Backup Power Demand Boosts Global Generator Market Forecast

According to a new report published by Allied Market Research, the generator market size was valued at $45.9 billion in 2022, and is estimated to reach $74.1 billion by 2032, growing at a CAGR of 4.8% from 2023 to 2032.

What is a Generator?

A generator is a device that converts mechanical energy into electrical energy through electromagnetic induction. It is commonly used to provide electrical power in various applications, from portable units to large-scale power plants.

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Asia Pacific generator market is projected to grow at the fastest pace during the forecast period. China's quick industrialization, urbanization, and the demand for dependable power sources across numerous industries are what are driving the country's generator industry.

The major players operating in the generator industry report are Caterpillar, General Electric, Kirloskar Oil Engines Ltd., Generac Holdings Inc., Kohler Co., Aksa Power Generation, Su-kam, Cummins Inc., ABB Ltd., and Mitsubishi Electric.

The need for reliable backup power solutions continued to drive the generator market, particularly in regions with unreliable electrical grids or areas prone to natural disasters.

Industries like healthcare, data centers, manufacturing, and telecommunications rely on backup power sources, often supplied by generators thus fostering the generator market growth.

Generators are adaptable to diverse applications because of their wide range of sizes and power outputs. Generators provide access to energy in remote and off-grid areas where grid connections are impractical.

Generators need a fuel source, such as gasoline, diesel, or natural gas, which is an ongoing expense and an emissions source.

In times of power outages, generators offer a dependable supply of energy, guaranteeing the continuous operation of vital applications. They are employed in a variety of locations, including private residences and big industrial buildings. When there is a power outage, many generators start up automatically, minimizing downtime.

Applications

Residential Use: Backup power for homes during outages.

Commercial Use: Power supply for businesses to ensure continuity during electrical failures.

Industrial Applications: Used to power heavy machinery and equipment in manufacturing processes.

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In residential and environmentally sensitive regions, some generators' noise and exhaust emissions might be a problem. For them to work properly when needed, generators need routine maintenance.

High-quality generators are pricey, and the total outlay increases due to installation fees. Because of their limited operating time and need for frequent refilling, portable generators.

There is a rising need for generators in the residential, commercial, and industrial sectors as power reliability becomes more crucial.

In times of low renewable energy output, generators serve as a backup power source, enhancing renewable energy systems. Generators offer the chance to bring electricity to isolated areas.

By end-use industry, the market is further segmented into residential, commercial, and industrial. The industrial segment is projected to dominate the growth for the market in 2022 as well as continue the same over the projection years.

Advantages

Reliable Power Source: Provides backup power during outages or in remote locations without access to the grid.

Versatile Applications: Used in homes, businesses, construction sites, and for recreational activities.

Portability: Many generators are designed to be portable, making them easy to transport and use in various settings.

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By application, the market is categorized into backup power, continuous power, and peak shaving power. The continuous power segment is projected to maintain its dominance over the market during the projection period.

Based on the voltage rating, the market is divided into below 100 kVA, 100kVA to 350 kVA, 350 kVA to 1000 kVA, and above 1,000 kVA. The 350 kVA to 1000 kVA dominated the market for 2022, and the same is projected to grow at the highest pace during the projection period.

By type, the generator market is divided into diesel, gas, propane, dual fuel, and hybrid. The diesel segment is projected to grow at the highest CAGR of approximately 5.2%, in terms of during the generator market forecast period.

Some Of the Prominent International Standards for Generators Include:

IEC 60034 Series: The International Electrotechnical Commission (IEC) 60034 series of standards covers rotating electrical machines, including generators. It sets requirements for electrical, mechanical, and thermal characteristics, as well as testing methods.

ISO 8528 Series: The International Organization for Standardization (ISO) 8528 series consists of standards for reciprocating internal combustion engine generator sets. These standards specify performance requirements and testing procedures.

ISO 8528-1: Part 1 of ISO 8528 focuses on the general requirements for generator sets, including definitions, performance characteristics, and testing.

ISO 8528-2: Part 2 of ISO 8528 provides specific requirements for reciprocating internal combustion engine generator sets, including those driven by diesel or gas engines.

ISO 8528-3: Part 3 of ISO 8528 covers generator sets powered by steam turbines. It includes performance characteristics and test methods for these systems.

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ISO 8528-5: Part 5 of ISO 8528 is dedicated to generator sets powered by gas turbines. It sets performance and test requirements for such systems.

ISO 8528-6: Part 6 of ISO 8528 addresses generator sets with internal combustion engines and variable speed systems, focusing on performance characteristics and testing.

ISO 8528-8: Part 8 of ISO 8528 deals with generator sets with reciprocating internal combustion engines and rotating electrical machines, providing performance and testing guidelines.

ISO 8528-9: Part 9 of ISO 8528 pertains to generator sets with reciprocating internal combustion engines and asynchronous alternators, covering performance characteristics and testing.

ISO 8528-10: Part 10 of ISO 8528 addresses generator sets with reciprocating internal combustion engines and synchronous alternators, specifying performance and test requirements.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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