Electric Generators Global Market Report 2024

The electric generators market size has grown steadily in recent years. It will grow from $29.69 billion in 2023 to $31.11 billion in 2024 at a compound annual growth rate (CAGR) of 4.8%. The growth observed in the historic period can be attributed to several factors, including the industrial revolution, the widespread electrification of urban areas, the impact of world wars and military applications, initiatives for rural electrification, and the increasing demand from both commercial and residential sectors.

The electric generators market size is expected to see steady growth in the next few years. It will grow to $36.68 billion in 2028 at a compound annual growth rate (CAGR) of 4.2%. The forecasted growth is driven by emerging market adoption, resilience planning, electric vehicle charging infrastructure, government energy policies, and energy decentralization. Major trends include digital integration for improved user experience, hybrid power solutions, remote monitoring, clean energy demand, and enhancing grid stability and resilience.

The electric generator market is poised for growth, driven by increasing demand from diverse industries such as mining, oil and gas, and pharmaceuticals. Generators serve as crucial power backup sources in various industrial operations and become indispensable where grid infrastructure is lacking. Notably, mining sites, often situated in remote areas, heavily rely on generators for their day-to-day power needs. As of the end of the fiscal year 2020, the Indian mining industry witnessed a production growth rate of approximately 1.6%. However, preliminary data for the fiscal year 2021 suggests a significant deceleration in the growth rate. The surge in industrial activities due to economic growth in emerging markets is expected to fuel the demand for electric generators in the forecast period.

The electric generators market is set to experience growth fueled by the increasing demand for residential projects. Residential projects encompass a broad spectrum of construction initiatives focused on creating living spaces. Electric generators play a vital role in residential settings, providing a reliable power source during sudden outages. For example, in February 2023, according to Fit Small Business, a US-based digital resource for small businesses, the total number of new housing units initiated in December 2022 was recorded at a seasonally adjusted annual rate of 1,382,000. This figure represented a 21.8% decline compared to the December 2021 rate of 1,768,000 and a slight decrease of 1.4% from the revised November 2022 estimate of 1,401,000. Specifically, single-family housing starts in December 2022 reached a rate of 909,000, indicating an 11.3% increase from the November 2022 total of 817,000. Throughout 2022, approximately 1,553,300 housing units were initiated, reflecting a 3.0% reduction compared to the 2021 total of 1,601,000. The escalating demand for residential projects is poised to propel the growth of the electric generator market.

Government initiatives aimed at building and maintaining robust energy infrastructure are expected to impact the electric generators market, potentially restraining its growth in the forecast period. As of March 2021, government agencies, responsible for building maintenance and minor repairs, are focusing on enhancing energy infrastructure. This emphasis on government-led initiatives in both developed and developing countries may limit the demand for power generation systems, subsequently influencing the electric generators market.

The electric generator manufacturing sector is witnessing a trend toward the production of portable generators, driven by an increasing demand for uninterrupted and reliable power supply. Portable generators, powered by gas or diesel engines, offer flexibility and enhanced ease of use, contributing to their growing popularity. The global portable generators market is projected to reach $2.5 billion by 2024, exhibiting a Compound Annual Growth Rate (CAGR) of 4.1% through 2019.

Prominent companies within the electric generators market are driving innovation by introducing new products such as the C1000D6RE, aiming to enhance their market profitability. The C1000D6RE boasts a 1000 kW rating per ISO 8528 and is equipped with two Cummins QSX15 Tier 4 Final engines. Cummins Inc., a US-based company specializing in the design, manufacturing, and distribution of engines, filtration, and power generation products, exemplifies this trend. In June 2022, Cummins Inc. launched the C1000D6RE, a 1MW twin-pack rental generator. Notably, this generator is designed for parallel use with other rental power solutions and features masterless operation capabilities. The C1000D6RE presents a compelling rental power solution suitable for diverse applications across various industries that demand mobile power. Additionally, the generator's container is engineered to endure harsh weather conditions and incorporates a comprehensive sound attenuation system.

In August 2021, Graycliff’s WorldWide Electric, a U.S.-based provider specializing in industrial electric motors, gears, and motor controls, completed the acquisition of Georator Corporation and Athlon Generator for an undisclosed sum. This strategic move allowed WorldWide Electric to expand the range of products and services it offers. By incorporating the extended product portfolio, the company aimed to strengthen its partnership with the existing customer base. Georator Corporation, one of the acquired entities, is a U.S.-based manufacturer specializing in rotary and solid-state power frequency converters, while Athlon Generator, the other acquired entity, is a U.S.-based provider of generators designed for industrial applications.

Major companies operating in the electric generators market report are Kirloskar Electric Co. Ltd., Honda Motor Co. Ltd., Caterpillar Inc., Toshiba Corporation, Cummins Inc., General Electric Company, YAMAHA Motor Pvt. Ltd., Rolls-Royce Holdings PLC, Atlas Copco, Doosan Group, Mahindra Powerol Ltd., Yanmar Co. Ltd., Westinghouse Electric Corporation, Mitsubishi Heavy Industries Ltd., Kohler Co., Hyundai Heavy Industries Co. Ltd., Wärtsilä Corporation, Ingersoll Rand, Sterling Generators Pvt. Ltd., Generac Holdings Inc., Cooper Corp., AKSA Power Generation, Wacker Neuson SE, Briggs & Stratton Corporation, Escorts Group, MQ Energy Inc., Powerica Ltd., Inmesol S.L, Firman Power Equipment, Champion Power Equipment Inc., Albion Jvco Limited. Asia-Pacific was the largest region in the electric generators market in 2023. Western Europe was the second-largest region in the global electric generators market share. The regions covered in the electric generators market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Key categories in electric generator manufacturing include gas, diesel, and CKD generators. Gas generators burn gas to produce electricity, available in varying sizes from small ones found in hardware stores to larger versions offered by specialized companies or electricians providing installation, maintenance, and repair services. Custom gas generators can also be built for specific needs, such as powering server farms during blackouts. Generators come in different capacities such as below 75 kVA, 75–375 kVA, 375–750 kVA, and above 750 kVA, serving purposes such as standby, peak shaving, and continuous operation. They find applications across various industries including mining, oil and gas, construction, residential, marine, manufacturing, pharmaceuticals, commercial, and others.

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

The countries covered in the electric generators market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The electric generators market consists of sales of gas generators, diesel generators, and other electric generators. This market excludes turbine generators. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


This product will be delivered within 3-5 business days.