Generators Market: Size, Share, Price, Growth, Report, Demand, Research, Forecast 2023-2028

Market Outlook:

According to a new report by Expert Market Research titled “Global Generators Market Size, Share, Analysis, Growth, Report, Demand, Forecast 2023-2028″, the global generators market was valued at USD 63.1 billion in 2022 and is expected to reach USD 94.17 billion by 2028, growing at a CAGR of 4.82% during the forecast period. Asia-Pacific dominates the generators market with a share of 40.5% in 2020, followed by North America and Europe with shares of 25.1% and 22.3%, respectively.

Generators are devices that convert mechanical energy into electrical energy. They are widely used in various industries and applications such as construction sites, healthcare facilities, data centers, and residential and commercial buildings. The global generators market is expected to experience significant growth over the forecast period, driven by increasing demand for reliable and uninterrupted power supply.

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Growth Drivers:

The growth of the generators market is driven by several factors. First, the increasing demand for reliable and uninterrupted power supply in various industries and applications is driving market growth. Second, the increasing adoption of renewable energy sources such as solar and wind energy is driving demand for backup generators. Third, the development of new and advanced generator technologies with improved efficiency, reliability, and fuel economy is expected to further drive market growth.

Trends:

One of the key trends in the generators market is the increasing adoption of smart and connected generators. Smart generators use sensors and software to monitor and optimize their performance, improve fuel efficiency, and reduce maintenance costs. Another trend is the increasing use of hybrid generators that combine multiple energy sources such as diesel, gas, and solar to provide reliable and sustainable power supply.

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Analysis:

Based on type, the global generators market is segmented into portable generators, standby generators, and prime power generators. The standby generators segment accounted for the largest share of the market in 2020, while the portable generators segment is expected to grow at the highest CAGR during the forecast period. Based on power rating, the market is segmented into below 100 kVA, 100-350 kVA, and above 350 kVA. The below 100 kVA segment accounted for the largest share of the market in 2020, while the above 350 kVA segment is expected to grow at the highest CAGR during the forecast period.

Demand:

The demand for generators is expected to continue to grow, driven by increasing demand for reliable and uninterrupted power supply in various industries and applications. The healthcare sector is expected to drive demand for generators, driven by the increasing need for backup power in hospitals and other healthcare facilities. The construction sector is also expected to drive demand for generators, driven by the increasing demand for power on construction sites.

Research:

The generators market is highly competitive, with a large number of players operating in the market. Key players in the market include Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Kohler Co., and Wartsila Corporation. These companies are focusing on research and development to develop new and advanced generator technologies and to improve the efficiency and reliability of their products. They are also adopting strategies such as mergers and acquisitions, partnerships, and collaborations to expand their product portfolios and increase their market share.

FAQs:

Q: What is the current size of the generators market?
A: The generators market is currently valued at USD 63.1 billion.

Q: What is the expected growth rate of the generators market between 2023 and 2028?
A: The generators market is expected to grow at a CAGR of 4.82% between 2023 and 2028.

Q: What are the factors driving the growth of the generators market?
A: The growing demand for uninterrupted power supply, increasing need for power generation from renewable energy sources, and rising adoption of generators in the construction and mining industries are driving the growth of the generators market.

Q: What are the different types of generators available in the market?
A: The generators market can be segmented into diesel generators, gas generators, and other generators (including petrol generators, propane generators, and biofuel generators).

Q: What is the market share of diesel generators in the generators market?
A: Diesel generators hold the largest market share in the generators market, owing to their high power output and efficiency.

Q: What is the market share of gas generators in the generators market?
A: Gas generators are expected to witness significant growth in the generators market, owing to their low emissions and cost-effectiveness.

Q: What is the market share of other generators in the generators market?
A: Other generators, including petrol, propane, and biofuel generators, are expected to hold a relatively smaller market share in the generators market.

Q: Which region is expected to witness the highest growth in the generators market?
A: The Asia-Pacific region is expected to witness the highest growth in the generators market, owing to the increasing demand for power generation in emerging economies such as India and China.

Q: Who are the key players operating in the generators market?
A: Some of the key players operating in the generators market include Caterpillar Inc., Cummins Inc., Kohler Co., Generac Holdings Inc., and Atlas Copco AB.

Q: What strategies are the key players adopting to stay competitive in the generators market?
A: The key players in the generators market are adopting strategies such as mergers and acquisitions, product launches, partnerships, and collaborations to expand their market presence and stay competitive in the market.

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Global Electric Motors And Generators Market To Be Driven By The Rising Demand For Electric Motors And Generators In Industrial Applications In The Forecast Period Of 2022-2027

The new report by Expert Market Research titled, ‘Global Electric Motors and Generators Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global electric motors and generators market, assessing the market based on its segments like types, applications, power generations, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.

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The key highlights of the report include:

Market Overview (2017-2027)

• Forecast CAGR (2022-2027): 5.5%

The escalating demand for electric motors in various industrial applications owing to their cost-effectiveness and high efficiency is driving the market growth. As the use of miniature devices in major sectors such as medical and construction are surging, electric motors are increasingly deployed, which is augmenting the growth of the market. With the widening gap between the supply and demand of electricity, electric generators are increasingly preferred for uninterrupted power supply. Further, the surging environmental consciousness is leading to an increase in demand for electric generators that use natural resources for power generation, which is significantly contributing to the growth of the electric motors and generators industry.

Industry Definition and Major Segments

Electric motors and generators are devices that are used to convert mechanical energy into electrical energy and vice-versa. Electric motors are extensively used in appliances like refrigerators, water pumps, and washing machines, among others. Electric generators are typically used for distribution and transmission of over power lines to the commercial, residential, and industrial sectors.

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The global electric motors and generators market is segmented into global electric motors and global electric generators markets.

The electric motors market is divided into types, and applications.

The major types of electric motors and generators are:

• AC Motors
• DC Motors

Based on application, the market is classified into:

• Industrial
• Residential and Commercial
• E-Mobility
• Others

The industrial segment, based on power types, is segmented into low power, medium power, and high power. The residential and commercial segment, on the basis of application type, is further divided into HVAC and home appliances, among others. The e-mobility segment, based on type, is classified into 2 and 3 wheelers, light vehicle (passenger vehicle), commercial vehicle (light and medium commercial), heavy truck (heavy commercial), marine, train, and aerospace, among others.

The electric generators market is divided into type, power generation, and region.

The market can be broadly categorised on the basis of power generation into:

• Thermal
• Hydro
• Nuclear
• Wind
• Others

The regional markets of electric motors and generators are:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Market Trends

The market growth for electric motors and generators can be attributed to the advent of Industry 4.0, which, in turn, is leading to a surge in the use of electric equipment in major industries. As uninterrupted electricity supply is crucial in Industry 4.0, the demand for electric generators to prevent power outages is surging, which is driving the growth of the market. The development of innovative electric generators that can boost cost-efficiency and energy efficiency is providing impetus to the growth of the market. In addition, the integration of artificial intelligence (AI) in electric motors to maximise their efficiency and automate control is predicted to propel the growth of the electric motors and generators industry in the forecast period.

Key Market Players

The major players in the market are ABB Ltd, Robert Bosch GmbH, Siemens AG, General Electric, Rockwell Automation, Inc., Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.

About Us:

Expert Market Research is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At Expert Market Research, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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