Large Generator Market Updates by 2031
The large generator market size is projected to reach US$ 17.9 billion by 2031 from US$ 28.9 billion in 2023. The market is expected to register a CAGR of 6.2% in 2023–2031. Increasing power consumption, technological advancement of large generators, and rapid growth of energy transition are among the key factors driving the large generator market.
Large Generator Market Analysis
The large generator market is expected to experience considerable growth during the analyzed timeframe owing to the rising number of power generation projects as well as the rise in demand for portable power generators, particularly in remote locations. Additionally, the rise in investment toward the replacement or upgradation of power infrastructure across the globe is projected to propel the demand for large generators. Moreover, the rapid industrialization across the developing regions is further projected to boost the large generator market growth in the coming years.
Large Generator Market Overview
With the mounting population and industrialization, the demand for energy is also rising at the global level. The rise in energy consumption also boosted the need for power generator infrastructure in developing and developed economies. This has resulted in driving the demand for large generators across the globe. In addition, the Large population, high per capita income, and rapid industrialization are driving the construction, manufacturing, and telecom industries in the Asia Pacific. Further, highly industrialized countries in the Asia Pacific, such as China, India, South Korea, and Japan, are reporting increasing overall energy consumption. These countries are increasing their focus on boosting electricity production through various sources such as oil & gas, geothermal, nuclear, and others, which in turn is supporting the large generator market growth in Asia Pacific.
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Large Generator Market: Strategic Insights
Large Generator Market
-
CAGR (2023 - 2031)
6.2%
-
Market Size 2023
US$ 28.9 billion
-
Market Size 2031
US$ 17.9 billion
Market Dynamics
GROWTH DRIVERS
- Rise in Demand for Natural Gas and Crude Oil
FUTURE TRENDS
- Developments in Flexible Pipe Technology
OPPORTUNITIES
- Discovery of New Offshore Oil and Gas Reserves
Key Players
- Caterpillar Inc
- Cummins Inc
- Weichai Holding Group Ltd
- Kohler Co
- Mitsubishi Heavy Industries
- Ltd
- Atlas Copco
- ABB Ltd
- Generac
- Rolls Royce Power Systems AG
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Fuel
- Diesel
- Gas
Power Rating
- 75 kVA - 375 kVA and Above 375 kVA
Application
- Standby
- Continuous
- Peak Shaving
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Large Generator Market: Strategic Insights
-
CAGR (2023 - 2031)6.2% -
Market Size 2023
US$ 28.9 billion -
Market Size 2031
US$ 17.9 billion
Market Dynamics
- Rise in Demand for Natural Gas and Crude Oil
- Developments in Flexible Pipe Technology
- Discovery of New Offshore Oil and Gas Reserves
Key Players
- Caterpillar Inc
- Cummins Inc
- Weichai Holding Group Ltd
- Kohler Co
- Mitsubishi Heavy Industries
- Ltd
- Atlas Copco
- ABB Ltd
- Generac
- Rolls Royce Power Systems AG
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- Diesel
- Gas
- 75 kVA - 375 kVA and Above 375 kVA
- Standby
- Continuous
- Peak Shaving
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Large Generator Market Drivers and Opportunities
Rise in demand for Power Generation Across the Developing Region
Declining electricity consumption in advanced economies slowed the growth of global electricity demand in 2023. Global electricity demand grew by 2.2% in 2023, as compared to 2.4% growth registered in 2022. While developing countries, including China, India, and other countries in Southeast Asia, experienced significant growth in electricity demand in 2023, advanced economies experienced significant declines due to a weak macroeconomic environment and high inflation, which led to a decline in manufacturing and industrial output. Global electricity demand is expected to increase faster over the next three years, growing by an average of 3.4% per year through 2031. The increases will be driven by an improving economic outlook, which will contribute to faster growth in electricity demand in both developed and emerging markets. Hence, the rise in demand for power generation in the developing region is projected to fuel market growth in the coming years.
