What is the global generators market size?

The global generators market size reached approximately USD 65.97 billion in 2023. The market is projected to grow at a CAGR of 4.80% between 2024 and 2032, reaching a value of around USD 100.60 billion by 2032. The demand for portable generators is rising due to their versatility and convenience, especially for outdoor activities.

How much is the generator market worth in 2024?

The Generator market was valued at USD 24.11 billion in 2024 and is estimated to reach USD 32.98 billion by 2030, registering a CAGR of 5.4% during the forecast period (2024–2030).

What are the major markets for generators?

On the basis of power generation, the market is divided into thermal, hydro, wind, portable, and standby among others. The major regional markets for generators are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

How will the generator market grow during the forecast period?

The generator market is expected to witness healthy growth during the forecast period due to the expanding manufacturing sector and increasing industrialization. Increasing demand for uninterrupted and reliable power supply and the increasing operating expenditure of generators due to high fuel prices hamper the market’s growth.

Why is the generators market growing?

The generators market growth is propelled by the increase in sales demand due to the rise in the number of data centres, businesses, hospitals, and other commercial complexes. Emerging nations are improving their power networks, to be able to supply energy reliably to consumer and industrial end-users.

What is a generator market ecosystem?

For example, the European Union has emitted standards under its Environmental Noise Directive. The Generator ecosystem is characterized by various, raw materials, component manufacturers, manufacturers, distributors/end users and post sales service providers. The generator market ecosystem involves multiple interconnected stakeholders.