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The key highlights of the report include:
Market Overview (2017-2027)
- Historical Market Size (2021): USD 60.5 billion
- Forecast CAGR (2022-2027): 80%
- Forecast Market Size (2027): USD 80.1 billion
The rising application of generators across industries like automotive and aerospace and defence is projected to drive the market growth. The rapid expansion of the aerospace and defence industries in emerging economies and the rising demand for commercial and passenger vehicles are anticipated to propel the demand for energy sources, which is driving the demand for power generators. This is projected to support the market growth in the forecast period. Additionally, the increasing demand for hybrid generators, biofuel generators, and others owing to the efficiency, durability, and controlled current provided by these equipment is likely to augment the market growth in the forecast period. Moreover, the rising demand for generators from the residential sector, fuelled by the improved standards of living and rising disposable incomes, is anticipated to propel the market growth. Geographically, the Asia Pacific holds a significant share in the market owing to the rapid expansion of the manufacturing sector in the emerging economies. Also, the rising demand for power generators from the commercial sector is likely to provide impetus to the market in the region.
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Industry Definition and Major Segments
Generator refers to an electrical equipment, which provides power to sustain various industrial processes by converting mechanical energy into electrical energy. The mechanical energy is generated through a rotating shaft with high velocity.
The global generator industry, based on type, can be bifurcated into:
Based on power generation, the market is segmented into:
The regional markets for generators include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The technological advancements in the manufacturing and industrial sectors are likely to be a key trend propelling the market growth in the forecast period. Meanwhile, the growing expansion activities and rising investments in the manufacturing facilities are anticipated to be another major trend contributing towards the industry growth. The rising global demand for energy is anticipated to drive the demand for generators for a diverse range of applications. To meet this growing demand for electricity, manufacturers and engaging in the production of generators with improved capabilities, which is expected to further aid the market growth.
Key Market Players
The major players in the market are ABB Ltd, Siemens AG, Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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