Adoption of Diesel Generators in Backup Power and Peak Shaving Applications
Connecting rural communities to national power grids in developing countries is not economically viable. Network infrastructure in developing countries could be improved at best. Diesel generators offer an ideal solution. They can be used individually or as part of a combined power system in conjunction with wind and solar energy. For instance, agriculture generally makes up large parts of developing countries. India's rural irrigation network is estimated to be powered by around 4 million small diesel generators. Diesel generators are low-tech, long-lasting, portable energy sources and provide important energy solutions in developing countries. As developing countries struggle with increasing infrastructure demands, demand for electricity continues to outstrip supply. This leads to peak power deficits, blackouts, and brownouts.
Diesel generators can ensure the security of the power supply in the case of a grid failure. Compared to alternatives such as solar and wind energy, diesel generators represent the most cost-effective solution in terms of initial investment costs for developing countries. Due to the limited budgets of developing countries, diesel generators remain the best solution for primary and emergency power generation. As developing countries continue to industrialize and populations continue to grow, energy demand will increase. Diesel generators represent an important source of energy in developing countries. This trend is expected to continue for the foreseeable future. Hence, the adoption of diesel generators in backup power and peak shaving applications is projected to boost the market growth from 2023 to 2031.
Large Generator Market Report Segmentation Analysis
Key segments that contributed to the derivation of the large generator market analysis are fuel, power rating, and application.
- Based on fuel, the large generator market has been divided into diesel, gas, and others. The diesel segment held a larger market share in 2023.
- Based on the power rating, the large generator market has been divided into 75 kVA – 375 kVA and Above 375 kVA. The above 375 kVA segment held a larger market share in 2023.
- On the basis of application, the market has been segmented into standby, continuous, and peak shaving. The continuous segment dominated the market in 2023.
Large Generator Market Share Analysis by Geography
The geographic scope of the large generator market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East and Africa, and South America.
Asia Pacific dominated the large generator market in 2023. The Asia Pacific region includes Australia, China, Japan, India, South Korea, & the Rest of Asia Pacific. Rapid industrialization and a rise in investment toward the expansion of oil and gas, chemicals, power generation, water treatment, and other industries are expected to drive the growth of the market in this region. In addition, the rise in chemical production across the emerging markets in Asia, including China, India, and others, is anticipated to fuel the demand for large generators, which in turn is expected to drive the market growth from 2023 to 2031.
Large Generator Market Report Scope
Report Attribute
Details
Market size in 2023
US$ 28.9 billion
Market Size by 2031
US$ 17.9 billion
Global CAGR (2023 - 2031)
6.2%
Historical Data
2021-2022
Forecast period
2024-2031
Segments Covered
By Fuel - Diesel
- Gas
By Power Rating - 75 kVA - 375 kVA and Above 375 kVA
By Application - Standby
- Continuous
- Peak Shaving
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- Caterpillar Inc
- Cummins Inc
- Weichai Holding Group Ltd
- Kohler Co
- Mitsubishi Heavy Industries
- Ltd
- Atlas Copco
- ABB Ltd
- Generac
- Rolls Royce Power Systems AG
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
---|---|
Market size in 2023 | US$ 28.9 billion |
Market Size by 2031 | US$ 17.9 billion |
Global CAGR (2023 - 2031) | 6.2% |
Historical Data | 2021-2022 |
Forecast period | 2024-2031 |
Segments Covered |
By Fuel
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Large Generator Market News and Recent Developments
The large generator market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for large generators market and strategies:
- In August 2023, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. launched MGS3100R, A New 3,000 kVA Class generator set. This new product launch strengthened the product portfolio of the company.
- In February 2023, EODev announced the commercialization of high-capacity hydrogen power generators with capacity ranging from 10 kVA to 1,750 kVA for commercial and industrial applications.
Large Generator Market Report Coverage and Deliverables
The “Large Generator Market Size and Forecast (2021–2031)” report provides a detailed market analysis of the covering below areas:
- Market size and forecast at global, regional, & country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Fuel Type, and Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States