Industrial Generator Market Size - By Fuel (Diesel, Gas), By End Use (Oil & Gas, Manufacturing, Construction, Electric Utilities, Mining, Transport & Logistics), By Application (Standby, Peak Shaving, Prime/Continuous), Power Rating & Forecast, 2024 – 2032

Industrial Generator Market Size

Industrial Generator Market size was valued at USD 19.9 billion in 2023 and is estimated to register 7.3% CAGR between 2024 and 2032.
 

An industrial generator, also known as an industrial backup generator or industrial standby generator, is a piece of equipment designed to provide electrical power during periods of electrical grid failure or when a reliable source of electricity is needed in industrial settings. These generators are typically larger and more robust than residential or portable generators, as they are intended to supply power to commercial and industrial facilities, such as factories, hospitals, data centers, and large-scale construction sites.
 

COVID– 19 Impact

The world has faced a severe and unforeseen outbreak of COVID-19, which has had significant impact on industrial generator market. This ongoing crisis has led to a substantial reduction in capital spending for the expansion of construction and power generation endeavors, consequently impacting the growth of these industries. However, the market's outlook is poised to improve with the nationwide immunization efforts underway, following the successful development of vaccines.
 

Industrial Generator Market Trends

The industrial generator sets market is estimated lucrative growth prospect over 2023 to 2032, owing to strict environmental regulations promoting energy efficiency and a heightened emphasis on cleaner energy sources. The industry is set to benefit from increasing demand for consistent and dependable power supply across various sectors such as manufacturing facilities, oil & gas, mining, and construction sites. Additionally, stringent government regulations and a shift away from frequent power outages are likely to drive industrial generator market expansion in this sector.
 

Industrial Generator Market Analysis

Based on power rating the > 750 kVA rated generator market will witness growth rate of around 6.9% through 2032. The growing demand within the mining sector, combined with the rise in infrastructure projects, will significantly enhance the prospects for this industry. These generators serve as a suitable solution for powering heavy-duty machinery such as cranes, excavators, and conveyor belts. Moreover, their increased deployment in remote off-grid locations to provide power for advanced drilling equipment will further bolster the expansion of this sector.
 

The manufacturing sector held approximately 25% share of the industrial generator market of in 2022. The facilities are incorporating renewable energy sources, such as solar panels and wind turbines, in combination with traditional generators to reduce operating costs and environmental impact, driving the business potential.
 

The diesel generator industry is set to surpass USD 20 billion by 2032. These generators offer several advantages, such as scalability, flexibility, and the ability to operate regardless of weather conditions, which are contributing to the expansion of the business. Furthermore, their low initial costs and the availability of continuous power around the clock are significant factors propelling the industry forward. The ongoing industrial revolution is expected to result in a substantial increase in power demands for industrial operations, which in turn will foster the industrial generator market growth.
 

The standby application is set to gain momentum due to strong infrastructure development and a resurgence in industrialization. The widespread adoption of these generators in power utilities, mining operations, and construction sites will invigorate the business environment. These units are primarily deployed in situations where there are restrictions on the amount of electricity that can be sourced from the power grid.
 

The China industrial generator market size crossed USD 5 billion in 2022, owing to the electrical grids' inability to support increased demand, coupled with the rapid proliferation of industrial facilities. The extensive expansion of the manufacturing sector, coupled with frequent power outages, will drive the industry's prospects. Additionally, the rising production losses and financial setbacks resulting from these outages, along with the growing importance of dependable backup power solutions, will further enhance the industry's outlook.
 

Industrial Generator Market Share

The key participants operating across the industrial generator market include:

• Sterling Generator
•  HIMOINSA
• Caterpillar
•  Atlas Copco AB
•  Supernova Genset
•  J C Bamford Excavators Ltd
•  MAHINDRA POWEROL
•  Deere & Company
•  Ashok Leyland
•  Greaves Cotton Limited
• MITSUBISHI HEAVY INDUSTRIES LTD.
• Wärtsilä
•  Cummins
•  Kirloskar
•  Kohler
•  Powerica Limited
•  Genset India Pvt Ltd. and Generac Power Systems.
   

Industrial Generator Market News

• In March 2022, MHIET, a subsidiary company of Mitsubishi Heavy Industries, Ltd., introduced the MGS-R Series of diesel generator sets. This series will cater to the growing demands of the digital economies of the Middle East and Asian markets. This series offers reliable power solutions to industries. In addition, this series features 21 models that cover all power rating categories.
   
• The European emission standards governing engines used in New Non-Road Mobile Machinery have been organized into a series of increasingly stringent tiers, referred to as Stage I-V standards. These standards, covering diesel engines, were initially defined by Directive 97/68/EC, with five amending directives introduced between 2002 and 2012. Starting from Stage V, Regulation 2016/1628 has been established to outline emission criteria for all types of compression ignition and positive ignition mobile non-road engines. This regulation supersedes Directive 97/68/EC and its subsequent amendments.
   

This industrial generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:

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By Power Rating

• ≤ 75 kVA
• > 75 kVA - 375 kVA
• > 375 KVA - 750 kVA
• > 750 kVA

By Fuel

• Diesel
• Gas
• Others

By End Use

• Oil & Gas
• Manufacturing
• Construction
• Electric Utilities
• Mining
• Transport & Logistics
• Others

By Application

• Standby
• Peak Shaving
• Prime/Continuous

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada
• Europe
  • Russia
  • UK
  • Germany
  • France
  • Spain
  • Austria
  • Italy
• Asia Pacific
  • China
  • Australia
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Thailand
  • Vietnam
  • Philippines
  • Myanmar
  • Bangladesh
• Middle East
  • Saudi Arabia
  • UAE
  • Qatar
  • Turkey
  • Iran
  • Oman
• Africa
  • Egypt
  • Nigeria
  • Algeria
  • South Africa
  • Angola
  • Kenya
  • Mozambique
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Chile