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Power Generation Equipment Market

Power Generation Equipment Market

Power Generation Equipment Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

176

Base Year:

2022

Date

Dec - 2023

Format:

PDF XLS PPT

Report Code:

VMR-VMR-2021-0913

Segments Covered
  • By Product By Product Portable Generators, Standby Generators, Mobile Generators, Gas Turbines, Steam Turbines, Wind Turbines, Hydro Turbines, Others
  • By Application By Application Residential, Industrial, Commercial, Others
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 33.68 Billion
Revenue 2030Revenue 2030: USD 49.35 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 4.91%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Power Generation Equipment Market Share

The global Power Generation Equipment Market is valued at USD 33.68 Billion in 2022 and is projected to reach a value of USD 49.35 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 4.91% between 2023 and 2030.

Premium Insights

The Power Generation Equipment market experiences growth due to various factors including the growing need for electricity worldwide, which is fueled by industrialization, urbanization, and population growth. This necessitates the continuous expansion and improvement of power generation infrastructure. Advancements in energy storage solutions and smart grid technologies further contribute to the adoption of modern power generation equipment. Government initiatives promoting clean energy and the requirement for reliable power supply in critical sectors like healthcare and IT are also crucial factors.

Power Generation Equipment Market Size, 2022 To 2030 (USD Billion)

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  • The rising trend of electrification in different industries, such as transportation, and the demand for resilient power systems in the face of natural disasters or grid disruptions
  • North America generated more than 40.2% of revenue share in 2022
  • Asia Pacific is expected to grow at the quickest rate from 2023 to 2030
  • Portable Generators segment accounted for the largest market growth in 2022
  • Commercial segment leads the market with highest market share in 2022

Economic Insights

The Power Generation Equipment market is heavily influenced by a range of factors related to the economy. Factors such as economic growth, industrialization, and infrastructural development are crucial drivers for the demand of power generation equipment. The shift towards cleaner energy sources, in line with environmental and sustainability goals, also affects the economic landscape of the Power Generation Equipment market.

Report Coverage & Deliverables

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  • Real-Time Data Updates:
  • Competitor Benchmarking
  • Market Trends Heatmap
  • Custom Research Queries
  • Market Sentiment Analysis
  • Demographic and Geographic Insights

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Top Market Trends

  • Increasing demand for renewable energy: Due to mounting worries about climate change and the depleting stores of fossil fuels, there has been a significant rise in the demand for sustainable energy options such as solar, wind, and hydro power.
  • Growing adoption of distributed generation: Distributed generation is the generation of electricity right at or close to the location of consumption with the use of technologies like rooftop solar panels, microturbines, and fuel cells.
  • Integration of energy storage: As the portion of renewable energy in the grid expands, the significance of energy storage is growing. The reason behind this is that renewable energy sources operate on an irregular basis, implying that electricity production might not always align with demand.
  • Focus on efficiency and emissions reductions: Manufacturers of power generation equipment are increasingly prioritizing the enhancement of efficiency and emission reduction. Several factors, such as regulations related to climate change, surging fuel expenses, and the growing need for clean energy, are motivating this shift.

Market Segmentation

Power Generation Equipment The global Power Generation Equipment market can be categorized into Product, Application , Region. The Power Generation Equipment market can be categorized into Portable Generators, Standby Generators, Mobile Generators, Gas Turbines, Steam Turbines, Wind Turbines, Hydro Turbines, Others based on Product. The Power Generation Equipment market can be categorized into Residential, Industrial, Commercial, Others based on Application . The Power Generation Equipment market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

Portable Generators holds the largest share

Portable generators play a crucial role in the Power Generation Equipment market, holding the largest share due to their versatility and convenience, as they can be used for various purposes such as emergency power backup, outdoor events, and construction sites. Both consumers and businesses highly appreciate the portability and ease of use of these generators. The growing demand for reliable and mobile power sources, along with advancements in portable generator technology, has driven the expansion of this sector.

Based on Application

Commercial accounts for largest market share

The Power Generation Equipment market is dominated by the commercial, which holds the largest market share due to the increasing demand for power generation solutions in different commercial settings such as offices, retail establishments, and industrial complexes.

Based on Region

North America will lead the market

The Power Generation Equipment market in North America has the largest market due to factors such as strong industrial infrastructure, an established energy sector, and proactive adoption of advanced technologies. The integration of renewable energy and increasing demand for reliable power supply in various industries further solidify North America's prominence in this market. The region's focus on energy efficiency and sustainability will likely maintain its leadership position and drive innovation in power generation.

Competitive Landscape

The Power Generation Equipment market is highly competitive, key players are constantly undertaking strategic activities like mergers, acquisitions, and collaborations to enhance their product offerings and expand globally. Moreover, companies are increasingly investing in digitalization and smart technologies to provide integrated and advanced solutions to customers. The market competitiveness is also driven by a variety of players offering a comprehensive range of power generation equipment, such as generators, turbines, and associated parts.

The players in the global Power Generation Equipment market include Yamaha, Champion, Itopower, Sawafuj, Cummins Power Systems, Hyundai Power, KOHLER, TTI, Briggs & Stratton, Caterpillar, Eaton, MTU, Generac, Honda Power among others.

Recent Market Developments

  • 2023: The Cat® brand is renowned internationally for its innovative engineering and dependable construction equipment. Positec Tool Corporation now introduces a new range of Cat 60-volt outdoor power equipment that embodies the same commitment to excellence, durability, and high performance.

Segmentation of the Global Power Generation Equipment Market

Parameter Details
Segments Covered

By Product

  • Portable Generators
  • Standby Generators
  • Mobile Generators
  • Gas Turbines
  • Steam Turbines
  • Wind Turbines
  • Hydro Turbines
  • Others

By Application

  • Residential
  • Industrial
  • Commercial
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Yamaha
  • Champion
  • Itopower
  • Sawafuj
  • Cummins Power Systems
  • Hyundai Power
  • KOHLER
  • TTI
  • Briggs & Stratton
  • Caterpillar
  • Eaton
  • MTU
  • Generac
  • Honda Power
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Power Generation Equipment valued at USD 33.68 Billion in 2022 and is expected to reach USD 49.35 Billion in 2030 growing at a CAGR of 4.91%.

  • The prominent players in the market are Yamaha, Champion, Itopower, Sawafuj, Cummins Power Systems, Hyundai Power, KOHLER, TTI, Briggs & Stratton, Caterpillar, Eaton, MTU, Generac, Honda Power.

  • The market is project to grow at a CAGR of 4.91% between 2023 and 2030.

  • The driving factors of the Power Generation Equipment include

    • Renewable Energy Integration

  • North America was the leading regional segment of the Power Generation Equipment in 2022.