Published Date : 11 Aug 2023
The global industrial generator market size surpassed USD 18.64 billion in 2022 and is projected to rise to USD 30.9 billion by 2030, anticipated to grow at a CAGR of 6.52 percent during the projection period from 2022 to 2030.
The market need for commercial generators would be boosted by rising dependence on power & supply security. Strict environmental regulations for energy efficiency and a growing interest in greener sources will accelerate the growth of the industrial generator industry. The industry picture will be aided by the increasing demand for a consistent and dependable supply of power from end users such as manufacturing operations, oil & gas amenities, mining operations, and building sites. A focus shifted towards protracted outages and stricter government regulations will both help the sector advance.
The increased vulnerability of grid power plants to disasters brought on by alterations in regional weather patterns has an impact on the economy as well. In the diesel generator business, solution providers are mainly responsible for manufacturing, installing, maintaining, and repairing generator systems. Customers who use generators as emergency backup power systems for homes, small companies, and commercial settings engage in agreements with generator dealerships or electrical subcontractors for product availability and support. Businesses also hire a monitoring engineer to keep an eye on a lot of generating in large-scale operations.
Industrial Generator Market Report Scope:
|Market Revenue in 2023||USD 19.86 Billion|
|Projected Forecast Revenue in 2030||USD 30.9 Billion|
|Growth Rate from 2022 to 2030||CAGR of 6.52%|
|Largest Market||Asia Pacific|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
The development of the economies of numerous countries in the Asia Pacific region has relied heavily on the manufacturing sector. Growing urbanization is increasing consumer demand for goods and services, which is driving the growth of the manufacturing sector. The governments of various Asian countries have also signed extra-regional trade agreements to position themselves as centers of industrial output. According to the ASEAN Community, the Comprehensive Economic and Trade Agreement could be a step closer to a more extensive Free Trade Area within the Asia Pacific if it is executed well. It can serve as an appropriate intergovernmental platform for free trade, promote the growth of several industries, and aid the expansion of the manufacturing sector in the area. The growth of the industrial sector has raised the need for generators and power generation equipment in the region.
Over the past several years, the energy storage business has experienced exponential growth. Additionally, the World Economic Forum granted a loan of USD 300 million for the China Regenerative Energies and Battery Store Development Project, which will be used to scale up the deployment of battery storage systems to boost the integration and exploitation of renewable energy. The goal of this project was to lower carbon emissions by increasing the amount of solar and wind energy while also enhancing grid stability, dependability, and electricity quality in developing nations. Less energy is wasted since energy storage devices can retain these resources at times of peak output thanks to the batteries they incorporate. Irrespective of the generation source, battery technology enhances electricity supply and assists the grid to maintain balance.
New and innovative fuel sources were continuously being developed to find energy alternatives to conventional fossil fuels. In essence, hybrid generators—which are available from numerous OEMs—are internal combustion engines connected to batteries. These hybrid generators instantly power the engine when the loads are high; when the density is low, the battery powers the engine. They reduce the amount of noise and fuel consumption produced by generators. They have several advantages over conventional gensets and are expected to overtake portable generation units, which are typically used in remote industries like mining and construction.
Diesel generators have a wide range of residential, business, and industrial applications. Nitrous oxides, carbon dioxide, and particulates are released when diesel is burned. The ecosystem and the local population are both harmed by these pollutants, which are instantly released into the sky. Several regulations have been implemented globally to reduce the noise and air pollution brought on by producing units. Every country has created its own set of laws and regulations to reduce air pollution as environmental concerns have grown. Manufacturers of ship equipment put a lot of effort into developing maritime propulsion technology that conforms with various environmental standards established by authorities of nations all over the world. For local and expanding enterprises selling generators, this creates a serious issue.
Major Key Players:
By Power Rating
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