Generator Sales Market Size was valued at USD 20.3 Billion in 2023. The Generator Sales market industry is projected to grow from USD 21.65 Billion in 2024 to USD 34.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.84% during the forecast period (2024 - 2032). Growing oil & gas sector exploration & production activities, power outages and grid instability, growth in construction and infrastructure projects, industrial and commercial usage, remote and off-grid areas, increasing adoption of renewable energy, disaster preparedness awareness, growth in telecom and IT sector, agricultural sector, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Exploration and production activities in the expanding oil and gas sector are a key factor in the market expansion of numerous businesses and sectors. The principal sources of energy that drive economies and civilizations around the world are provided by the oil and gas industry, which continues to be one of the most important sectors in the world. A number of interconnected businesses gain from greater oil and gas exploration and production, which boosts the broader economy and raises demand for a variety of goods and services.
The corporations engaged in exploration and production are the primary gainers from the expanding oil and gas sector. These businesses, also known as upstream operators, make significant investments in finding and producing oil and gas reserves. They increase opportunities for employment, technological development, and capital investment as they grow their operations. These businesses' earnings from both domestic and foreign exports add to the general economic well-being of the nations in which they conduct business.
Additionally, market expansion in the manufacturing and construction sectors is fueled by exploration and production operations. These industries heavily rely on petroleum products as a source of raw materials for various chemicals as well as fuel for vehicles and equipment. The supply chain for these industries becomes more stable as oil and gas output rises, and prices may level off or even fall. This enables companies to operate more profitably and efficiently.
The expanding oil and gas industry has considerable positive effects on the transportation sector. Oil and gas production increases fuel availability, which lowers fuel costs for commercial aviation, shipping, trucking, and private automobile users. Lower gasoline prices translate into lower operating costs for various industries, which might enhance profitability and expand the market.
The expansion of the oil and gas industry has favorable effects on the banking sector as well. Investment opportunities are multiplied as exploration and production activity grow. With the expectation of high profits, investment banks, private equity firms, and individual investors frequently want to fund prospective oil and gas projects. The influx of capital into the sector boosts financial markets and makes economies stronger.
It is critical to understand that the expansion of the oil and gas industry is not without difficulties and concerns. Concerns about the environment, such as greenhouse gas emissions and possible ecological effects of exploration and production activities, have prompted more scrutiny and demands for sustainable methods. To reduce its environmental impact and ensure its long-term profitability, the sector must continuously invest in research and technology. Thus, driving the Generator Sales market revenue.
The Generator Sales market segmentation, based on Type, includes Continuous, Stand By and Peak Shave. The stand by segment dominated the market in 2022. In commercial and industrial settings, where a power outage could result in large financial losses, stand-by generators are frequently utilized. Standby generators enable important infrastructures including businesses, data centers, hospitals, and telecommunications facilities to continue operating in the event that the primary power supply is interrupted.
The Generator Sales market segmentation, based on Fuel, includes Diesel and Gas. The diesel category generated the most income in 2022. Diesel generators are renowned for their strong performance and high power output. They are appropriate for a variety of commercial, industrial, and essential applications because they can withstand huge loads and supply consistent power for long periods of time.
The Generator Sales market segmentation, based on End-use, includes Residential, Commercial and Industrial. The industrial segment dominated the market in 2022. Industrial generators are significantly influenced by the manufacturing industry. For machinery, conveyor systems, and other production-critical equipment to run smoothly, manufacturers depend on a reliable power supply. For manufacturing operations to run smoothly, generators are essential.
The Generator Sales market segmentation, based on Portability, includes Stationary and Portable. The stationary segment dominated the market in 2022. The need for a constant and uninterrupted power source is the main factor driving the use of stationary generators. To continue running during power outages or grid breakdowns, many vital facilities and applications need a dependable backup power supply. This demand is met by stationary generators, which offer a long-lasting and dependable power source.
Figure 1: Generator Sales Market, by Portability, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Generator Sales Market dominated this market in 2022 (45.80%). Some regions of North America's power grid infrastructure is getting older, which increases the likelihood of power outages. In order to have dependable backup power, businesses and homeowners alike invest in generators. Further, the U.S. Generator Sales market held the largest market share, and the Canada Generator Sales market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Generator Sales Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Generator Sales market accounts for the second-largest market share. The demand for generators to power building sites and temporary structures before permanent power connections are constructed is being driven by the expanding European construction market. Further, the German Generator Sales market held the largest market share, and the UK Generator Sales market was the fastest growing market in the European region.
The Asia-Pacific Generator Sales Market is expected to grow at the fastest CAGR from 2023 to 2032. Significant urbanization and industrial expansion are taking place in the Asia Pacific region, which has raised need for a steady supply of electricity. In order to support enterprises, industries, and essential infrastructure, generators play an important role in providing backup power. Moreover, China’s Generator Sales market held the largest market share, and the Indian Generator Sales market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Generator Sales market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Generator Sales industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Generator Sales industry to benefit clients and increase the market sector. In recent years, the Generator Sales industry has offered some of the most significant advantages to medicine. Major players in the Generator Sales market, including ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK) and others, are attempting to increase market demand by investing in research and development operations.
Siemens AG (Siemens) focuses on technology. The automation, digitalization, and electrification fields are all covered by its operations. The company designs, develops, and manufactures goods in addition to installing complex projects and systems. Additionally, it provides a range of uniquely created solutions for various demands. Power generation and delivery, intelligent building infrastructure, and distributed energy systems are Siemens' areas of expertise. It provides medical technology, smart mobility solutions, and digital healthcare services for the road and rail transportation sectors. Siemens maintains locations for its manufacturing plants, distribution centers, and sales offices all around the world. It offers clients services in a variety of industries, such as manufacturing, infrastructure, process, and energy. Siemens has its headquarters in Munich, Bavaria, Germany.
Crompton Greaves Consumer Electricals Ltd (CGCEL) makes consumer items for a living. Light-emitting diode (LED) bulbs, consumer luminaires, traditional lighting, solar, and lighting automation are among the products offered by the company, along with ceiling fans, table fans, heavy-duty exhaust fans, specialty fans, and fans. CGCEL provides a variety of products including pumps, home appliances such geysers and room heaters, laundry and kitchen equipment, and air conditioners. It uses the Crompton brand to market its products. In India, the company has production plants in Baddi, Goa, Ahmednagar, and Vadodara. The headquarters of CGCEL are in Mumbai, Maharashtra, India.
January 2022:The newly developed dedicated engine-equipped EU32i portable generator from Honda will go on sale soon and have a maximum output of 3.2kVA. The business also disclosed that sales would start in the European region in March 2022 and then spread to other regions worldwide.
June 2022:One of the top producers of diesel generator sets, Kirloskar Oil Engines Ltd., has unveiled a new model of their fuel-efficient power generators. The iGreen Version 2.0's R550 family of engines offer compactness, fuel efficiency, and outstanding power quality.
August 2022:The Russia-Ukraine war's energy crisis led Equinix and Digital Realty data centers to increase their power backup sources, including diesel generators.
Honda has created a new carbon monoxide detection device called CO-MINDER in July 2020. Honda has developed this technical innovation to protect and prevent CO poisoning among its genset users.
February 2021 saw the establishment of new manufacturing, distribution, and assembly facilities by Generac Power System in Trenton, South Carolina. It primarily wanted to create this factory because there has been a growing demand for home backup generators apart from other energy-related technology.
In May 2021, Kohler-SDMO announced the availability of an M139 genset enclosure. This canopy is completely corrosive resistant and usable in rough outdoor circumstances. The M139 genset produces between 165 and 250 kVA.
The firm Generac Power Systems Inc., a manufacturer of mobile products intended for industries like mining, construction etc., has come up with two new giant diesel units known as the MDE330 and MDE570 diesel mobile generators during October 2022. They are designed to be simple to maintain and operate. Serviceability is improved through rental-ready equipment that features wide-opening detachable doors.
GenNx360 Capital Partners disclosed in April 2022 that it had purchased OK Generators on behalf of GenServe. Based in New York City, GenNx360 invests in industrial businesses and middle-market business services providers. With the acquisition of OK Generators its presence in South Florida is significantly enhanced.
Caterpillar announced that it will begin selling Cat G3516 natural gas-fueled Quick Reply generating units with US EPA certification for use in emergency and non-emergency scenarios in January 2022.
It was also revealed by Honda that they will have begun supplying a EU32i portable generator together with the newly developed specialized engine (maximum output: 3.2kVA) very soon after January 2022 commences. Sales will first start within Europe and then possibly elsewhere globally as well; this includes all those places where markets are already well developed. Since it yields a very smooth waveform made up of high-quality electrical output for stable frequency, EU32i is ideal for precision equipment requiring high-quality electricity.
Rolls-Royce and its distribution partners Knopf & Wallisch (K&W) delivered three integrated cooling, heating and electrical plant tri-generation units to the Romanian cloud provider Cluster Power in January 2022.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 20.3 Billion |
| Market Size 2024 | USD 21.65 Billion |
| Market Size 2032 | USD 34.1 Billion |
| Compound Annual Growth Rate (CAGR) | 5.84% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Fuel, End-use, Portability, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK) |
| Key Market Opportunities | Demand for power backup systems is rising. |
| Key Market Dynamics | Extended Power Outages During Peak Times. |
Generator Sales Market Highlights:
Frequently Asked Questions (FAQ) :
The Generator Sales market size was valued at USD 20.3 Billion in 2023.
The market is projected to grow at a CAGR of 5.84% during the forecast period, 2024-2032.
Asia- Pacific had the largest share in the market
The key players in the market are ABB Group (Switzerland), Siemens (Germany), General Electric Company (U.S.), Crompton Greaves Ltd. (India), Toshiba Corporation (Japan), Hyundai Heavy Industries Co Ltd. (South Korea), Mitsubishi Electric Corporation (Japan), Hyosung Corporation (South Korea), Bharat Heavy Electricals Limited (India), MTU Onsite Energy (Germany), Kohler (U.S.), Cummins Inc (U.S.), Kawasaki Heavy Industries Ltd. (Japan), Wartsila (Finland), Caterpillar (U.S.), Himoinsa S.L. (Spain), Rolls-Royce (UK).
The Stand By category dominated the market in 2022.
The Stationary had the largest share in the market.
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