Growth Report: Large Generator Market Worth $10.44Bn, Globally, by 2028 at 9.1% CAGR | The Insight Partners
The large generator market is expected to register an incremental growth value of US$ 4,264.19 million during 2022 to 2028. The Asia Pacific is expected to register highest CAGR in the market. China, India, and Argentina are expected to register high growth rate; US is expected to hold a major market share of the market in 2022.
Pune, India., April 10, 2023 (GLOBE NEWSWIRE) — According to our latest market study on “Global Large Generator Market Growth Report, Size & Forecast to 2028 – COVID-19 Impact and Global Analysis – by Fuel Type, Industry, and Geography,” the market is expected to grow from US$ 6,176.78 million in 2022 to US$ 10,440.97 million by 2028; it is estimated to register a CAGR of 9.1% from 2022 to 2028.
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Global Large Generator Market Growth Drivers:
Increasing Demand for Electricity: The demand for electricity has been growing steadily due to urbanization, industrialization, and population growth. Large generators are essential for meeting this demand, especially in areas with limited access to the power grid.
Rapid Industrialization: The increasing number of industries and the expansion of existing ones require a reliable and continuous source of power. Large generators provide an efficient solution to meet the power needs of industrial operations.
Growing Investment in Renewable Energy: While renewable energy sources like solar and wind are gaining popularity, large generators are still necessary for backup power supply during periods of low renewable energy generation. The investment in renewable energy infrastructure is driving the demand for large generators.
Expansion of Data Centers: Data centers require uninterrupted power supply to operate effectively. Large generators are essential for providing backup power during power outages or brownouts, ensuring continuous operation of critical infrastructure.
Emergence of Smart Cities: The growth of smart cities, which use advanced technologies to improve infrastructure and services, requires a reliable and sustainable power supply. Large generators are an important component of the power supply system in smart cities.
Aging Power Infrastructure: The power infrastructure in many countries is aging and in need of replacement. Large generators are an effective solution for meeting the power needs of aging infrastructure until it can be replaced or upgraded.
Global Large Generator Market Recent Developments:
Increased Use of Renewable Fuels: Large generators are increasingly being designed to run on renewable fuels such as biodiesel, biogas, and hydrogen. This shift towards renewable fuels is being driven by the need to reduce carbon emissions and increase sustainability.
Advancements in Generator Control Systems: The integration of advanced control systems into large generators has improved their efficiency, reliability, and performance. These control systems use data analytics and artificial intelligence to optimize generator performance and reduce downtime.
Growing Demand for Gas-Powered Generators: Gas-powered generators have become increasingly popular due to their lower emissions and lower fuel costs compared to diesel generators. As a result, gas-powered generators are becoming more prevalent in the large generator market.
Increase in Modular Generator Systems: Modular generator systems are becoming more common in the large generator market due to their flexibility and scalability. These systems allow for the quick and easy addition of generator capacity as demand increases, reducing downtime and increasing reliability.
Expansion of Rental Generator Market: The rental generator market has seen significant growth in recent years, driven by the need for temporary power solutions in industries such as construction, events, and disaster relief. This has led to an increase in the availability and variety of large generators for rent.
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Based on region, the large generator market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. In the large generator market, Asia Pacific is likely to account for the largest share with the highest CAGR.
The large generator market in Asia Pacific is segmented into China, Japan, India, South Korea, Australia, and the Rest of APAC. The growing manufacturing industry propels the demand for large generators across the region. The manufacturing sector in many economies in Asia Pacific has shown a significant rebound since September 2020, as COVID-19-related lockdown measures were eased in many nations as conditions were stabilized. Disruptions such as shortage of raw materials and supply chain delays in the manufacturing industry can mean low-volume and poor-quality production. Any production line in a manufacturing facility must be operating as required at all times. When blackouts occur in manufacturing plants, they affect all processes, from raw material sourcing to product sales. Normal schedules are also interrupted, targets are not met, raw materials go bad, safety is compromised, and in some cases, a product’s quality is affected. This can lead to customer loss. To avoid this, large generators are widely used across the growing manufacturing sector in Asia Pacific.
The presence of emerging economies such as India and China is fueling the growth of the large generator market in the region. The growing manufacturing, power & utility, and IT & telecom industries in these emerging countries are helping the market grow. Furthermore, the increasing strategic decisions of the key players in Asia Pacific boosts the growth of the large generator market in the region.
The rise in energy demand, coupled with rapid industrialization, is bolstering the growth of large generators in China. According to National Energy Administration data, China’s power consumption rose 3.6% yearly to 8,637 TWh in 2022. According to the prediction by China Electricity Council, electricity consumption will increase by 6% in 2023. Further, according to predictions by China Electricity Council, transportation and tourism will increase the electricity demand in China, which will compel the need for large generators for an uninterrupted power supply. Moreover, China is a big user and exporter of minerals and the world’s biggest miner as of 2021. Diesel generators are widely used for mining operations as they need 80% of the power supply for heavy-duty equipment such as excavating machinery, drillers, conveyor belts, and cranes. The huge growth of the mining industry will further boost the large generator market growth in the country.
China’s industrial revolution, which started 35 years ago, is perhaps one of the most important reasons for economic and geopolitical development. China’s rapid growth in industrialization will encourage industrial activities and hence will require large generators for smooth functioning, which will subsequently drive the large generator market growth in China.
Global Large Generator Market: Platform Overview
Based on fuel type, the global large generator market is segmented into diesel, natural gas, hydrogen, and dual. The diesel segment accounted for the largest share of the large generator market in 2021, as it is used in various applications such as mining, healthcare, commercial, oil & gas, and manufacturing. They are connected to the power grid as the main power source or backup system. They can also be used to offset the peaking power needed on the grid, which can help quickly turn on and off without inducing any lag time. In addition, the low volatility rate of diesel makes it a safer option than gasoline in mining fields.
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Global Large Generator Market: Competitive Landscape and Key Developments
ABB Ltd, Siemens AG, Atlas Copco AB, Caterpillar Inc, Cummins Inc, Yanmar Holdings Co Ltd, Generac Power Systems Inc, Kohler Co, Mitsubishi Heavy Industries Ltd, INNIO Jenbacher GmbH & Co OG, and Rolls-Royce Holdings Plc are among the key market players profiled in the large generator market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which can help major players strategize their growth.
In August 2022, Atlas Copco completed the acquisition of LEWA GmbH and its subsidiaries for a total consideration of MSEK 6 468. LEWA is a leading manufacturer of diaphragm metering pumps, process pumps, and complete metering systems.
In April 2022, Atlas Copco AB introduced new hybrid power solutions. The new range of Energy Storage Systems from Atlas Copco maximizes sustainability for operators by working in hybrid mode with efficient diesel-driven generators. This solution helps them cover power peaks and low loads, extending their lifespan and providing a rapid return on investment (ROI).
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