Global Generator Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Generator Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A generator is a device that converts motive power (mechanical energy) or fuel-based power (chemical energy) into electric power for use in an external circuit.

Market Overview:

The latest research study on the global Generator market finds that the global Generator market reached a value of USD 17285.5 million in 2022. It’s expected that the market will achieve USD 24968.8 million by 2028, exhibiting a CAGR of 6.32% during the forecast period.

Generator Industry Development Trends under COVID-19 Outbreak

Since the outbreak of the COVID-19 virus in December 2019, the disease has spread to nearly 100 countries around the world, and the World Health Organization declared it a public health emergency. Covid-19 can affect the global economy in three main ways: directly affecting production and demand, disrupting supply chains and markets, and financially affecting companies and financial markets. Under the epidemic, the work, operation, recovery of income targets, and industry development of the generator industry are all facing challenges.

First of all, the sales of marketing channels will be affected to varying degrees. Additionally, a cascade of impacts upstream and downstream will cause business disruption. Judging from the above, the epidemic will have a short-term impact on Generator, but the impact is relatively limited. Affected by the epidemic, the procurement of raw materials and parts is difficult to formulate. The shortage of these upstream raw materials will affect the normal production and operation of Generator enterprises. Additionally, the outbreak of the Covid-19 virus has affected the normal functioning of the industry. The impact of Covid-19 on the generator industry will involve all key contacts and all entities. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion lags behind, marketing lags behind, forced brand adjustments, market sales have decline, and company and employee income declined. The government has also put forward higher requirements for the production and operation of enterprises. Although various industries around the world are gradually resuming work, production, and demand will not be carried out quickly and substantially, and a certain period of recovery is required.

From the perspective of the downstream market, the industry is the main downstream market of Generator. The COVID-19 pandemic has resulted in reduced electricity consumption. The outbreak of the epidemic has caused a huge blow to industries such as industry and manufacturing, and production and operation have been suspended. In the industrial field, Generator mainly provides continuous and reliable power supply for industrial production. Therefore, in the early stage of the epidemic, the industrial sector suspended production and operations, reducing and postponing the need to purchase generators.

Drivers

Multi-field application of generator
With the development of society and economy, the demand for electricity in households, commerce, industry, and other fields continues to rise. A generator is a mechanical device that converts other forms of energy into electrical energy. According to the driving power, generators can be divided into diesel generators, gasoline generators, and so on.The Generator can be used as a backup power source in the home, business, industry, and more. Hospitals, mines, power plants, communications industries, and other fields generally have relatively high requirements for power supply guarantees. Therefore, the multi-field application of the Generator is one of the important driving factors to promote the development of the industry.

Region Overview:

In 2022, the share of the Generator market in North America stood at 34.42%.

Company Overview:

Since 1959, Generac Holdings Inc. has been a leading designer and manufacturer of a wide variety of generators, transfer switches, and other engine-driven products. The company's innovative industrial generator sets run on natural gas, diesel or BI-FUEL™ to suit virtually any application.

Cummins Inc has grown into one of the world's largest engine manufacturers. However, Cummins is no longer just an engine company, but a global power leader in the manufacture of diesel and natural gas engines, hybrid engines, generators, and is emerging in the field of electrified power. Cummins focuses on diesel and alternative fuel engines and generators, as well as related components and technologies.

Generac Holdings Inc. is one of the major players operating in the Generator market, holding a share of 10.74%in 2023.

Segmentation Overview:

As for product types, the Diesel Generators segment held the largest market share in 2022.

Application Overview:

The market's largest segment by application is the segment Industrial Generators, with a market share of 83.79% in 2022.

Key Companies in the global Generator market covered in Chapter 3:

John Deere
Generac Holdings Inc.
Honda Motor Co., Ltd.
Kubota Corporation
Kohler Company
Caterpillar Inc
Kirloskar Oil Engines Limited
Yanmar Group
Mitsubishi Heavy Industries Ltd.
Cummins Inc
Atlas Copco
AKSA Power Generation
Yamaha Motor Corporation
Doosan Corporation
PRAMAC

In Chapter 4 and Chapter 14.2, on the basis of types, the Generator market from 2018 to 2029 is primarily split into:

Diesel Generators
Gasoline Generators

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Generator market from 2018 to 2029 covers:

Residential Generators
Commercial Generators
Industrial Generators

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)