Electric Generator Market 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) - Global Industry Analysis, Market Size, Share, Growth, Trends, Regional Analysis, and Forecast 2023-2031
The global electric generator market size was valued at USD 28.6 billion in 2022 and is expected to hit around USD 52.95 billion by 2031, growing at a CAGR of 6.49% between 2023 and 2031.
The market for electric generators is diverse, and generators are used in various applications, including residential, commercial, and industrial settings. In addition to traditional generators that are powered by engines or turbines, the market for electric generators also includes renewable energy solutions, such as wind and solar generators.
The electric generator market is expected to grow due to various factors such as the increasing demand for reliable and uninterrupted power supply in different industries, the growing adoption of renewable energy sources, and the need for backup power solutions. Additionally, advancements in generator technology and a focus on energy efficiency and environmental sustainability are also expected to drive the market growth.
The demand for electric generators is also driven by the need for uninterrupted and reliable power supply in critical infrastructure and facilities such as hospitals, data centers, and telecommunications networks. These facilities require a continuous power supply, and electric generators serve as a backup power source in case of power outages or disruptions. Additionally, the increasing adoption of renewable energy sources such as wind and solar power has led to a growing demand for electric generators to convert the intermittent power generated by these sources into stable and reliable electricity.
The COVID-19 pandemic has had both positive and negative impacts on the electric generator market. On the one hand, the increased demand for backup power solutions due to the pandemic has driven market growth. On the other hand, disruptions in the supply chain and manufacturing have caused a slowdown in the market. Additionally, declining demand for generators in some sectors, such as commercial and industrial applications, due to lockdowns and scaled-back operations, has further affected the market. However, as the world recovers from the pandemic and economies reopen, the electric generator market is expected to grow steadily, driven by the increasing demand for reliable and efficient power supply solutions.
Electric Generator Market REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
28.6 Bn |
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Projected Market Value (2031) |
52.95 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Type, By End-User, By Application & Region |
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Segments Covered |
By Type, By End-User, By Application & By Region |
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Forecast Units |
Value (USD Billion), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031 |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Market Drivers:
Natural disasters and extreme weather events can cause power outages, which can be costly and disruptive to businesses and households. Electric generators can provide a reliable backup power source during these emergencies, ensuring that critical operations continue uninterrupted. The increasing occurrence of natural disasters and extreme weather events, coupled with the growing demand for uninterrupted power supply, is expected to drive the demand for electric generators in the future.
Renewable energy sources such as wind and solar power can be intermittent, meaning that their power generation can be unpredictable and subject to fluctuations based on factors such as weather conditions. This intermittency can lead to power outages, particularly during adverse weather conditions such as storms, which is why backup power solutions such as electric generators are needed to ensure uninterrupted power supply. Despite this challenge, the increasing adoption of renewable energy sources is expected to drive the demand for electric generators as backup power solutions.
hybrid power systems combining renewable energy sources with backup power solutions such as electric generators can provide an optimal balance between energy efficiency and reliability. These systems can overcome the intermittent nature of renewable energy sources by integrating them with a backup power source such as an electric generator, ensuring a continuous and reliable power supply. Hybrid power systems can also reduce the carbon footprint of the power generation system by utilizing renewable energy sources, leading to a more sustainable and environmentally friendly energy solution.
Market Challenges:
The high cost of electric generators can be a significant barrier to entry for many consumers, particularly in developing countries with limited electricity access. Moreover, the operating costs of electric generators can also be high, as they require fuel to operate and need regular maintenance to ensure they function correctly. The ongoing expenses associated with operating an electric generator, such as fuel and maintenance costs, can also make it challenging for some consumers to justify the investment in an electric generator.
The initial price of electric generators can be offset by their long lifespan and the potential cost savings from reliable power supply. Furthermore, advancements in technology, such as more efficient engines and improved manufacturing processes, can help reduce production costs, making electric generators more accessible and affordable to a wider range of consumers. As a result, the market is expected to grow as the cost of electric generators becomes more affordable, and consumers recognize their long-term benefits.
Segments Analysis:
By Type Insights:
the gas generator market is expected to grow at a faster rate due to the increasing adoption of natural gas as a fuel source. Natural gas is a cleaner and more environmentally friendly fuel source than diesel, and it also offers cost savings in terms of fuel expenses. The CKD generator segment is also expected to grow due to its cost-effectiveness and flexibility in customization. CKD generators are assembled from pre-manufactured components, making them less expensive than fully assembled generators and allowing for customization to meet specific power needs.
By Application Insights:
Stand-by generators are commonly used as backup power in the event of a power outage or grid failure. They can be found in residential, commercial, and industrial settings. Peak shaving generators are typically used by businesses to reduce their energy costs during peak demand periods. These generators can help reduce the strain on the grid and lower electricity bills for businesses. Continuous generators, also known as prime power generators, are used as a primary power source in off-grid locations or areas with unreliable grid power. They are commonly found in remote areas, such as mining sites and oil rigs, and can provide a reliable and uninterrupted power supply.
By End-User Insights:
The demand for electric generators in the construction sector is primarily driven by the need for reliable and uninterrupted power supply on construction sites. The mining and oil & gas sectors require electric generators to power their operations in remote and challenging environments where grid power is unavailable. The residential and commercial sectors require backup power solutions to ensure uninterrupted power supply during power outages or grid failures. The marine sector requires electric generators to power boats and ships. As industries continue to expand and demand for electricity increases, the market for electric generators is expected to grow in various end-user segments.
Regional Analysis:
Additionally, the increasing adoption of renewable energy sources such as wind and solar power in North America is also expected to drive the demand for electric generators, as backup power solutions are needed to ensure uninterrupted power supply during periods of low or no renewable energy generation.Furthermore, the aging power infrastructure in North America also contributes to the demand for electric generators, as power outages due to equipment failure or natural disasters can occur more frequently. The need for backup power solutions is thus becoming increasingly important to ensure the reliability and resiliency of the power grid.
In addition, the increasing demand for uninterrupted power supply in various industries and the growing number of construction activities in the region also drive the growth of the electric generator market in Europe. The construction industry requires a reliable power source, particularly in remote areas, and electric generators provide an effective solution. The growth in the manufacturing and pharmaceutical industries also contributes to the market's growth in Europe.
Recent Developments:
Competitive Landscape
The Global Electric Generator Market Some of the major companies include: -
Key Market Players:
Electric Generator Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Type |
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By End-User |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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