The North America large generator market is expected to grow from US$ 1,485.84 million in 2022 to US$ 2,451.68 million by 2028. It is estimated to grow at a CAGR of 8.7% from 2022 to 2028.
Increasing Adoption for Distributed Power Generation in North America Large Generator Market
The rising demand for power is turning it into various forms of distributed generation. Although solar PV and other renewable technologies are receiving most of the coverage, but they represent only a small portion of the distributed market. Thus, to cater to the growing power demand, diesel generators have been used for distributed generation. However, due to the factors, such as cheap natural gas and increasingly stringent environmental regulations, there is a rise in the demand for distributed natural gas generation (DNGG) technologies. Also, the rising demand for compact, resilient, dispatchable power the demand for DNGG is rising in the market. Various businesses are using technology to provide continuous power to their facilities. Thus, the growing demand for DNGG, as it is a reliable power source its demand is increasing, further bolstering the growth of the large generator market. Furthermore, distributed power generation through diesel generators is increasingly used in various industries. It is used not only at manufacturing sites where the electricity supply from power utilities can be unreliable, but its demand at remote mining sites and even at other utilities that need to supplement their centralized generation assets is also increasing. Moreover, distributed power generation using diesel generators can cater to the power demand from commercial and industrial sectors during power cuts. Such growing demand for distributed power generation for a regular supply of electricity will further boost the growth of North America large generator market during the forecast period.
North America Large Generator Market Overview
The North America large generator market is segmented into the US, Canada, and Mexico. North America is the world's most industrially developed region. The growing IT & telecom and power & utility industries and rapid urbanization are expected to support the regional market growth during the forecast period. Communication is key for communities and businesses worldwide. The IT & Telecom industry has become vital in everyday lives which requires large generators to power the entire communication operations. With more than 250 million mobile users and growing, the North America telecommunications market is in a rapid growth phase. The industry has also experienced major investment activity in fiber deployments, HFC technology upgrades, and mobile broadband networks to respond to the increasing expectations of subscribers. The North America IT and telecom sector has found itself at the epicenter of growth, innovation, and disruption in most areas of industry and consumer activity. For instance, according to the Information Technology & Innovation Foundation, the US IT sector accounted for 28% of establishments and 22.4% of jobs in 2022. Thus, such a significant rise in the North America IT and Telecom industry has increased the need for large generators to keep cell tower sites powered and in service and to keep messages and vital data getting through phone lines.
North America Large Generator market Revenue and Forecast to 2028 (US$ Million)
North America Large Generator market Segmentation
The North America large generator market is segmented on the basis of fuel type, industry, and country. On the basis of fuel type, the North America large generator market is segmented into diesel, natural gas, hydrogen, and dual. The diesel segment registered a larger market share in 2022.
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 registered a larger market share in 2022.
Based on country, the North America large generator market is segmented into US, Canada, and Mexico. US dominated the market share in 2022.
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 are the leading companies operating in the North America large generator market.