Industrial Generator Market Size, By Power Rating (≤ 75 kVA, > 75 kVA - 375 kVA, > 375 kVA - 750 kVA, > 750 kVA), By End-Use (Oil & Gas, Manufacturing, Construction, Electric Utilities, Mining, Transport & Logistics), By Application (Standby, Peak Shaving, Prime/Continuous), By Fuel (Diesel, Gas), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030
The industrial generator market is anticipated to grow enormously by 2030 owing to increasing dependency on electricity in key industries across the globe.
The market was negatively impacted during the COVID-19 outbreak due to a lack of capital expenditure; however, the global immunization process and government initiatives to improve the electrification rate have helped the industry regain its pre-pandemic momentum. For instance, in April 2022, the Scottish government and the EU NESOI Project funded PlusZero, a Scottish power start-up that manufactures green hydrogen generators with zero carbon emission, in an initiative to replace greenhouse gas-emitting diesel generators.
Moreover, key participants in the industry have been adopting lucrative expansion strategies, thereby enhancing overall market outlook. For instance, in February 2020, JCB, a leading manufacturer in the industry, launched its range of towable generators in the North American Rental Market. The novel RS generators deliver real-time diagnostic information, including fuel use, power provision, and remote monitoring.
In June 2021, Kirloskar Oil Engines Ltd. (KOEL), a leading Indian industrial generator and motor manufacturer, collaborated with researchers at the Indian Institute of Technology (IIT), Delhi, to build a hydrogen-fueled spark engine generator that gives zero-emission, better performance, and is more eco-friendly compared to diesel generators. The new generator uses hydrogen in internal combustion engines for zero emission with improved thermal efficiency.
The industrial generator market has been segregated on the basis of end-use, fuel, power rating, application, and region covered. Based on power rating, the market has been bifurcated into ≤ 75 kVA, > 75 kVA - 375 kVA, > 375 KVA - 750 kVA, and > 750 kVA. The industrial generator market size from the > 75 kVA - 375 kVA segment is estimated to showcase robust progress through the review timeline due to rapid industrialization, along with increasing demand for reliable power supply.
In terms of end-use, the industrial generator market has been segmented into manufacturing, oil & gas, construction, mining, electric utilities, and transport & logistics. The transport & logistics segment is projected to grow at a rate of approximately 7% by 2030.
From the application perspective, the market has been divided into peak shaving, standby, and prime/continuous. The prime/continuous segment is foreseen to garner a sizable share in the market by 2030. Widespread utilization across oil & gas, mining, and construction sectors is primed to augment segmental development.
With respect to fuel, the industrial generator market has been categorized into diesel, gas, and others. The gas segment is expected to grow steadily over the review period as a result of the ongoing boom in the exploration and development of unconventional gas reserves in line with tightening emission regulations.
On the regional spectrum, the Middle East & Africa industrial generator industry is slated to observe considerable expansion by 2030 supported by an unreliable grid infrastructure, coupled with prominent population growth. Meanwhile, the Latin America industrial generator market is set to grow at a sturdy pace through the forecast timeline backed by increasing electricity demand accompanied by elevating economic development and expanding urbanization in the LATAM region.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook