Generator Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DM2456 | Last Updated On: Sep 02 2022 | Available Formats

> Global Generator Market Expected to reach a high CAGR By 2029: DataM Intelligence

Global Generator Market is segmented By Type (Diesel, Gas, Duel gases), By Voltage Capacity (100 kVA, 100-350 kVA, 351-1000kVA), By Application (Peak Shaving Power, Continuous Power, Backup power Channel), By End User (Commercial, Industrial, Residential), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[180 Pages Report] The Global Generator Market is expected to grow at a high CAGR during the forecast period (2022-2029).

Generator Market - Strategic Insights

Metrics

Details

Market CAGR

 5.5%

Segments Covered

By Type, By Voltage Capacity, By Application, By End User and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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The generator is an electrical system that is used to convert mechanical energy into electrical energy. It consists of three-phase voltages with stator windings and a rotating magnetic field that rotates at synchronous speed and it is divided into Diesel, Gas and Dual Fuel based on the type. 

Market Dynamics

The major factors driving the Global Generator Market are the increasing industrialization in different parts of the world and many new products and technologies are launched which is also driving the market growth for Generators.

The increasing industrialization in different parts of the world and expansion by major companies is driving the market growth for Generators

The market is driven by the rising demand for the generator in the end-user industry like commercial due to a surge in the industrialization around the globe. Increasing the generator requirements to fulfill the energy demand of the people around the world is also driving the generator market growth in the residential and industrial sectors. Many buildings and offices of companies are establishing in different parts of the world and many industrial projects are going on in different parts of the world which is driving the market growth for generators. There is also increasing demand for electricity in the world due to rapid industrialization and increasing per capita electric power consumption in different parts of the world, especially in the Asia-Pacific region. There are also frequent power cuts in many developing countries of the world like Karachi, the financial capital of Pakistan faced recent load shedding for continuously 12 hours on 6 June 2021 which is also driving the market growth for Generators. Many companies are expanding their manufacturing facilities like Cummins and Chevron announced a collaboration regarding hydrogen and other renewable energy sources in July 2021. Blackham Resources acquired the Cummins Gas Generators in September 2019. Honda also expanded its manufacturing facilities to North Carolina in August 2019 which is also driving the market growth.

The growing rate of urbanization and launch of new technologies is also driving the market growth

Many companies are launching new innovative technology generators like with the help of alkaline fuel cells to fulfill the energy the global may create a huge opportunity for the generator market like AFC Energy had launched a hydrogen-powered mobile generator which utilizes alkaline fuel cell technology in February 2020. It has a capacity from 20 kW to 1MW designed as per power requirements. The company named Cummins launched Onan QG 2800i and 2500i generators in January 2021. Cummins launched the QSB7E generator in October 2020. The increasing urbanization in different parts of the world is also driving market growth. There is also a shift in the consumer spending pattern towards integrated consumer electronic goods which resulted in frequent power grid failure and shortage in supply of electricity for critical and emergency applications in hospitals, communication services, and emergency call centres and it is also quite important to provide power backup and uninterrupted supply for uninterrupted operations. The diesel generators are used on a massive scale due to the long service life of the generators compared to other alternatives and it also has less noise.

The substitution by the alternatives like battery storage systems is hampering the market growth of the Generator Market

COVID-19 Impact Analysis

The COVID-19 pandemic has affected many industries due to the disruption in the supply chain, as there were full or partial lockdowns in many countries of the world and restrictions across borders and closure of airports hampered world trade. Every sector was also severely affected due to covid-19 as there was disruption of the supply chain and people preferred health over their jobs. Companies couldn’t operate with proper covid norms. It was also difficult for staff and workers to work with social distancing norms and the economy was also affected severely as many workers returned to their homes during covid-19 resulting in a massive loss for the industry. Since people are at home so they are using more electricity which is creating more demand for generators in the world. There are also frequent power cuts in many developing countries of the world like Karachi, the financial capital of Pakistan faced recent load shedding for continuously 12 hours on 6 June 2021 which is also driving the market growth for Generators but according to the survey, the global electricity consumption declined during covid-19 by 1.1% in 2020 which is hampering the market growth. In some parts of Asia like China, the electricity consumption increased driving the market growth for generators.

Segment Analysis

The Global Generator Market is segmented based on Type, Voltage Capacity, Application, End-User and Region.

Based on the Type, the Global Generator Market is segmented into diesel, gas, and dual fuel.

The diesel segment within Global Generator Market was valued at US$ XX billion in 2020 and a growth in market size is predicted leading to a market size worth US$ XX billion by 2028, growing at a CAGR of XX% during the forecast period (2021-2028). The diesel segment has the highest market share due to the increasing demand for electricity in the manufacturing sector in which diesel generators are used. There is also a shift in the consumer spending pattern towards integrated consumer electronic goods which resulted in frequent power grid failure and shortage in supply of electricity for critical and emergency applications in hospitals, communication services, and emergency call centres and it is also quite important to provide power backup and uninterrupted supply for uninterrupted operations. The diesel generators are used on a massive scale due to the long service life of the generators compared to other alternatives and it also has less noise. The gas and duel fuel segment are also having a significant market share due to the increasing government support and initiatives for the consumption of duel biofuel and gas usage in the generator market.

