Generator Sales Global Market Report 2024

Generator sales encompass the marketing and provision of generators, machines featuring internal combustion engines, and electricity generators designed to deliver uninterrupted power to meet the demands of end-users. These generators convert mechanical energy into electrical power for utilization in external circuits.

The primary categories of generator sales include diesel, gas, and other variants. Diesel generators operate by combining a diesel engine with an electric generator, serving as a reliable emergency power source during outages or in locations without access to a power grid. The sales channels in generator transactions encompass direct and indirect methods, with applications spanning standby, prime & continuous, and peak shaving. These generators find utility across industrial, commercial, and residential sectors.

The generator sales market research report is one of a series of new reports that provides generator sales market statistics, including generator sales industry global market size, regional shares, competitors with a generator sales market share, detailed generator sales market segments, market trends and opportunities, and any further data you may need to thrive in the generator sales industry. This generator sales market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The generator sales market size has grown steadily in recent years. It will grow from $23.96 billion in 2023 to $24.93 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth observed in the historical period can be ascribed to several factors, including power outages and concerns about grid reliability, aging infrastructure in need of upgrades, expansion in industrial activities, the impact of extreme weather events, and heightened construction activities.

The generator sales market size is expected to see steady growth in the next few years. It will grow to $29.45 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period can be traced back to various factors, including the need for replacing aging generators, the increasing adoption of energy storage systems, the demand for off-grid solutions, the integration of telemedicine and enhanced connectivity, and the imperative of regulatory compliance. Noteworthy trends expected in the forecast period encompass the rise of smart generators, the development of hybrid power systems, the expansion of microgrid initiatives, the emergence of grid-interactive generators, the growing popularity of generator rental services, and the prominence of generators tailored for data centers.

The generator sales market is poised for growth, primarily driven by the increasing demand for telecommunications. The surge in telecommunications is fueled by factors such as a rising need for communication and collaboration, increased spending, proliferation of electronic devices, technological advancements, government initiatives, and more. This heightened demand for telecommunications is anticipated to create a substantial requirement for generators, particularly for telecommunication infrastructures like telecom stations and data centers, as well as telecom equipment such as electronic machines and computers. For instance, according to a report by the Indian Brand Equity Foundation (IBEF) in July 2021, the rural subscriber teledensity increased to 60.33%, up from 59.14% in July 2020. The projection of 350 million 5G subscriptions in India by 2026, comprising about 27% of all mobile subscriptions, further underscores the significant impact of telecommunications on driving the generator sales market.

The generator sales market is set to benefit from the escalating demand for energy, driven by the global increase in energy needs. As energy requirements continue to rise, there is a growing necessity for efficient and reliable solutions to meet this demand. Generators play a vital role across various sectors, including power generation, industrial manufacturing, transportation, and infrastructure development. These electromechanical devices serve diverse applications, from powering machinery to converting renewable energy sources into electricity. Notably, the industrial sector is projected to experience a significant energy demand growth of 5% to 32% between 2022 and 2050, according to the Energy Information Administration (EIA). Consequently, the increasing demand for energy is anticipated to propel the generator sales market during the forecast period.

A key trend gaining traction in the generator sales market is technological advancement. The market is witnessing the emergence of innovative generators incorporating advanced technologies such as sustainable generators and hydrogen fuel cell generators. These technological innovations offer continuous and efficient power supply, sustainability, cost reduction, low maintenance, and other benefits. Market leaders are strategically focused on delivering generators with revolutionary technologies to meet customer demands and enhance their market position. For example, in November 2021, Caterpillar Inc., a leading power generator manufacturer based in the USA, initiated a three-year project in collaboration with Ballard Power Systems and Microsoft. The project aims to showcase a hydrogen fuel cell-based power system, providing reliable and sustainable backup power for Microsoft data centers.

Major players in the generator market are strategically prioritizing product innovation as a key element to fortify their market position. Advanced generator systems, characterized by the incorporation of cutting-edge technologies and methodologies in power generation, are a focal point of their efforts. For instance, in May 2022, Honeywell, a prominent US-based equipment manufacturing company, successfully concluded the initial testing phase of its 1-megawatt generator system. Specifically designed for hybrid-electric aircraft, this innovative power source represents the first aerospace-grade electric machine capable of functioning as a 1-megawatt motor without requiring modifications. Its compact size, fuel efficiency, and low system weight contribute to sustainable and operational advantages, making it suitable for applications like hybrid-electric propulsion, turbogenerator systems, and mobile charging stations.

In a strategic move in August 2021, WorldWide Electric, a US-based manufacturer specializing in electric motors, motor controls, and gear controls, undertook the acquisition of Athlon Generator LLC. The financial details of the acquisition were not disclosed. Through this acquisition, WorldWide Electric aims to augment its product offerings by integrating generators into its extensive portfolio of motors, motor controls, and gear controls. This strategic move is expected to not only diversify the company's product range but also contribute to its overall growth. Athlon Generator LLC, the acquired entity, is recognized as a US-based manufacturer specializing in generators designed for industrial applications.

Major companies operating in the generator sales market include Kohler Co., Mitsubishi Heavy Industries Ltd., Rolls-Royce Holdings PLC, Siemens AG, Toshiba Corporation, Caterpillar Inc., Cummins Ltd., Generac Holdings Inc., AKSA Power Generation, Briggs & Stratton Corporation, Atlas Copco AB, Aggreko PLC, MAN Energy Solutions SE, Ingersoll Rand Inc., American Honda Motor Corp., Inmesol S.L.U., Daihatsu Diesel Mfg. Co. Ltd., Wärtsilä Oyj Abp, Zwart Techniek BV, Wacker Neuson SE, Kirloskar Oil Engines Limited, Doosan Portable Power, Yanmar Co. Ltd., Deere & Company, Kirloskar Electric Company, Sterling Generators Pvt. Ltd., Mahindra Powerol Ltd., Sudhir Power Ltd., Ashok Leyland Ltd., Perkins Engines Company Limited

Asia-Pacific was the largest region in the generator sales market in 2023. The regions covered in the generator sales market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the generator sales market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The generator sales market includes revenues earned by entities by providing various generator services for optimal working and maintenance such as periodic service of generators, emergency service , installation, planned maintenance, performance testing, and service training. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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