Wilmington, Delaware, March 21, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Air-Cooled Generators Market by Type (Portable and Stationary), System (Enclosed System and Open Ventilated System), and End User (Residential, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global air-cooled generators market was valued at $4.1 billion in 2022, and is projected to reach $7.0 billion by 2032, registering a CAGR of 5.7% from 2023 to 2032.
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Prime determinants of growth
The global air-cooled generators market has experienced growth due to several factors such as surge in demand for portable power solutions and expansion in renewable energy sector. However, limited cooling capacity and efficiency hinder market growth to some extent. Moreover, increased adoption in small-scale renewable energy systems presents additional opportunities for alternators. According to the International Energy Agency (IEA), the U.S. renewable energy expansion almost doubled in the last five years. The IRA passed in August 2022 extended tax credits for renewables until 2032 that provide long-term visibility for wind and solar PV projects. As the countries focus on sustainability and reducing carbon emissions, there has been a notable surge in the deployment of decentralized renewable energy solutions such as solar panels, small wind turbines, and micro-hydro systems. This surge in adoption of small-scale renewable energy systems presents significant opportunities for the air-cooled generator market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $4.1 billion |
| Market Size in 2032 | $7.0 billion |
| CAGR | 5.7% |
| No. of Pages in Report | 260 |
| Segments Covered | Type, System, End user, and Region. |
| Drivers |
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| Opportunity |
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| Restraint |
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Portable segment maintains its dominance by 2032
By type, the portable segment held the highest market share in 2022, accounting for more than two-thirds of the global air-cooled generators market revenue and is estimated to maintain its leadership status throughout the forecast period. The expansion of the construction industry and infrastructure development projects drive the demand for portable air-cooled generators. According to the UN Environment Programme (UNEP), buildings energy demand increased by around 4 % to 135 EJ, the largest increase in the last 10 years. The growing trend of outdoor events such as concerts, festivals, and sports tournaments also drive the demand for portable generators to provide temporary power for lighting, sound systems, and other equipment.
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Enclosed system segment is expected to lead the trail by 2032
By system, the enclosed system segment held the highest market share in 2022, accounting for more than three-fourths of the global air-cooled generators market revenue and is estimated to dominate during the forecast period. Enclosed systems offer enhanced durability and longevity for air-cooled generators. The protective enclosure helps shield the generator unit from environmental factors such as moisture, humidity, and temperature fluctuations that degrade the performance and lifespan of the equipment. By maintaining optimal operating conditions and protecting critical components from corrosion and wear, enclosed systems contribute to prolonged service life and reduced maintenance requirements for air-cooled generators.
Residential segment maintains its dominance by 2032
By end user, the residential segment held the highest market share in 2022, accounting for nearly three-fifths of the global air-cooled generators market revenue and is estimated to maintain its leadership status throughout the forecast period. Advancements in air-cooled generator technology, such as improved fuel efficiency, quieter operation, and compact designs, have made these generators more suitable for residential applications. In addition, homeowners are increasingly interested in air-cooled generators that are easy to install, operate, and maintain, without the need for complex cooling systems or extensive maintenance requirements.
Asia-Pacific is expected to grow faster throughout the forecast period
By region, Asia-Pacific held the major market share in 2022 and is expected to grow at CAGR of 6.11% during the forecast period. Asia-Pacific has witnessed rapid growth in the adoption of renewable energy technologies such as solar and wind power. According to the International Energy Agency, in India, new installations are set to double till 2032, which is led by solar PV and driven by competitive auctions implemented to achieve the government’s ambitious target of 500 GW of renewable power by 2030. Air-cooled generators complement renewable energy systems by providing backup power during periods of low or no renewable energy generation, thus supporting the integration and stability of the grid. The increase in deployment of renewable energy projects across the region creates additional opportunities for air-cooled generator manufacturers and suppliers.
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Leading Market Players: -
- Baker Hughes Company
- Briggs & Stratton Corporation
- Cummins Inc.
- GE Vernova
- Generac Power Systems, Inc.
- Honda India Power Products Ltd.
- Kohler Co.
- Mitsubishi Heavy Industries, Ltd.
- Siemens Energy
- TOSHIBA CORPORATION
- Wartsila
- Yamaha Motor Co., Ltd.
The report provides a detailed analysis of these key players in the global air-cooled generators market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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