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Global Generators Market to Grow at a CAGR of 4.80% During 2022-2027, Aided by the Rapid Expansion of Major End Use Industries

According to a new report by EMR titled, ‘Global Generators Market Report and Forecast 2022-2027’, the market attained a value of around USD 60.5 billion in 2021. The market is further expected to grow at a CAGR of 4.80% between 2022 and 2027 to reach USD 80.1 billion by 2027.

The heightened demand for power back-up systems in the commercial  and industrial sectors is projected to spearhead the market growth in the forecast period. This can be attributed to the rapidly growing demand for electricity in industries including automotive, healthcare, industrial, and manufacturing, among others.

The growing investments to enhance electric power systems across industries and industrial plants are projected to bolster the demand for efficient generators in the forecast period. For instance, in November 2021, Rolls-Royce Holding PLC (OTCMKTS: RYCEY) announced an investment of up to USD 13.9 million to expand its power systems business unit by adding a new research and development building and multi-phase expansion of its MTU power generation manufacturing unit in the United States. In another case, in September 2021, Enertime, a company specialising in clean energy generation, deployed the EX-rated high voltage ABB generator manufactured by ABB Ltd (OTCMKTS: ABLZF) for its new project focused on retaining the energy lost during the transmission and supply of natural gas.

In terms of region, the Asia Pacific is likely to attain a significant growth in the forecast period owing to the expansion of the automotive and other industries in the region. The rapid industrialisation and urbanisation in emerging economies like India and China are resulting in increased demand for power, which is anticipated to augment the market growth in the forecast period.

Market Breakup by Type, Power Generation, and Region:

  • The market is segmented, based on type, into AC motors and DC motors.
  • Based on power generation, the market can be distributed into thermal, hydro, nuclear, and wind, among others.
  • Region-wise, the global market for generators can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for generators is being driven by the increasing demand for power back-up systems across industries owing to the rising energy requirements.
  • The rising investments to enhance the existing power systems, coupled with the growing focus on sustainable energy generation, are anticipated to augment the market growth in the forecast period.
  • The rapid urbanisation and industrialisation in emerging economies are likely to provide impetus to the market growth.
  • The market is projected to be further supported by the rising demand for standby power generators in commercial facilities and manufacturing hubs.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for generators for the periods (2017-2021) and (2022-2027).
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the types, power generation, and regions of generators.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global generators market are ABB Ltd, Siemens AG, Nidec Corporation, Cummins Inc., Caterpillar Inc., Mitsubishi Heavy Industries, Ltd., and Atlas Copco, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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