Generator Market Analysis & Forecast 2024-2030

Global Generator Market is expected to reach USD 33526.52 million by 2031 with CAGR of 6.5 % between 2025 and 2031

Overview

Generators are machines that provide electricity when power from the local grid is gone. Generators are widely used to provide the power to residential, commercial needs. Generators are available in different power capacity ranges as per application from 5 kW to 50 kW in the residential and from 50 kW to over 3 Megawatts in the commercial and industrial applications. Rising electricity demand from residential and commercial sectors, unreliable electricity supply in developing countries, rapid urbanization and infrastructure developments across the world is driving growth of the global Generator Market.  

In addition to this growing use of electronic appliances, devices and equipment has resulted in increased demand for generators daily activities. However, rising severe laws and regulations to curb emission, high cost of equipment is restraining the growth of the market. Technological advancements in portable generators, bi-fuel based equipment able to run on both gasoline and diesel, rising penetration into developing countries will accelerate the growth of the market in the forecast period.  

Product types & Competitive analysis

Generator Market is segmented into portable and stationary. Stationary generators led the market and accounted for the major revenue share in 2023. The growth was primarily driven by a wide application base in the commercial and residential sectors. Stationary generator acts as an emergency power supply and as a primary source of electricity in off-grid areas. Stationary generators offer consistent performance and longer engine lifespan also these generators are quieter and safer than portables, and they operate automatically. Growing demand from small and mid-scale businesses, regions where numbers of power outages are common due to weather and other grid problems are expected to augment the growth of the Generator Market in the forecast period.  

On the basis of Fuel Types, Generator Market is segmented into diesel and natural gas. Diesel segment is the major revenue contributor in the year 2024. Diesel generators are the most common generators used in the market as they require less maintenance and are more reliable although they are more costly than other generators. Natural gas generator is the fastest growing segment and is expected to grow at the highest CAGR in the coming years. These generators are largely being adopted by countries due to their low carbon emissions.  

The market is highly competitive, technology is getting old, entry barriers are low, and there is continuous pricing pressure on the manufacturers. Despite the challenges the market has a lot to offer owing to large demand from developing countries. The companies in the market are engaged in strategic initiatives such as new product launches, acquisitions, collaborations and partnerships with players to sustain their market position. For instance, in October 2020, HIMOINSA launched a 1MW generator set which is equipped with a yanmar engine consumes less fuel and guarantees reduced operating costs.  

The fuel consumption is less compared to that offered by other models of similar characteristics and power output, which makes it a superior competitive option for the market. The generator comes with a parallel control unit which allows the generator to be connected to other generators increasing efficiency and productivity of each project. Moreover, in August, 2019 GenServe, LLC announced acquisition of GenAssist Corporation which is involved in sales as well as maintenance and repair services in New York and New Jersey. The acquisition will support GenServe, LLC to enter into new markets and introduce products.  

Application & Regional analysis

Based on the application, Generator Market is segmented into commercial, residential, and industrial. The commercial applications account more than 40% of the application segment and it is expected to maintain its dominance through 2025-2031. These generators are used to provide power to commercial buildings or establishments during power outages. Uninterrupted demand in construction sites, commercial buildings, healthcare industry, government facilities, data centers and logistic operations is boosting the growth of the segment. The residential application segment is anticipated to witness significant growth over the forecast period 2025-2031. Rising adoption of generators in home applications, emerging off-grid homes, increasing number of power failures are some key factors motivating the growth of generators across the residential sector.  

Asia Pacific dominated the market for generators globally. The US, China and India are some of the key markets and account for more than half of the global Generator Market. The rising demand for generators in the number of residential and commercial applications is the key driver for the growth in Asia Pacific. Further rapid growth in the manufacturing and infrastructure sector, unmet electricity demand and growing awareness among the people for the machine in growing economies such as China and India are anticipated to positive growth across the region. North America was the second in terms of revenue generation in 2023 followed by Europe.  

The United States accounted for the major revenue share in the region. The growth was attributed to the rising adoption of portable units in different applications with its simpler operations, developing infrastructure of data centers and weather-based outages in the region. Regions South America and Middle East are expected to show robust growth over the forecast period due to the developing construction, chemical, oil and gas sectors and increasing government spending on infrastructure in the region.  

 

Global Generator Market : Fuel Types

• Diesel
• Natural Gas

Global Generator Market : Product Types

• Portable
• Stationary

Global Generator Market : Application

• Commercial
• Residential
• Industrial

Global Generator Market : Competitive Analysis

Report includes accurate analysis of key players with Market Value, Company profile, SWOT analysis. The Study consists of following key players in Global Generator Market :

• Honeywell
• Atlas Copco
• Honda
• Honeywell
• Caterpillar
• Eaton
• Siemens

Geographical analysis of Global Generator Market :

• North America
  • U.S.A
  • Canada
• Europe
  • France
  • Germany
  • Spain
  • UK
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South East Asia
• Latin America
  • Brazil
• Middle East and Africa

Global Generator Market Report delivers a comprehensive analysis of the following parameters:

• Market Forecast for 2024-2030
• Market growth drivers
• Challenges and Opportunities
• Emerging and Current market trends
• Market player Capacity, Production, Revenue (Value)
• Supply (Production), Consumption, Export, Import analysis
• End user/application Analysis

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