Based on the Voltage Capacity, the Global Generator Market is segmented into 100 kVA, 100-350 kVA, and 351-1000kVA.

Based on the Application, the Global Generator Market is segmented into Peak Shaving Power, Continuous Power, and backup power channel.

Based on the End-User, the Global Generator Market is segmented into commercial, industrial, and residential.

Geographical Analysis

Based on the Region, Global Generator Market is segmented as - North America, Europe, Asia-Pacific, The Middle East, Africa and South America.

The Asia-Pacific region had a market share of XX% in 2020 and is expected to hold XX% by 2028. The Asia-Pacific region has the highest market share among all the regions due to the increasing growth in the technological and rising manufacturing facilities especially in South Asia and Pacific regions in countries such as China, India, and Japan. According to the report by the United Nations Industrial Development Organization(UNIDO) in 2017, the developing regions in the Asia Pacific accounted for manufacturing value-added per capita income was valued around USD 502 which was raised twelve times as comparing 2010. Several companies are shifting their manufacturing facilities of generators to the region due to which the market is growing in this region. Since people are at home so they are using more electricity which is creating more demand for generators in the world. There are also frequent power cuts in many developing countries of the world like Karachi, the financial capital of Pakistan faced recent load shedding for continuously 12 hours on 6 June 2021 which is also driving the market growth for Generators. According to the survey, electricity consumption increased in China by 3.1% in 2020 while in India and some other countries it declined. 

Competitive Landscape

The Global Generator Market is fragmented with key global players in the market and there are many large companies in the market. Some of the major companies contributing to the market's growth are - Cummins, Honda, Caterpillar, Wärtsilä, Mitsubishi, Rolls-Royce and many others.

Mergers and Acquisitions, agreements, expansions, joint ventures etc increases competition in the market like Cummins and Chevron announced a collaboration regarding hydrogen and other renewable energy sources in July 2021. Blackham Resources acquired the Cummins Gas Generators in September 2019. Honda also expanded its manufacturing facilities to North Carolina in August 2019.

New Innovations, New products, services launched also increase competition between companies like The company named Cummins launched Onan QG 2800i and 2500i generator in January 2021. Cummins launched the QSB7E generator in October 2020.

Partnerships and Collaborations between companies are also making the market more competitive. Divestments and investments by the company and split of companies are also making the market quite competitive.

Cummins

Overview:

Cummins is an American company dealing with the manufacturing and distribution of engines and other power generation products. The headquarters of the company is located in Columbus, Indiana, USA. Cummins operates in around 190 countries of the world with the help of 600 distributors and 6000 dealers. The company has the following in its product portfolio- Engines, turbochargers, commercial vehicles, power generation systems etc. The company was also ranked 150th on the fortune 500 companies list and the market value of the company as of 31st March 2021 is USD 37.9 billion. The company was founded by J Irwin Miller in Columbus, Indiana on 3rd February 1919. The company works under the following segments - Engine, Distribution, Components, Power Systems and New Power. The company was also ranked 412 in the global 2000 Forbes list of 2021. The current CEO of the company is Tom Linebarger.

Product Portfolio:

  • RV Generators
  • Commercial vehicles
  • Turbochargers
  • Diesel Engines
  • Hybrid Engines
  • QSK 95 Diesel Generators
  • QSB7E Generator

Key Development

  • Cummins and Chevron announced a collaboration regarding hydrogen and other renewable energy sources in July 2021.
  • The company launched Onan QG 2800i and 2500i generators in January 2021.
  • Cummins launched the QSB7E generator in October 2020.
  • Blackham Resources acquired the Cummins Gas Generators in September 2019. 

Financial Overview

The company was also ranked 150th on the fortune 500 companies list and the market value of the company as of 31st March 2021 is USD 37.9 billion. The company was also ranked 412 in the global 2000 Forbes list of 2021. The major shareholders of the company are The Vanguard Group, Inc., BlackRock Fund Advisors, SSgA Funds Management, Inc., Geode Capital Management LLC, LSV Asset Management with market shares of 8.47%, 5.94%, 4.74%, 1.8%, 1.51% respectively.

Why Purchase the Report?

  • Visualize the composition of the Global Generator Market products in terms of Type, Voltage Capacity and Applications, highlighting the critical commercial assets and players.
  • Identify commercial opportunities in the Global Generator Market by analyzing trends and co-development deals.
  • Excel data sheet with thousands of data points of Global Generator Market-level 4/5 segmentation.
  • PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
  • Product mapping in excel for the key product of all major market players

The Global Generator Market report will provide access to approximately 57 market data tables, 50 figures, and 180 pages

Target Audience 2022

  • Equipment suppliers/ Buyers
  •  Providers/ Buyers
  • Industry Investors/Investment Bankers
  • Education & Research Institutes
  • Emerging Companies
  • Research professionals
  • Distributors
  • Manufacturers

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