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Rising Demand Across Industries To Drive Growth In The Electric Generators Market: Transformative Forces Shaping the Electric Generators Market Landscape in 2025
Electric Generators
What Will the Electric Generators Industry Market Size Be by 2025?
In recent times, there has been a consistent increase in the size of the electric generators market. This market is projected to expand from $29.22 billion in 2024 to $30.21 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.4%. Factors such as the industrial revolution, urban electrification, global conflicts and military utilization, initiatives for rural electrification, along with growing commercial and residential demand have contributed to the growth observed during the historic period.
What's the Long-Term Growth Forecast for the Electric Generators Market Size Through 2029?
In the forthcoming years, the market size of electric generators is anticipated to experience consistent growth, escalating to $35.74 billion by 2029 with a compound annual growth rate (CAGR) of 4.3%. Reasons for the expected growth in this period include adoption in newly developing markets, planning for resilience and disaster readiness, infrastructure for electric vehicle charging, governmental energy regulations, and energy decentralization. The forecasting period is also likely to see significant trends such as digital integration for enhanced user experience, hybrid power solutions, predictive maintenance and remote monitoring, demand for renewable energy, and resilience and stability of the grid.
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What Are the Key Growth Drivers Fueling the Electric Generators Market Expansion?
The electric generators market is slated to grow in the forecast period due to rising demand from various sectors such as mining, oil and gas, and pharmaceuticals. These industries frequently use generators as a backup power source in their operations. However, when there is no grid infrastructure available, generators serve as the sole source of power. A case in point is mining sites, most of which are in remote areas and heavily rely on generators for daily power needs. As reported by the Australian Bureau of Statistics (ABS), a governmental agency based in Australia, the mining industry saw robust growth in 2022-23. There was a surge in EBITDA by 23.4% (AUD 52.0 billion) as well as in Industry Value Added (IVA) by 23.2% (AUD 66.4 billion). This followed a significant growth rate of 34.7% and 31.2% in the year before. Moreover, industrial activity stimulated by economic growth in emerging markets is set to fuel the expansion of the electric generators market in the forecast period.
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Which Fast-Growing Trends Are Poised to Disrupt the Electric Generators Market?
Prominent companies in the electric generator market are taking advantage of government programs that advocate for the construction and upkeep of a strong energy infrastructure. These include demonstration facilities that can aid in research and development activities, testament to new technologies, and show the feasibility of renewable energy solutions. Demonstration facilities are designated locations where innovative technologies or systems, particularly in the fields of energy, manufacturing, and sustainability, are displayed and evaluated. For example, in April 2024, Panasonic Corporation, a multinational electronics firm based in Japan, announced its plans to release its 10 kW Pure Hydrogen Fuel Cell Generator in Europe, Australia, and China by October 2024. The cogeneration system can provide up to 10 kW of DC power and 8.2 kW of heat for water heating. Notable features comprise the capacity to link a maximum of 250 modular units, flexible power output in 1 kW increments, and uncomplicated installation in a variety of settings. With an electrical efficiency of 57% and heat recovery efficiency of 47%, the PH3 promises to cut operational expenses and claims a projected lifespan of 15 years, which can lead to decreased life cycle costs.
How Is the Electric Generators Market Segmented?
The electric generators market covered in this report is segmented -
1) By Type: Gas Generator, Diesel Generator, CKD Generator
2) By Capacity: Below 75kva, 75-375 kva, 375-750 kva, Above 750 kva
3) By Application: Stand By, Peak Shaving, Continuous
4) By End User: Mining, Oil And Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Other End-Users
Subsegments:
1) By Gas Generator: Natural Gas Generator, Propane Generator
2) By Diesel Generator: Portable Diesel Generator, Standby Diesel Generator, Prime Power Diesel Generator
3) By CKD Generator (Completely Knocked Down): CKD Gas Generator, CKD Diesel Generator
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Which Companies Are Leading the Charge in Electric Generators Market Innovation?
Major companies operating in the electric generators market include 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
Which Regions Are Leading the Global Electric Generators Market in Revenue?
Asia-Pacific was the largest region in the electric generators market in 2024. 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.
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