Generator Market to increase by USD 19.89 billion during 2022 to 2027 | Increase in power grid failures boosts the market growth- Technavio

NEW YORK, Oct. 12, 2023 /PRNewswire/ -- The generator market size is expected to grow by USD 19.89 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of over 8.04% during the forecast period. The market is segmented by type (stationary and portable), end-user (industrial, commercial, and residential), and geography (APAC, Europe, Middle East and Africa, North America, and South America). The increase in power grid failures drives the market growth during the forecast period. Electricity has become an essential aspect of almost every aspect of modern life, from transportation systems and computer databases to everyday appliances, including ovens, washing machines, TVs, lights, and fans. There has been an increase in power consumption due to rapid urbanization and industrial development in developing countries, putting pressure on older, low-capacity components in conventional power grids, resulting in overloads and subsequent blackouts and power outages. Therefore, there is an increasing preference for generators among industrial consumers for a steady power supply, using standby generators for different applications that require seamless operations. Hence, such factors are driving the market growth during the forecast period.

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Key Higlights:

• The report recognizes the following as some of the key players in the generator market: ABB Ltd., AKSA Power Generation, Atlas Copco AB, Briggs and Stratton LLC, Caterpillar Inc., Cooper Corp. Pvt. Ltd., Cummins Inc., Doosan Corp., Eaton Corp. Plc, Generac Holdings Inc., General Electric Co., Honda Motor Co. Ltd., Kirloskar Oil Engines Ltd., Kohler Co., Kubota Corp., Mitsubishi Heavy Industries Ltd., Multiquip Inc., PR INDUSTRIAL Srl, Siemens AG, and Yamaha Motor Co. Ltd.
• Generator Market is fragmented in nature.
• Market to observe 6.87% YOY growth in 2023.

Market Dynamics:

Trend

• Technological advances in generator sets are an emerging trend in the market during the forecast period.
• The increase in demand for power backup solutions during outages across different industries and the commercial sector is fuelling the adoption of advanced generators across the globe.
• In addition, there are significant new opportunities for generator manufacturers due to the integration of advanced technologies such as IoT and AI.
• The main advantage of the integration of IoT in generators is that it has made the maintenance process easier by facilitating testing, monitoring, fixing, and component replacement.
• Hence, such factors are positively impacting the market, which in turn will drive the market growth during the forecast period.

Challenges

• Rising adoption of green energy technologies is a major challenge hindering the market growth during the forecast period.
•  Manufacturing plants that depend on coal-generated electricity tend to emit more carbon than those powered by renewable energy sources.
• Several large organizations are expanding their business by developing new buildings with efficient power management systems that include monitoring features in order to reduce power consumption and carbon emissions.
• In addition, the carbon footprints of several manufacturing facilities in the US are higher than those in other countries.
• Furthermore, many organizations are shifting towards green or renewable energy due to the growing awareness regarding the harmful effects of carbon emissions.
• Hence, such factors are negatively impacting the market, which in turn will hinder the market growth during the forecast period.

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Key Segments:

The market share growth of the stationary segment is significant during the forecast period. There is an increasing adoption of stationary generators in the low-capacity range among small facilities where the total load is not much and the time duration for which the generator operates is not long. The main benefits of this segment is that they are priced cheaper, do not require much space compared with stationary generators with high-power ratings, and fulfill most energy requirements. Hence, such factors are expected to fuel the growth of this segment, which in turn will drive the market growth during the forecast period.

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Related Reports:

The dual-fuel generator market size is estimated to grow at a CAGR of 4.46% between 2022 and 2027. The market size is forecast to increase by USD 204.67 million. This report extensively covers market segmentation by fuel type (gasoline and liquid propane, natural gas and liquid propane), end-user (industrial, commercial, and residential), and geography (APAC, North America, Europe, South America, and Middle East and Africa). Unreliable power grid infrastructure drives market growth.

The mobile power generation equipment rentals market size is estimated to grow at a CAGR of 6% between 2022 and 2027. The market size is forecast to increase by USD 629.21 million. This report extensively covers market segmentation by application (enterprise and personal), product (generator and turbine), and geography (North America, APAC, Middle East and Africa, Europe, and South America). Increasing infrastructural activities drive market growth.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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