Generators Market Size

Generators Market size was valued at USD 19.53 Billion in 2023 and is poised to grow from USD 20.51 Billion in 2024 to USD 30.29 Billion by 2032, growing at a CAGR of 5% during the forecast period (2025-2032).

The global generators market is highly competitive and fragmented, with several players operating in the market. The market players compete based on product quality, innovation, price, and distribution network. The company focuses on innovation and has launched several new products in recent years. The key players in the market compete based on product quality, innovation, price, and distribution network. The examples of the competitive landscape and strategies of the major players in the generators market. 'Caterpillar Inc. (US)', 'Cummins Inc. (US)', 'Generac Holdings Inc. (US)', 'Kohler Co. (US)', 'Briggs & Stratton Corporation (US)', 'Wartsila Corporation (Finland)', 'MTU Onsite Energy GmbH (Germany)', 'Atlas Copco AB (Sweden)', 'Himoinsa S.L. (Spain)', 'Kirloskar Electric Company Limited (India)', 'Mitsubishi Heavy Industries Ltd. (Japan)', 'Siemens AG (Germany)', 'Yanmar Co. Ltd. (Japan)', 'Doosan Corporation (South Korea)', 'Rolls-Royce Holdings plc (UK)', 'Wacker Neuson SE (Germany)', 'Ingersoll-Rand plc (Ireland)', 'Honda Motor Co., Ltd. (Japan)', 'ABB Ltd. (Switzerland)', 'General Electric Company (US)'

The generators market is driven by the growing demand for uninterrupted power supply across various sectors such as healthcare, telecommunications, and IT. The need for reliable backup power solutions in case of power outages, natural disasters, and grid failures has contributed to the growth of the market.

Smart Generators: Advancements in technology have led to the development of smart generators that can monitor power consumption, automatically start and stop, and provide remote access and control. Smart generators offer improved efficiency, greater control, and enhanced reliability. For example, some smart generators can automatically adjust their output based on the power demand, which can help to reduce fuel consumption and extend the lifespan of the generator.

Asia Pacific is expected to dominate the global generators market during the forecast period, driven by the increasing demand for power in emerging economies such as China and India. The growth of the manufacturing sector, increasing urbanization, and government initiatives to promote renewable energy sources are expected to drive the growth of the generator market in the region. In addition, the region has a large number of manufacturing facilities, data centers, and healthcare facilities, which rely heavily on backup power to ensure uninterrupted operations. The growth of the construction industry and the increasing demand for off-grid power solutions in rural areas are also expected to boost the demand for generators in the region.