Generator Market Size & Share, by Fuel (Deisel, Gas, Hybrid, LPG, Bio-fuels); Application (Stand by. Continuous, Peak Load); End-users (Commercial, Residential, Mining, Oil & gas, Construction, Manufacturing, Marine, Pharmaceuticals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 5930
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Generator Market size is poised to reach USD 25 Billion by the end of 2036, growing at a CAGR of 5.6% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of generator was USD 13 Billion, and the growth of the market is due to the increasing cases of several natural disasters, as well as weather-related events. According to the National Centers for Environmental Information, the U.S. has experienced an average of about 18 billion USD in climate disasters each year, with about 18 climate disasters in 2022 causing a total of more than ​​175.2 billion USD in damage and resulting in 474 fatalities.

Furthermore, there is a rapid increase in industrialization due to the increase in factories, and manufacturing plants to operate the equipment and production lines. The US economic growth has been mainly concentrated in a few places, such as 6% of the US accounts for about two-thirds of the GDP output, they have greatly increased the generator market in the forecasted years.

Generator Market
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Generator Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing use of renewable energy sources: The increasing usage of several renewable energy sources, particularly wind and solar, has led to a growing demand for generators that work with these renewable sources. According to the Center for Climate and Energy Solutions, renewable energy made up about 19.8& of electricity generation in 2020, along with hydro and wind making up the majority of it. This is expected to increase to 35% by 2030, and most of this increase is expected to be from wind and solar.
  • Growing focus on environmental consciousness and sustainability: The generator market has shown a growing focus on environmental concerns along with sustainability options, this drives the demand for cleaner and more energy-efficient generators.
  • Growing demand for smart energy solutions: The advancement of such technology particularly Artificial Intelligence-based technologies, such as Machine Learning and Deep Learning, has increased the demand for many smart energy solutions, in which data-driven insights are used to improve energy utilization, management, and consumption.
  • Growing use of digital monitoring and control systems: Digital monitoring and control systems are becoming increasingly advanced and sophisticated, allowing for better monitoring and control of generators, and improved energy management and optimization. This is driving the demand for generators that can be equipped with these systems.


  • Competition and market disruption- The US generator market is highly competitive and is continuously advancing by upgrading new technologies such as EVs, renewable energy, and battery-storage solutions. This can act as a restraint for this market growth or even disrupt and shrink the market.
  • High purchasing and maintenance costs.
  • Limited availability of skilled labor.

Generator Market: Key Insights

Base Year


Forecast Year




Base Year Market Size (2023)

~ USD 13 Billion

Forecast Year Market Size (2036)

~ USD 25 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Generator Market Segmentation

Fuel (Diesel, Gas, Hybrid, LPG, Bio-fuels)

The diesel segment in the generator market is estimated to gain a robust revenue share of 42% in the coming years owing to its high energy density, making it a good choice for generating power, it also has an efficient combustion, which reduces emissions and improves the environmental profile of the generators. According to a report, in the combustion of a diesel engine using ultra-low sulfur diesel biodiesel at 10%, 20%, 50%, and 100% under partial load conditions, the maximum pressure in the cylinder is decreased by using biodiesel at all loads, along with B100 compared to diesel fuel, mainly to lower the achieved heat release.

Application (Continuous, Peak, Stand by Load)

The stand load segment in the generator market is set to garner a notable share shortly and is likely to remain the second largest segment in the application of the market as the demand for off-grid systems, which provide power independently of the grid, has also grown, due to the need for improved energy security and safety. Stand-by load systems are a vital component of such systems, and their growing demand has driven the overall US market.

Moreover, the stand-by Load is a crucial component of emergency power systems, and the growing awareness and preparedness for disasters and emergencies have led to a growing demand for stand-by load systems.

End-users (Commercial, Residential, Mining, Oil & gas, Construction, Manufacturing, Marine, Pharmaceuticals)

The commercial segment in the generator market is estimated to hold a noteworthy share due to the increasing aim of reducing the environmental footprint and becoming more sustainable in our practices. The usage of generators which produces lower emissions along with the usage of less energy helps to fulfill such objectives. Furthermore, generators that use renewable and alternative fuels can also fulfill the goal of being more environmentally conscious. This has also contributed to the growth of the US market.

Moreover, the increasing investment and expansion of existing facilities, such as warehouses, factories, and offices, has also driven the demand for generators, as the existing power infrastructure may not be sufficient to accommodate the new requirements.

Our in-depth analysis of the global market includes the following segments:


  • Deisel
  • Gas
  • Hybrid
  • LPG
  • Bio-fuels


  • Stand by Load
  • Peak Load
  • Continuous Load


  • Commercial
  • Mining
  • Oil & gas
  • Construction
  • Manufacturing
  • Marine
  • Pharmaceuticals

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Generator Industry- Regional Synopsis

North American Market Forecast

The generator market in North America is estimated to have the largest share of 40% in 2023, impelled by increasing demand for renewable energy resources. The U.S. government has been promoting the usage of generators because of the lack of electrical service or power failures. According to the U.S. Energy Information Administration, in 2022, annual U.S. renewable energy generation surpassed coal for the first time in history. According to a report by the Department of Energy, by 2025, domestic solar energy generation is expected to increase by approximately 75%, and wind by 11%.

APAC Market Statistics

The Asia Pacific generator market is estimated to be the second largest, during the forecast timeframe led by the expansion of several facilities across the countries such as China. Furthermore, there has been a growth in the data centers in the Asia-Pacific which is boosting the demand for data center generators mainly to ensure a sufficient power supply for the IT operations, this contributes as the growth driver of the market.

Research Nester
Generator Market size
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Companies Dominating the Generator Landscape

    • Briggs and Stratton
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Generac Power Systems
    • American Honda Motor Corp.
    • Caterpillar Inc.
    • Cummins Inc.
    • Ingersoll Rand
    • John Deere
    • HiPower Systems
    • Kohler – SDMO
    • Wacker Neuson


In The News

  • Caterpillar Inc., announced its latest launched  G3516, a natural gas-fueled Fast response generator set which is US EPA certified, and can be used in emergency and non-emergency situations.
  • Generac Power Systems, Inc. has announced a pair of new additions to their lineup, the Powermate 4500 Watt Dual Fuel Portable Generator and the Powermate 7500 Watt Dual Fuel Portable Generator. These two models are engineered to function flexibly, being compatible with either gasoline or LP gas as fuel sources.

Author Credits:  Payel Roy, Dhruv Bhatia

  • Report ID: 5930
  • Published Date: Mar 27, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The growing focus on environmental consciousness and the growing use of renewable energy resources are the major factors driving the growth of the market.

The market size of U.S. Generators is anticipated to attain a CAGR of 5.6% over the forecast period, i.e., 2024-2036.

The major players in the market are Generac Power Systems, American Honda Motor Corp., Caterpillar Inc., Cummins Inc., Ingersoll Rand, John Deere, HiPower Systems, Kohler – SDMO, Wacker Neuson, Honda Motor Co. Ltd., Daihatsu Diesel Mfg. Co. Ltd., Yanmar Holdings Co. Ltd., Denyo, and others.

The diesel segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Generator Market Report Scope

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