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Industrial Generator Market Size
The global industrial generator market was valued at USD 21.5 billion in 2024 and is set to grow at a CAGR of 7.1% from 2025 to 2034. Rapid industrialization and infrastructure development primarily across the emerging economies coupled with increasing demand for reliable & uninterrupted power will positively sway the industry dynamic.
An industrial generator is a device engineered to deliver electrical power during grid outages or whenever a dependable power source is essential in industrial environments. These generators play a crucial role in maintaining operational continuity during power outages, supporting peak load requirements, and powering remote locations where grid access is limited. Additionally, advancements in technology have led to the development of more fuel-efficient, lower-emission generators, meeting stricter environmental regulations and catering to sustainability trends.
| Report Attributes | Details |
|---|---|
| Base Year: | 2024 |
| Market Size in 2024: | USD 21.5 Billion |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2025 – 2034 CAGR: | 7.1% |
| 2025 – 2034 Value Projection: | USD 42.4 Billion |
| Historical Data for: | 2021 – 2024 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 45 |
| Segments covered: | Power Rating, End Use, Fuel, Application and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Industrial Generator Market Trends
The generator sets market is positioned for growth driven by stringent environmental regulations that emphasize energy efficiency and a growing focus on cleaner energy sources. The industry stands to gain from rising demand for reliable and uninterrupted power supply across sectors like manufacturing, oil & gas, mining, and construction. Furthermore, stricter government policies and a move away from frequent power outages are set to energize the business dynamics.
Industrial Generator Market Analysis
The > 375 KVA - 750 kVA rated industrial generator will exceed USD 12 billion by 2034. Growing demand in mining operations along with expanding infrastructure projects is set to enhance the industry outlook. These generator units offer an effective solution for powering heavy-duty equipment comprising of cranes, excavators, and conveyor systems. Moreover, their increased deployment in remote, off-grid locations to support advanced drilling machinery further bolsters the business growth.
The diesel industrial generator market size will witness a growth rate of over 6.5% through 2034. These units offer essential advantages including scalable, adaptable and weather-independent functionality, fueling the business growth. Additionally, low initial costs and continuous power availability are pivotal factors advancing the industry landscape. The ongoing industrial revolution is expected to substantially increase power demands across various industries, further creating a favorable environment for business expansion.
U.S. industrial generator market is set to reach over USD 6 billion by 2034. The manufacturing industries are set to drive product deployment owing to rising demand for uninterrupted power to maintain production lines. Additionally, unexpected blackouts can lead to scheduling delays, raw material waste and missed targets, further accelerating the product demand. The product key benefits including increased capacity, high durability, and low volatility, enhance its appeal, thereby boosting the product penetration.
Expanding government initiatives to improve electrification rates will significantly drive the adoption of prime power units across the Asia Pacific. These systems are also utilized to support the main grid or integrate with renewable energy sources, helping to stabilize intermittent electricity supplies. The large-scale expansion of the manufacturing sector, combined with frequent power outages, will drive a positive business outlook. Additionally, rising production and financial losses from power disruptions, along with the increasing importance of dependable backup power solutions, will further support industry growth.
Industrial Generator Market Share
The manufacturers in the industrial gensets industry are employing several key strategies to strengthen their market position, drive technological advancements, and meet evolving customer needs. The companies are investing in digitalization and IoT-based solutions that enable real-time monitoring, predictive maintenance, and remote management, enhancing reliability and minimizing downtime. Strategic collaborations and partnerships with other technology firms are also common, helping companies to broaden their product portfolio, accelerate R&D and streamline supply chains.
Industrial Generator Market Companies
Major players operating in the industrial generator industry are:
- Ashok Leyland
- Atlas Copco
- Caterpillar
- Cummins
- Deere & Company
- FG Wilson
- Generac Power Systems
- Greaves Cotton
- Himoinsa
- JCB
- Kirloskar
- Kohler
- Mahindra Powerol
- Mitsubishi Heavy Industries
- MTU Onsite Energy
- Powerica
- Perkins Engines Company
- Supernova Genset
- Wartsila
- Yanmar Holdings
Industrial Generator Industry News
- In April 2024, Mitsubishi Electric Corporation and Mitsubishi Heavy Industries announced today the completion of their power-generator systems businesses merger under the newly formed Mitsubishi Generator Co. This joint venture combines the technologies and resources of both companies, enhancing market competitiveness and leveraging strong synergies. The company aims to expand its global presence in power-generator systems, contributing to the advancement of a carbon-neutral world.
- In February 2023, Cummins introduced 200kW and 175kW natural gas standby generator technology for North American customers. The new generator sets are part of Cummins' commitment to investing in new & sustainable technologies as per its ambitious strategy, Destination Zero, which aims to achieve zero emissions across its product range. This natural gas gensets series is equipped with robust 6-cylinder spark ignited with QSJ8.9G gas engine, ensuring reliable power delivery and quick responsiveness to load changes.
The industrial generator market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume (‘000 Units) & revenue (USD Million) from 2021 to 2034, for the following segments:
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Market, By Power Rating
- ≤ 75 kVA
- > 75 kVA - 375 kVA
- > 375 KVA - 750 kVA
- > 750 kVA
Market, By End Use
- Oil & Gas
- Manufacturing
- Construction
- Electric Utilities
- Mining
- Transport & Logistics
- Others
Market, By Application
- Standby
- Peak Shaving
- Prime/Continuous
Market, By Fuel
- Diesel
- Gas
- Others
The above information has been provided for the following regions and countries:
- 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
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Turkey
- Iran
- Oman
- Africa
- Egypt
- Nigeria
- Algeria
- South Africa
- Angola
- Kenya
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
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