The global generator market is projected to reach USD 34.5 billion by 2030 from an estimated USD 23.1  billion in 2023, at a CAGR of 5.9% during the forecast period. The growth of the generator market is driven by growing demand for continuous power supply and evolving new technologies such as fuel cell generators.

Increasing demand for uninterrupted and reliable power supply, rapid industrialization owing the demand for generators, and rise in the awareness of the benefits offered by fuel cell generators are expected to drive the demand for-backup power generation. The rapidly expanding manufacturing sector, especially in Asia Pacific, has fueled the demand for generators and power generation systems.

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This research report categorizes the generator market by fuel type, end user, power rating, application, design, sales channel, and region

On the basis of fuel type:

• Diesel
• Gas
• LPG
• Biofuel
• Coal Gas
• Producer Gas
• Fuel Cell

On the basis of application:

• Standby
• Prime & Continuous
• Peak Shaving

On the basis of end- user industry:

• Industrial
  • Utilities/Power Generation
  • Oil & Gas
  • Chemicals & Petrochemicals
  • Mining & Metals
  • Manufacturing
  • Marine
  • Construction
  • Others (Agriculture, Transportation, and Aerospace & Defense)
• Commercial
  • IT & Telecom
  •  Healthcare
  • Data Centers
  • Others (Hotels, Shopping Complexes, Malls, and Public Infrastructure)
• Residential

On the basis of by power rating:

• Up To 50 KW
  • Up To 10 KW
  • 11–20 KW
  • 21–30 KW
  • 31–40 KW
  • 41–50 KW
  • 51–280 KW
  • 281–500 KW
  • 501–2,000 KW
  • 2,001–3,500 KW
  • Above 3,500 KW

On the basis of by sales channel:

• Direct
• Indirect

On the basis of by sales channel:

• Stationary
• Portable

On the basis of region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

This report segments the generator market based on the fuel type into diesel, gas, LPG, biofuel, coal gas, producer gas, gasoline. During the projected timeframe, the Diesel segment is anticipated to dominate the Generator market, serving as the primary contributor. This dominance can be attributed to the escalating urbanization and industrialization in emerging economies.

The generator market, by power rating, has been broadly classified into 50 kW, 51–280 kW, 281–500 kW, 501–2,000 kW, 2,001–3,500 kW, and above 3,500 kW. The up to 50 kW is the second fastest growing segment. Generators within this power range typically operate at a consistent engine speed, typically between 1,500 and 3,600 rpm. In particular, generators with power ratings ranging from 5 to 50 kW are commonly employed for personal and residential purposes. Additionally, generators below 50 kW power rating find utility in delivering power backup solutions for small-scale commercial activities, including telecom, retail, and various other sectors.

Key Market Players

Some of the major players in the generator market are Caterpillar Inc. (US), Cummins Inc. (US), Rolls-Royce Holdings plc (UK), Generac Holdings Inc. (US), Mitsubishi Heavy Industries, Ltd. (Japan).

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Recent Developments

• In January 2022, Caterpillar launched Cat G3516 natural gas-fueled Fast Response generator set with US EPA Certification for use in emergency and non-emergency applications.
• In January 2022, Rolls-Royce, along with its distributor partner Knopf & Wallisch (K&W), supplied three mtu customized and containerized combined cooling, heat and power plant (CCHP) trigeneration units to Romanian cloud service provider ClusterPower.
• In October 2021, Generac announced the introduction of two new large diesel units – the MDE330 and MDE570 diesel mobile generators, which are aimed at providing ease of operation and maintenance. The rental-ready machines feature wide-opening removable doors to maximize serviceability.
• In August 2021, Toho Gas and MHIET Successfully Conduct Test Operation of City Gas and Hydrogen Mixed-fuel Combustion in a Commercial Gas Engine for a Cogeneration System.
• In March 2021, Cummins Power Systems introduced the C2750D5BE. The new model complements the successful QSK60 series, extending its standby power range from 2500kVA to 2750kVA for 50Hz markets