At 8.7% CAGR, the North America Large Generator Market is projected to be worth US$ 2,451.68 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the North America large generator market was valued at US$ 1,485.84 million in 2022 and is expected to reach US$ 2,451.68 million by 2028, registering an annual growth rate of 8.7% from 2022 to 2028.  Rising demand for uninterrupted power supply and increasing adoption for distributed power generation are the critical factors attributed to the North America large generator market expansion. 

In recent years, there has been a drastic increase in the demand for power. The lack of reliable power grid infrastructure needs for emergency power backup solutions, and requirement for a steady power supply have increased the demand for large generators in various industries. The need for an uninterrupted power supply has increased in the mining industry. Many heavy-duty equipment is used in mining operations, such as excavating machinery, conveyor belts, drillers, and cranes, which require a continuous power supply even in harsh environments. Moreover, on oil rigs, an uninterruptible power supply is mandatory to ensure that signal lighting is always operational. Thus, the rising demand for an uninterruptible power supply in oil & gas and petrochemical industries is fueling the growth of the large generator market. Furthermore, for the high volume production of different goods, there is a need for an uninterruptible power supply in the manufacturing industry. In addition, the data center boom is further boosting the demand for an uninterruptible power supply. The growing data center industry will increase the demand for uninterrupted power, fueling the North America large generator market growth.

On the contrary, growing adoption of renewable energy sources and energy storage technologies hurdles the growth of North America large generator market.    

On the basis of fuel type, the North America large generator market is segmented into diesel, natural gas, hydrogen, and dual. The diesel segment held 61.8% market share in 2022, amassing US$ 917.92 million. It is projected to garner US$ 1,470.30 million by 2028 to expand at 8.2% CAGR during 2022–2028.  

Based on industry, the North America large generator market is further segmented into oil & gas, IT & telecom, power & utility, and others. The IT & telecom segment held 45.3% market share in 2022, amassing US$ 672.52 million. It is projected to garner US$ 1,165.34 million by 2028 to expand at 9.6% CAGR during 2022–2028.  

Based on country, the North America large generator market is segmented into the US, Canada, and Mexico. Our regional analysis states that the US captured 69.3% market share in 2022. It was assessed at US$ 1,028.98 million in 2022 and is likely to hit US$ 1,723.18 million by 2028, exhibiting a CAGR of 9.0% during the forecast period.    

Key players dominating the North America large generator market are ABB Ltd, Atlas Copco AB, Caterpillar Inc, Cummins Inc, Generac Power Systems Inc, INNIO Jenbacher GmbH & Co OG, Kohler Co, Mitsubishi Heavy Industries Ltd, Siemens AG, and Yanmar Holdings Co Ltd among others.  

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