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Generator market to grow by USD 21.4 billion from 2024-2028, driven by rapid industrialization and construction equipment, AI-powered report by Technavio

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NEW YORK, Sept. 26, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global generator market size is estimated to grow by USD 21.4 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 8.09%  during the forecast period. Rapid industrialization and growing construction equipment is driving market growth, with a trend towards growing rural electrification programs. However, rising adoption of green energy technologies  poses a challenge. Key market players include ABB Ltd., AKSA Power Generation, Atlas Copco AB, Briggs and Stratton LLC, Caterpillar Inc., Cooper Corp., Cummins Inc., Doosan Corp., Eaton Corp. Plc, Generac Holdings Inc., General Electric Co., Honda Motor Co. Ltd., Kirloskar Oil Engines Ltd., Kohler Co., Kubota Corp., Mitsubishi Heavy Industries Ltd., Multiquip Inc., PR INDUSTRIAL Srl, Siemens AG, and Yamaha Motor Co. Ltd..

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Generator Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 8.09%

Market growth 2024-2028

USD 21385.3 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

7.32

Regional analysis

APAC, Europe, Middle East and Africa, North America, and South America

Performing market contribution

APAC at 48%

Key countries

China, Nigeria, US, India, and Germany

Key companies profiled

ABB Ltd., AKSA Power Generation, Atlas Copco AB, Briggs and Stratton LLC, Caterpillar Inc., Cooper Corp., Cummins Inc., Doosan Corp., Eaton Corp. Plc, Generac Holdings Inc., General Electric Co., Honda Motor Co. Ltd., Kirloskar Oil Engines Ltd., Kohler Co., Kubota Corp., Mitsubishi Heavy Industries Ltd., Multiquip Inc., PR INDUSTRIAL Srl, Siemens AG, and Yamaha Motor Co. Ltd.

Market Driver

The global generator market is poised for growth due to the increasing energy demand in various regions. Developed countries like the US, UK, and Japan, as well as emerging economies such as China, and developing regions including Southeast Asia and the Arab States of the GCC, are experiencing power production and consumption gaps. Industrialization in rural areas has further escalated power requirements for industrial purposes, leading to a significant increase in demand for uninterrupted power supplies. These factors are expected to provide substantial opportunities for the generator market during the forecast period. 

The Generator Market is experiencing significant trends in various sectors, including agriculture and construction. Agricultural generators are gaining popularity as alternative fuel sources like bi-fuel generators and battery storage systems reduce reliance on diesel. In construction, continuous load requirements for critical infrastructure and communication systems necessitate the use of reliable generators. Developing regions are also embracing generator technology for electrification. Cummins and Generac lead the generator market ecosystem, providing customer service and innovative generator technology. Emission norms and environmental regulations are driving the shift towards hybrid generators and cleaner fuel sources. Factories, hospitals, data centers, and other industries rely on generators for backup power and energy storage. Downtime due to fuel prices and availability can result in substantial financial losses, making generator efficiency and reliability crucial. Electromagnetic induction plays a vital role in generator technology, ensuring electrical energy generation. Emergency response centers and critical infrastructure require immediate power response. Indirect sales channels expand generator market reach, making generator technology accessible to a broader customer base. Overall, the generator market is evolving to meet diverse power needs while addressing environmental concerns and improving efficiency. 

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Market Challenges

The generation and consumption of power in manufacturing facilities contribute substantially to carbon emissions. Coal-powered electricity, in particular, results in higher carbon output compared to renewable energy sources. With the expansion of businesses through new constructions, the installation of energy-efficient systems with monitoring capabilities is crucial for reducing power consumption and carbon emissions. In the US, manufacturing facilities account for a substantial carbon footprint annually, surpassing many other countries. The increasing awareness of harmful carbon emissions and favorable government initiatives for renewable energy adoption may hinder the growth of the generator market during the forecast period.In the Generator Market, businesses face various challenges. Noise pollution from traditional power sources like diesel generators can disrupt operations in oil & gas projects and urban areas. In oilfield projects and remote locations, ensuring a reliable power supply for output terminals and production lines is crucial for productivity. Power reliability is a major concern for industries, especially in sectors like pharmaceuticals and telecom, where power outages can lead to significant losses. Power sources and power supply strategies must consider power sources like renewable energy systems, such as solar panels and wind turbines, to mitigate the risks of power outages. Regulations for emissions and noise pollution add complexity to strategy planning for utility companies and third-party service providers. Renewable energy sources and systems are becoming increasingly important for power generation capacity in rural areas and public buildings. Prime movers like rotors and stators in generators require regular maintenance to ensure optimal performance. Transportation and logistics of heavy equipment like generators and renewable energy systems can also pose challenges. In conclusion, businesses in the generator market must address challenges related to power reliability, power sources, regulations, and logistics to ensure productivity and profitability.

