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric generators market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric generators market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric generators market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric generators market.
•Competitive Landscape: Review strategic developments in the electric generators market, including expansions, agreements, and new product launches.
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