Categories: Oil & Gas

Generator Sales Market Size, Share, Growth | Forecast

The Electric Generators Global Market Report 2023 by The Business Research Company, provides electric generators market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Electric Generators Global Market Report 2023, the market size is expected to grow from $27.8 billion in 2022 to $29.54 billion in 2023 at a compound annual growth rate (CAGR) of 6.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the global electric generators is expected to grow to $36.27 billion in 2027 at a CAGR of 5.3%.

Increasing demand from several industries such as mining, oil and gas, and pharmaceuticals is expected to contribute to the growth of the generator manufacturing market in the forecast period. Generators are used as a source of power backup in many industrial activities. However, in cases where grid infrastructure is absent, generators are used as the only source of power.

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The electric generators market is segmented:

1) By Type: Gas Generator, Diesel Generator, CKD Generator

2) By Capacity: Below 75kva, 75-375 kva, 375-750 kva, Above 750 kva

3) By Application: Stand By, Peak Shaving, Continuous

4) By End User: Mining, Oil & Gas, Construction, Residential, Marine, Manufacturing, Pharmaceuticals, Commercial, Other End-Users

Government initiatives to promote building and maintaining a robust energy infrastructure will drive the demand for power generation systems which in turn is expected to restrain the electric generators market for generators in the forecast period. For instance, in March 2021, government agencies are responsible for building maintenance (upkeep and repair), as well as minor repairs that improve the function, safety, and appearance of buildings. Governments in both developed and developing countries are focusing on building and maintaining a robust energy infrastructure, and it is expected to limit the growth of the electric generators market.

The electric generators market report table of contents includes: