Generator Market – Global Forecast To 2030
The Generator market was valued at USD 24.11 billion in 2024 and is estimated to reach USD 32.98 billion by 2030, registering a CAGR of 5.4% during the forecast period.
発電機市場は2024年に241億1,000万米ドルと評価され、2030年までに329億8,000万米ドルに達すると推定されており、予測期間中に5.4%のCAGRを記録します。
Caterpillar (US), Cummins Inc. (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries Ltd. (Japan), Generac (US), and Wacker Neuson SE (Germany), Man Energy Solutions (Germany), Briggs & Stratton (US), Atlas Copco (Sweden), Kirloskar (India) are some of the key players in the Generator market.
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Analysis of key drivers (Increasing demand for uninterrupted and reliable power supply, Rapid industrialization worldwide, Rising power outages signal global surge in generator demand, Renewable energy integration and Distributed Energy Resource Management Systems optimize grids and boost demand for reliable backup generators), restraints (High operational costs associated with diesel generators, High capital expenditure associated with hydrogen energy storage, and Rise in investments in upgrading T&D infrastructure worldwide), opportunities (Rising adoption of fuel cell generators across several industries for backup power, Increasing deployment of hybrid, bi-fuel, and inverter generators, Government initiatives supporting development of hydrogen economy, and Growing popularity of fuel cell generators), and challenges (Longer start-up times of solid oxide fuel cells, Stringent government regulations pertaining to conventional fuel generators) influences the growth of the generator market.
- Product Development/ Innovation: The developments such as Hybrid generator systems are an emerging technology in the generator market due to their ability to combine traditional generators with renewable energy sources like solar or wind power. This integration helps reduce fuel consumption and emissions by using renewable energy as a primary power source, with the generator providing backup power as needed, leading to cost savings and more efficient operation.
- Market Development: Fuel cells is gaining traction as a clean, versatile energy carrier, offering promising solutions for decarbonizing multiple sectors. Recognizing its potential, governments around the world are introducing policies to encourage the production, distribution, and use of fuels cells. These initiatives are fostering a supportive environment for the development and adoption of clean energy technologies, including fuel cell generators. Clean hydrogen production plays a crucial role in advancing fuel cell generators as sustainable energy alternatives. With the increasing emphasis on hydrogen technologies, the demand for fuel cell generators is expected to grow, driving a shift from traditional fossil fuel-based power generation to cleaner, more sustainable solutions.
- Market Diversification: Cummins is focused on driving revenue growth and improving gross margins by strategically repositioning its product portfolio to maximize long-term shareholder value. In 2024, the company introduced the Centum Series genset, responding to strong market demand. The new models, C2750D6E and C3000D6EB, deliver power outputs of 2750kW and 3000kW, respectively, and are specifically engineered for critical applications, including data centers, healthcare facilities, and wastewater treatment plants. These models offer outstanding performance and consistent reliability, ensuring they meet the stringent requirements of their customers.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players Caterpillar (US), Cummins Inc. (US), Rolls-Royce Plc (UK), Mitsubishi Heavy Industries Ltd. (Japan), Generac (US), and Wacker Neuson SE (Germany), Man Energy Solutions (Germany), Briggs & Stratton (US), Atlas Copco (Sweden), Kirloskar (India) among others in the Generator market.