Generator Sales Market Size, Share, Growth Analysis, By Fuel Type(Diesel, Gas), By Power Rating(Below 75 kVA, 75-375 kVA), By Application(Continuous Load, Peak Load), By End-user(Mining, Oil & Gas) - Industry Forecast 2024-2031

Generator Sales Market size was valued at USD 21.6 billion in 2019 and is poised to grow from USD 22.85 billion in 2023 to USD 35.88 billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).

The generator sales are dominated by a number of significant competitors that are focusing on increasing revenues by developing cutting-edge goods and broadening their market reach. To preserve their dominance and gain a competitive advantage over their rivals in the market, the other large corporations are implementing strategies like partnerships, mergers, and acquisitions. 'Caterpillar Inc.', 'Cummins Inc.', 'Generac Holdings Inc.', 'Kohler Co.', 'MTU Onsite Energy', 'Atlas Copco AB', 'Wartsila Corporation', 'Yanmar Holdings Co., Ltd', 'Briggs & Stratton Corporation', 'Mitsubishi Heavy Industries Ltd', 'Kirloskar Electric Company', 'Ingersoll Rand Inc.', 'Himoinsa S.L.', 'Siemens AG', 'Doosan Corporation', 'SDMO Industries SAS', 'John Deere Co.', 'Aggreko PLC', 'Honda Motor Co., Ltd.', 'Shanghai Diesel Engine Co., Ltd.'

The demand for generators is expected to increase in the upcoming years due to rising construction activity and investment around the globe. On construction sites, generators provide power backup during power outages. During the projected period, the extensive use of generators in the construction industry is expected to fuel market growth.

The industry's fast development has resulted in higher electricity demand. Due to constant power demand, peak power requirements, and residential and commercial equipment needs, generators have become a necessary component. This construction business is expected to grow as a result of the increasing costs of constructing modern structures in emerging nations. Demand in the mining business is expected to rise because of the ongoing need for various minerals and metals to manufacture products for various sectors. The requirement for telecom stations in the telecom industry is expected to result from the increasing reach of telecommunication lines. The expansion of the industrial industry is encouraged by the requirement for continuous power supply, which is essential for the effective operation of heavy machinery and equipment. Continuous power supply is highly desired in many industries for a wide range of reasons. Multiple commercial applications may function without disruption due to the constant power supply. Generators play an important role in the continuous power supply of residential communities in several locations around the world. The key market players globally have many opportunities for growth due to the increasing demand for continuous power supply.

Due to rising governmental and private expenditure on industrial development in developed nations such as Canada and the US, it is anticipated that market in North America will increase quickly during the forecast period. The market in North America is growing as a result of increasing government policies, regulations, and investments aimed at increasing building energy security in the area. Major companies in the market are present in North America, which stimulates market growth there. These are the main factors driving the demand for the sale of generators in North America.