Electric Generator Market Size, Share & Analysis Report, 2023-2032
The global electric generator market size was exhibited at USD 28.35 billion in 2022 and is projected to hit around USD 53.77 billion by 2032, growing at a CAGR of 6.61% during the forecast period 2023 to 2032.
Key Pointers:
Electric Generator Market Report Scope
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Report Coverage |
Details |
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Market Size in 2023 |
USD 30.22 Billion |
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Market Size by 2032 |
USD 53.77 Billion |
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Growth Rate From 2023 to 2032 |
CAGR of 6.61% |
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Base Year |
2022 |
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Forecast Period |
2023 to 2032 |
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Segments Covered |
By Type, By Application, and By End-User |
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Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
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Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
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Key Companies Profiled |
Aggreko, Atlas Cop Co., Caterpillar Inc., FG Wilson, Kirloskar Electric Co. Ltd., Cummins Inc., Rolls-Royce, Wärtsilä, Yanmar Co. Ltd., Briggs & Stratton and Others. |
The electric generator is defined as a device that converts mechanical energy into electrical energy for applications in external circuits. A generator uses mechanical energy such as steam, gas, and water to convert it into electrical energy for an uninterrupted power supply.
The main types of electric generator manufacturing are gas generator, diesel generator, and CKD generator. A gas generator is a device that burns gas to generate electricity. Many hardware and home supply stores stock small gas generators, and larger versions are available from specialty companies and electricians who specialize in generator installation, maintenance, and repair. It is also possible to build a custom gas generator for a highly specialized application, such as supplying stable power to a server farm in a blackout. The various capacities of electric generator are below 75 kVA, 75–375 kVA, 375–750 kVA, and above 750 kVA, which are used for standby, peak shaving, and continuous application. The electric generator are used by mining, oil and gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and other end users.
The electric generator manufacturing market research report is one of a series of new reports from The Business Research Company that provides electric generator manufacturing market statistics, including electric generator manufacturing industry global market size, regional shares, competitors with a electric generator manufacturing market share, detailed electric generator manufacturing market segments, market trends and opportunities, and any further data you may need to thrive in the electric generator manufacturing industry. This electric generator manufacturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The global electric generators market size will grow from $27.8 billion in 2022 to $29.54 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global electric generators market size is expected to grow to $36.27 billion in 2027 at a CAGR of 5.3%.
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 2022 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 market for generators in the forecast period.
Government initiatives to promote building and maintaining a robust energy infrastructure will drive the demand for power generation systems which in turn is expected to restrain the market for generators in the forecast period. For instance, in March 2022, government agencies are responsible for building maintenance (upkeep and repair), as well as minor repairs that improve the function, safety, and appearance of buildings. Governments in both developed and developing countries are focusing on building and maintaining a robust energy infrastructure, and it is expected to limit the growth of the generator manufacturing market.
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 $2.9 billion by 2024 growing at a CAGR of 4.2% through 2019.
In March 2020, NTPC's acquired government stake in THDC India and North Eastern Electric Power Corp. will help India's largest power-generation utility boost its renewable energy fuel mix and curb the dominance of coal. The state-run electric generator signed pacts with the federal government to acquire New Delhi's entire stake in the two companies for a total of 115 billion rupees ($1.52 billion US) in cash. The acquisition is part of the federal government's push to raise cash through the sale of state-owned assets to meet its disinvestment target of 650 billion rupees ($8.7 billion US) by the end of this fiscal year. The government has so far collected 348.45 billion rupees ($4.7 billion US).
Asia-Pacific was the largest region in the electric generator market in 2022. Western Europe was the second-largest region in the global electric generator market. The regions covered in the global electric generator market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the electric generator market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The electric generator market consists of sales of gas generators, diesel generators, and other electric generators. This market excludes turbine generators. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Some of the prominent players in the Electric Generator Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Electric Generator market.
By Type
By Application
By End-User
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
(Upto 5 With No Cost)
Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers