Tokyo, May 08, 2023 (GLOBE NEWSWIRE) -- Precedence Research predicts, the electric generator market size was valued at USD 28.5 billion in 2022. The electric generator market is the industry that produces and sells devices that convert mechanical energy into electrical energy. These devices generate electricity in power plants, industrial facilities, and other settings where electricity is needed. Electric generators come in various sizes and types, ranging from small portable units for home use to large turbines that can produce thousands of megawatts of power for cities and regions. The demand for electricity and the need for reliable and efficient power generation sources drives the market for electric generators.
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Furthermore, governments worldwide are implementing incentives and regulations to encourage the use of clean energy and reduce carbon emissions. This creates opportunities for electric generator manufacturers that produce clean energy solutions such as wind turbines and solar panels. Thus, the electric generator market is expected to grow as the demand for electricity increases and the world transitions towards cleaner and more sustainable energy sources.
Regional snapshots
The Electric generator market is anticipated to experience the highest market share from the North America region during the forecast period. Several factors, including increasing demand for power, aging power infrastructure, and the need for backup power solutions, drive this. The market includes countries such as the United States and Canada, which are major producers and consumers of electricity. The U.S. is North America's largest Electric generator market, followed by Canada. This is due to the increasing demand for reliable and affordable electricity, especially in areas prone to natural disasters such as hurricanes and earthquakes. The country's aging power infrastructure also creates opportunities for electric generator manufacturers that can provide new, more efficient generators to replace older ones. The government also plays a role in the market, with incentives and regulations to promote using renewable energy sources and reduce carbon emissions.
Report highlights
- By product, it is divided into the gas generator, diesel generator, and CKD generator. The diesel generator segment has gained a major share of the global market.
- By application, it is divided into stand by, peak shaving, and continuous. The stand by segment has gained a major share of the global market.
- By end-user, it is divided into mining, oil & gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and others. The construction segment has gained a major global market share.
- Based on geography, the Electric generator market has been expected to experience the highest market share from the North American region during the forecast period.
- By geography, the Electric generator market in North America is serving as the most dominating region among others. The dominance of the Electric generator market is largely due to the increasing demand for power, aging power infrastructure, and the need for backup power solutions in the North American region.
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Scope of this report
| Report Coverage | Details |
| Market Revenue | USD 52.95 Billion by 2032 |
| CAGR | 6.59% from 2023 to 2032 |
| Fastest Growing Region | Asia Pacific |
| Key Players | Aggreko, Caterpillar Inc., FG Wilson, Kirloskar Electric Co. Ltd., Atlas Cop Co., Rolls-Royce, Wärtsilä, Yanmar Co. Ltd., Cummins Inc., Briggs & Stratton and Others |
Market dynamics
Drivers
Governments worldwide are implementing policies and programs to promote clean energy and reduce carbon emissions, which creates opportunities for electric generator manufacturers that produce clean energy solutions such as wind turbines and solar panels. For instance, in the United States, the federal government offers tax incentives for businesses and individuals that invest in renewable energy sources such as solar and wind power. The government also offers grants and loans to support the development of clean energy projects. Also, in Canada, the government offers incentives for businesses and individuals that invest in clean energy solutions such as electric vehicles, energy-efficient buildings, and renewable energy sources. The government also offers grants and loans to support the development of clean energy projects.
Similarly, governments in Europe, Asia, and other regions are implementing policies and programs to promote using renewable energy sources and reduce carbon emissions. These initiatives can drive demand for electric generators that generate power from clean energy sources. Thus, government initiatives related to electric generators can significantly drive demand for the electric generator market, especially for clean energy solutions. Electric generator manufacturers that can provide reliable and efficient solutions that meet the requirements of government programs and policies can benefit from increased demand for their products and services.
Opportunities
The construction industry requires reliable and efficient power generation solutions to operate heavy machinery and equipment and provide temporary power to construction sites. Electric generators are commonly used in construction sites to provide backup power or to operate in areas where grid power is not available or unreliable. This includes powering tools, lighting, and other equipment used in construction activities. As the construction industry grows, the demand for electric generators is expected to increase. This is particularly true in emerging markets where infrastructure development and construction activities are rapidly growing. For example, the construction industry in Asia is experiencing significant growth due to rapid urbanization and industrialization.
In addition to construction sites, electric generators are also used in the manufacturing and industrial sectors, closely related to the construction industry. The growth of these sectors also contributes to the demand for electric generators. Therefore, the growth of the construction industry and related sectors is expected to drive demand for electric generators. Electric generator manufacturers that can provide reliable and efficient solutions that meet the specific requirements of the construction industry can benefit from increased demand for their products and services.
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Recent developments
- In May 2020, Wärtsilä Corporation launched a new gas-powered generator set, the Wärtsilä 31SG, designed for flexible power generation in the industrial, commercial, and municipal sectors.
- In January 2021, Kohler Co. launched a new line of mobile generators, including models ranging from 25 kW to 400 kW, to provide reliable power solutions for various rental, construction, and entertainment applications.
Market Segmentation
By Type
- Gas Generator
- Diesel Generator
- CKD Generator
By Application
- Stand By
- Peak Shaving
- Continuous
By End-User
- Mining, Oil & Gas
- Construction
- Residential
- Marine
- Manufacturing
- Pharmaceuticals
- Commercial
- Other
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East and Africa
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