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Segment Overview 

This generator market report extensively covers market segmentation by  

Type 1.1 Stationary1.2 PortableEnd-user 2.1 Industrial2.2 Commercial2.3 ResidentialGeography 3.1 APAC3.2 Europe3.3 Middle East and Africa3.4 North America3.5 South America

1.1 Stationary-  Stationary generators, particularly those in the low-capacity range, are essential for small facilities with minimal energy requirements and short operating durations. These generators are affordably priced and require less space compared to high-power rating generators. Diesel is the preferred fuel type for large standby generators due to their cost-effectiveness and extended equipment lifetime. Backup generators are crucial for industrial buildings to maintain operations during power outages, ensuring the functionality of critical equipment and safety systems. APAC is a significant market for stationary generators due to low electrification rates and increasing electricity demand in countries like China and Southeast Asia. Many people in the region lack access to electricity, and outdated power infrastructure hampers renovation efforts. Consequently, frequent power outages necessitate the use of auxiliary power supplies, such as stationary generators, contributing to market growth. Myanmar, for instance, experiences a high demand for generators due to its energy deficiency. In summary, stationary generators cater to various industries and regions, providing uninterrupted power and reliability.

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Research Analysis

The Generator Market has witnessed significant growth in recent years, driven by industrialization and urbanization, which have increased the demand for reliable power sources in various sectors. Generators play a crucial role in providing electrical energy to remote locations, rural areas, construction sites, mining operations, manufacturing plants, and various other applications. The market encompasses a wide range of generators, including gensets, diesel generators, and oilfield projects, catering to residential, commercial, agricultural, and industrial needs. The industry dynamics of the generator market are influenced by several factors, including energy demand, mechanical sources, electromagnetic induction, prime mover, rotor, and stator. Prime movers like diesel engines, natural gas engines, and steam turbines are commonly used to power generators. The market is expected to continue its growth trajectory, driven by the increasing need for power generation capacity in various sectors. Strategy planning for key players in the market involves staying abreast of industry trends, technological advancements, and regulatory requirements to maintain a competitive edge.

Market Research Overview

The Generator Market encompasses a diverse ecosystem of electrical power generation solutions catering to various industries and applications. Agriculture and construction sectors rely on generators for continuous load requirements, while critical infrastructure such as data centers and hospitals demand uninterrupted power supply. Generators come in various types, including diesel, gas, and bi-fuel, with advancements in technology leading to alternatives like inverter and hybrid generators. Environmental regulations aim to reduce emissions and noise pollution, driving the adoption of renewable energy sources and battery storage. Industry dynamics include factors like fuel prices, downtime, and financial losses due to power outages. Prime movers like internal combustion engines and electromagnetic induction power the generators, with mechanical sources also contributing. Remote locations and developing regions continue to present significant growth opportunities. Manufacturing sectors, oil & gas, mining, and marine industries are key consumers, with machinery and production lines relying on these power sources for productivity. Communication and emergency response centers also utilize generators for critical operations. The market is characterized by a complex ecosystem of manufacturers, distributors, and indirect sales channels, with key players like Cummins, Generac, and others offering comprehensive generator solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

TypeStationaryPortableEnd-userIndustrialCommercialResidentialGeographyAPACEuropeMiddle East And AfricaNorth AmericaSouth America

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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/C O R R E C T I O N from Source — Carbon Upcycling Technologies Inc./

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In the news release, Carbon Upcycling, Minnesota DOT and National Road Research Alliance Joint Study Shows High-Performance Low-Carbon Concrete is 30% Stronger than Existing Roadways, issued 12-Nov-2024 by Carbon Upcycling Technologies Inc. over CNW, we are advised by the company that corrections were made to the release. The complete, corected release follows:

