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

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

The generator produces electrical energy from its mechanical operation. It works using a specific fuel source such as gasoline, gas or diesel, which is transformed by the device into electrical energy, or convert wind and solar energy into electricity. Industrial generators serve different industries and have a much greater power output. These powerful generators are used in large facilities with high energy requirements such as offshore drilling, mining, land Drilling, construction sites, manufacturing plants, and so on.

Market Overview:

The latest research study on the global Industrial Generator market finds that the global Industrial Generator market reached a value of USD 13626.39 million in 2022. It’s expected that the market will achieve USD 22500.79 million by 2028, exhibiting a CAGR of 8.72% during the forecast period.

The market is developing steadily. Industrial generators serve as both regular and backup power sources and are essential to many businesses and industries around the world, as the savings they provide in routine practice and in emergencies are enormous. With industrialization, many industries now use industrial generators in various ways, such as mining, manufacturing, commerce, utilities, and more. The increasing demand for the industrial generator market in the downstream market has promoted the sustainable development of the industry.

Drivers

Broad downstream applications drive market growth.
Industrial generators can withstand extreme use for a long time in complex and harsh environments and are ideal for common power and backup power in many industries, and a wide range of downstream applications promotes the continuous development of the market.
Increased extreme weather drives backup power demand.
The market for industrial generators has growth potential due to extreme weather causing instability in normal power supply and rising demand for backup power in industry and commerce.

The development of e-commerce.

Limitations

Different types of industrial generators have different usage restrictions.
The technical barriers of industrial generators are relatively high. The leading enterprises have many years of technology accumulation, patents and brand advantages, and it is difficult for new entrants to open the market easily. And different types of equipment have different usage restrictions, such as the gas emission of diesel generators, which needs to be further improved.
Intense market competition.

Region Overview:

From 2022-2027, Asia Pacific is estimated to witness robust growth prospects

In global comparison, a significant portion of the revenue was generated in Asia Pacific (51.05% in 2021).

Company Overview:

Caterpillar
Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
Caterpillar does business on every continent, principally operating through three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and providing financing and related services through their Financial Products segment.

Cummins

Cummins Inc. is an American multinational corporation that designs, manufactures, and distributes engines, filtration, and power generation products.

Caterpillar is one of the major players operating in the Industrial Generator market, holding a share of 21.02% in 2022.

The major players operating in the Industrial Generator market include Caterpillar, Cummins, Atlas Copco, ABB Group, Generac, etc. Among which, Caterpillar ranked top in terms of sales and revenue in 2022.

Segmentation Overview:

Diesel Generator Set
Diesel engines are noted for durability, long-life and normally lower maintenance. Diesel fuel burns cooler than gasoline reducing the heat, and the wear, on the engine. Power produced from diesel generators can also be lower in cost through the increased efficiency and higher energy density of diesel fuel.

Gas Generator Set

Gas generators usually use propane or liquefied petroleum gas. Natural gas offers the advantage of easy storage in below or above-ground tanks. It is also a clean burning fuel, reducing problems with emissions. Generators that run on natural gas are durable but they can be more expensive in initial purchase.

Others

In addition, there are other types of industrial generators, such as gasoline and wind power, which are less used than diesel and natural gas generators.

By type, Diesel Generator Set segment accounted for the largest share of market in 2021.

Application Overview:

Offshore Drilling
Offshore drilling is a mechanical process where a wellbore is drilled below the seabed. It is typically carried out in order to explore for and subsequently extract petroleum that lies in rock formations beneath the seabed. Offshore drilling often requires industrial generators to provide power.

Mining

Industrial generators in the mining industry meet a large amount of electricity demand. The mining industry relies on heavy equipment such as lights, drilling rigs, conveyor belts, excavators and cranes, and industrial generators to meet the power needs of a variety of mining equipment.

Land Drilling

Land drilling is done on land and not over water. Majority of oil & gas operations take place in remote locations that are located off the main power grid. Industrial generators can provide a continuous source of power for all related oil & gas activities, such as land drilling, pumping, and loading.

Fracking

Fracking is the process of injecting liquid at high pressure into subterranean rocks, boreholes, etc. so as to force open existing fissures and extract oil or gas, often requiring industrial generators to provide power.

Manufacturing Plants

Manufacturing goods requires a steady and constant stream of energy for efficient production. Every second is money in manufacturing, and downtime costs big money because as a result. Manufacturing companies usually use generators and backup generators.

Cruise Ships and Cargo Ships

Cruise ships and cargo ships require a lot of electricity, such as: thrusters, stabilizers, mechanical loads, galleys, lighting, and more. Industrial generator sets are therefore required to meet these power demands.

Military

Military bases and militaries often also require industrial generators to provide electricity.

Others

Industrial generators are also widely used in hospitals, construction, commercial real estate and other industries.

By application, the Manufacturing Plants segment occupied the biggest share from 2017 to 2022.

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

IGSA Power
Cummins
Kohler
Honeywell International Inc.
ABB Group
Yanmar
JCB
Caterpillar
Generac
Atlas Copco

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

Diesel Generator Set
Gas Generator Set
Others

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

Offshore Drilling
Mining
Land Drilling
Fracking
Manufacturing Plants
Cruise Ships and Cargo Ships
Military

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)