The global industrial generator market size was exhibited at USD 18.69 billion in 2022 and is projected to hit around USD 32.02 billion by 2032, growing at a CAGR of 19.72% during the forecast period 2023 to 2032.
Key Pointers:
Industrial Generator Market Report Scope
Report Coverage |
Details |
Market Size in 2023 |
USD 19.72 Billion |
Market Size by 2032 |
USD 32.02 Billion |
Growth Rate From 2023 to 2032 |
CAGR of 19.72% |
Base Year |
2022 |
Forecast Period |
2023 to 2032 |
Segments Covered |
Power Rating, End-Use Application, Fuel |
Market Analysis (Terms Used) |
Value (US$ Million/Billion) or (Volume/Units) |
Regional Scope |
North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
Key Companies Profiled |
ABB, AGCO Corporation, Aggreko PLC., AKSA power generation company, Ashok Leyland, Atlas Copco, Briggs & Stratton, Caterpillar, Cooper Corp, Cummins, Deere & Company, Denyo Co. Ltd, Doosan Portable Power, FG Wilson Inc, Generac Power Systems Inc., Genset India, Greaves Cotton Limited, Himoinsa, Honda India Power Products Ltd., Jackson, JCB, JS Power, Jubaili Bros, Kirloskar Electric Company, Kohler Co., Kubota Corporation, and others. |
Increasing demand for energy globally far outstrips the supply. Factors such as continuous population growth, infrastructure development, and rapid industrialization in emerging economies are pacing the power demand. Diesel generators have numerous advantages such as low operating costs and better fuel efficiency. Thus, they are much more popular in developing regions, especially in the Asia Pacific region. Along with its advantages, it had many other drawbacks which include noise pollution, and emissions of hazardous gases. The World Nuclear Association has projected that the electricity requirement is expected to double the current consumption. According to the U.S. Department of Energy, solar energy will be the most abundant energy source available.
Significant growth in the economies of major developing nations such as India, Brazil, and others is expected by 2050. India is expected to grow from being the third largest to the second largest economy in the world, only after China in terms of GDP at PPP (purchase power parity).Countries such as Brazil, India, and South Africa are already suffering due to low power supply. Emerging economies are expected to account for 65% of the global economy.
The market in the U.S. is anticipated to witness substantial growth owing to rising costs of power outages across several IT-enabled service firms and data centers along with growing consumer awareness toward the requirement for reliable emergency power supply. In addition, the market is also driven by the rising vulnerability of grid power stations to disasters caused by changing weather conditions across the region.
Solution providers across the diesel generator market are primarily responsible for generator system manufacturing, installation, maintenance, and repair. Generator dealers or electrical contractors establish product supply and maintenance contracts with end-market consumers present across commercial places, residential places, and small-size companies using generators as emergency power backup systems. Moreover, companies also assign an in-house monitoring engineer to supervise a large number of generators in industrial-scale operations.
Stringent government regulations regarding the reduction of harmful carbon emissions are expected to boost the penetration of gas-based generators over diesel generators. This trend is anticipated to restrict the market demand for diesel generators across all the end-use sectors. However, low operating costs and low initial investment are among the key factors sustaining the current requirement for diesel generator sets.
Some of the prominent players in the Industrial 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 Industrial Generator market.
By Power Rating
By End-Use
By Application
By Fuel
By Region