Generator Market

The generator market is forecast to reach USD 32.98 billion by 2030 from an estimated USD 24.11 billion in 2024, at a CAGR of 5.4% during the forecast period (2024-2030). Growing demand for generators in the global market is mainly due to the ever-increasing power needs of industrialization, urbanization, and population. Rising numbers of power outages and instability in grids due to extreme weather conditions are forcing businesses and households towards having reliable backup solutions. Furthermore, data centers, healthcare, and manufacturing require uninterrupted power for their fundamental operations. Considering that renewable sources of energy, such as the sun and wind, operate on an intermittent basis, diesel and generators will always be an integral part of delivering backup power at unfavorable moments.

The key players following the strategies between 2021 to 2024, Caterpillar (US), Cummins Inc. (US), Rolls-Royce Holdings (UK), Generac (US), and Mitsubishi Heavy Industries (Japan). The companies are majorly following product launches, collaboration, joint venture, investments, expansions, contracts, agreements, partnerships, funding, and acquisition as the strategy to grow and expand the market.

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Caterpillar Inc. (US) is the world's leading manufacturer of heavy-equipment and solutions for the mining and construction, energy, and transportation industries. The four key business segments, each targeted towards several different industries and markets, include Construction Industries, Resource Industries, Energy & Transportation, and the Financial Products Segment, among others. Under the Energy & Transportation segment, the firm sells a full range of power generation products and services, including reciprocating engines, industrial gas turbines, diesel-electric locomotives, and their respective components. The segment provides its products to a diverse group of customers for use in the energy, marine, rail, and industrial markets. The company offers under the Energy & Transportation segment a comprehensive range of generator sets for power generation, industrial and commercial, oil and gas, marine, rail and transport, and others.

The company conducts its business in over 190 countries of the world and holds major facilities in approximately 25 countries. The player offers a broad portfolio of value-added innovative and reliable power solutions that precisely address the requirement by industrial/construction, agriculture, and rental customers. Products by Caterpillar also operate on alternative low-carbon options: Biodiesel, Renewable diesel, and Biogas.

Cummins Inc. (US) is a global leader in engineering, designing and manufacturing a diverse range of products. From power generation equipment to filtration systems for diesel and natural gas engines, and many others, the company operates under five principal business segments: Engine, Distribution, Components, Power Systems, and New Power. With a strong global reach, Cummins conducts business through around 500 wholly-owned joint ventures and independent distributors combined with over 10,000 locations offering authorized Cummins products and services in more than 190 countries and territories. There are hundreds of research and development facilities and global centers for marketing, administration, supply chain management, distribution, and manufacturing.

Mitsubishi Heavy Industries, Ltd. (Japan) is a global company that operates its businesses based on four fields, including engineering, electrical equipment, and electronics. The company provides products to several sectors including, but not limited to, energy, transportation, environmental management, aerospace, marine, automotive, and defense sectors. Mitsubishi Heavy Industries has four core business operations in Energy Systems, Plants & Infrastructure Systems; Logistics, Thermal & Drive Systems; and Aircraft, Defense & Space. Under its Logistics, Thermal & Drive Systems segment, the company provides a wide range of diesel generator sets through its subsidiaries Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. and Mitsubishi Hitachi Power Systems. These products are categorized in different series: MGS-B., MGS-C., MGS-HV, MU-G, and KU, and also gas generator sets on its MGS-G and KU gas product lines. Moreover, through the joint venture with MHI Vestas, the company provides wind turbine generators. Mitsubishi Heavy Industries is very well represented worldwide, due to an extensive and large distribution network which it has established through its local and regional corporate offices as well as through its collaborations with local and regional businesses.

Rolls-Royce (UK) is the multi-national engineering organization ranked on top with great operating presence in three business segments: Civil Aerospace, Defense, and Power Systems. The Power Systems segment provides solutions for the following: generator sets, high- as well as medium- speed reciprocating engines, distributed energy solutions, complete propulsion and drive systems, advanced fuel injection systems, among others. This segment caters to a wide variety of sectors including marine, defense, power generation, industrial applications and civil nuclear energy. The brand hardcore under this segment is comprised of Bergen and MTU. MTU has diesel generator sets, gas generator sets, and marine gensets in its Power Systems portfolio. Its products and services reach a range of industries by end use, such as oil and gas, industrial, mining, rail, and defense. Rolls-Royce carries out its business through 50 countries in operation, has a solid global presence, with 7 Advanced Manufacturing Research Centres (AMRCS) and 29 University Technology Centres (UTCS).

Generac Power Systems, Inc. (US) is a power generation equipment and solutions designer and manufacturer that primarily focuses on backup power systems to the residential, commercial, and industrial sectors. The company operates through three segments: Residential Products, Commercial & Industrial Products (C&I), and Others, which incorporate aftermarket service parts and product-accessories.

Under the Residential Products segment, Generac offers automatic home standby generators that range from 6 to 60 kW, as well as portable generators, energy storage solutions, monitoring systems, and a range of outdoor power equipment. The C&I Products segment offers a wide range of custom-tailored backup power solutions for commercial and industrial purposes to support businesses, institutions, data centers, healthcare facilities, telecommunications, and other critical infrastructure. From large standby generators and mobile generators, power modules, and so on, backup power is ensured and operations protected from being adversely affected.

Generac has developed a rather robust network of independent dealers, distributors, retailers, e-commerce partners, wholesalers, and equipment rental companies, which have improved its market coverage and the service delivery it provided.

Related Reports:

Generator Market by Fuel Type (Diesel, Gas, LPG, Biofuels), Power Rating (Up to 50 kW 51–280 kW, 281-500 kW, 501-2000 kW, 2001-3500 kW, Above 3500 kW), Application, End-User Industry, Design, Sales Channel, Region - Global Forecast to 2030

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