Carbon Upcycling, Minnesota DOT and National Road Research Alliance Joint Study Shows High-Performance Low-Carbon Concrete is Stronger than Existing Roadways

Carbon Upcycling’s concrete mix demonstrated a 28% increase in strength at 28 days, while reducing cementitious content by 12.3%, setting a new standard for low-carbon sustainable infrastructure

CALGARY, AB, Nov. 12, 2024 /CNW/ – Carbon Upcycling Technologies, Inc. (Carbon Upcycling), a leader in decarbonization and carbon capture & utilization (CCU) for hard-to-abate industries, along with, the Minnesota Department of Transportation (MnDOT) and the National Road Research Alliance (NRRA) has successfully completed the construction phase of a multi-year study on the use of low-carbon cement in highways. The results highlight Carbon Upcycling’s ability to be a drop-in solution for reducing carbon-intensive cement in concrete.

The study, managed by Sutter Engineering LLC and sponsored by the National Road Research Alliance (NRRA), rigorously tested 16 unique concrete mixtures in real-world conditions on an active Minnesota highway to identify options that could reduce the carbon footprint of infrastructure without sacrificing strength or durability. Completed in early 2024, the study aimed to find materials that could significantly lower the carbon footprint of concrete paving without compromising durability. Carbon Upcycling’s CO2-enhanced mix achieved a 12.3% reduction in cement content while matching the workability of traditional concrete, allowing seamless handling, placement, and setting times for construction crews. These findings provide valuable data to guide future low-carbon infrastructure projects across North America, as the seamless integration into existing workflows offers a drop-in, low-carbon alternative without compromising ease of use or performance.

The study revealed significant performance and environmental benefits of Carbon Upcycling’s concrete mix:

Increased Strength: 28% stronger at 28 days compared to the advanced control concrete.Reduced Cement Use: The CCU process allowed a 12.3% reduction in cementitious material, effectively reducing both carbon emissions and material costs.Greater Resiliency to Natural Elements: 32% increase in chloride resistivity for more durable concrete.

“Infrastructure is the very foundation of a sustainable future, and at Carbon Upcycling we’re committed to creating materials that support this vision while establishing a secure, stable North American supply chain,” said Apoorv Sinha, CEO of Carbon Upcycling. “Our collaboration with the Minnesota Department of Transportation highlights how Carbon Upcycling can transform captured emissions into local materials that strengthen our infrastructure. By focusing on resilience and sustainability, we’re contributing to a vision where our essential structures are clean and built to last.”

Carbon Upcycling partnered with BURNCO to deploy and test 140 m³ of its CCU-enhanced concrete mix, monitored by Larry Sutter, Principal Engineer at Sutter Engineering LLC, for strength, workability, and environmental impact on a Minnesota highway.

“Carbon Upcycling submitted a very impressive mixture design to the trial,” said Larry Sutter, MnDOT’s Principal Engineer and the project’s technical manager. “Their material not only achieved the highest reduction in cementitious content among all submissions but also demonstrated remarkable strength. By embedding CO2 and reducing the reliance on portland cement, Carbon Upcycling’s technology addresses one of the concrete industry’s most pressing challenges—lowering its carbon footprint as global demand for cement is expected to double by 2050. This project data will be invaluable as the industry works toward its 2030 CO2 reduction targets.”

Since 2021, Carbon Upcycling has deployed over 3,000 tonnes of low-carbon cement and has attracted investment from some of the world’s largest cement industry players such as Cemex, CRH and Titan Cement.

About Carbon Upcycling Technologies:
Carbon Upcycling is a decarbonization and carbon capture & utilization technology provider for the world’s hardest-to-abate industries. The company’s commercial technology upcycles point-source industrial CO2 emissions and local industrial waste materials into high-performance, low-carbon cement alternatives. The company is currently commissioning its first-of-a-kind commercial system at Canada’s largest cement plant. Carbon Upcycling has received global recognition for its industry-leading innovation. Notably, Carbon Upcycling was named a 2023 and 2024 Global Cleantech 100, Reuter’s Top 100 Innovators Leading the Energy Transition, and a World Economic Forum 2024 Technology Pioneer.

For more information, visit www.carbonupcycling.com.

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SOURCE Carbon Upcycling Technologies Inc.

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Massachusetts Community Colleges Partner with AMSimpkins & Associates to Implement their S.A.F.E. Platform in Efforts to Combat Student Applicant Fraud

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This partnership marks a significant milestone for Massachusetts Community Colleges in their efforts to prevent fraud and ensure equitable access to education. The implementation of S.A.F.E. will provide the institutions with cutting-edge technology and reliable safeguards, solidifying their reputation as forward-thinking leaders in the fight against student application fraud.

ATLANTA, Nov. 15, 2024 /PRNewswire-PRWeb/ — AMSimpkins & Associates, a leader in cutting-edge cybersecurity solutions for educational institutions, is proud to announce that Massachusetts Community Colleges have selected the S.A.F.E. (Student Application Fraudulent Examination) platform to bolster their efforts in preventing and detecting student application fraud. This strategic move underscores Massachusetts’ commitment to maintaining the integrity of its admissions process and ensuring that valuable educational resources reach legitimate students.

“We’re excited to partner with Massachusetts Community Colleges and support their mission to provide quality education to genuine, eligible students.”

In recent years, fraudulent applications and financial aid scams have become increasingly pervasive issues, especially as institutions pivot towards more digital and remote application processes. By adopting the S.A.F.E. platform, Massachusetts Community Colleges are taking a proactive stance to safeguard their institutions against evolving fraud tactics.

S.A.F.E., developed by AMSimpkins & Associates, is a comprehensive fraud detection and prevention solution that leverages advanced data analytics, artificial intelligence (AI), machine learning algorithms, and real-time monitoring to identify potentially fraudulent activity within the student application and financial aid processes. With over 50 colleges and universities already utilizing the S.A.F.E. platform, Massachusetts Community Colleges now join a growing community of educational institutions committed to integrity, transparency, and security.

“S.A.F.E. is built from the ground up with the unique needs of higher education institutions in mind,” said Maurice Simpkins, President of AMSimpkins & Associates. “With our deep understanding of the higher education landscape, we’ve created a solution that not only detects and prevents fraud but also allows institutions to seamlessly integrate these checks into their admissions workflows. We’re excited to partner with Massachusetts Community Colleges and support their mission to provide quality education to genuine, eligible students.”

The S.A.F.E. platform offers a robust set of features to prevent and detect fraudulent applications, including:

Real-time Identity Verification: Through partnerships with industry-leading identity verification services, S.A.F.E. ensures that applicants are who they claim to be by cross-referencing multiple data points, including Social Security Number validation, address checks, and real-time ID verification.AI-Driven Anomaly Detection: S.A.F.E. continuously monitors and learns from application data patterns, enabling it to detect suspicious behaviors that could indicate fraudulent activity.Geo-Blocking and Risk Scoring: Institutions can customize geo-blocking settings to restrict access from high-risk regions and employ dynamic risk scoring based on user interactions, device profiling, and behavior analytics.Customizable Fraud Rules and Policies: The platform allows administrators to set specific fraud thresholds and responses, tailoring the system’s sensitivity to meet the unique needs of each college or university.Real-time Alerts and Data Sharing: S.A.F.E. sends real-time alerts to designated stakeholders if suspicious activities are detected, allowing for quick responses and preventative actions.Additionally, the platform facilitates data sharing across institutions to block repeated offenders system-wide.

In addition to its fraud prevention features, AMSimpkins & Associates also provides cybersecurity consulting and support through partnerships with Cybersecurity organizations, adding another layer of protection for Massachusetts Community Colleges. This comprehensive approach aligns perfectly with the state’s vision of creating a secure and resilient higher education environment.

About AMSimpkins & Associates

AMSimpkins & Associates is an industry-leading provider of cybersecurity solutions focused on safeguarding educational institutions. Their flagship product, S.A.F.E. (Student Application Fraudulent Examination), is specifically designed to address the complex challenges of fraud in higher education admissions and financial aid. By partnering with colleges, universities, and technology providers, AMSimpkins & Associates is committed to maintaining the integrity of education by keeping students and institutions safe from fraud.

For more information about AMSimpkins & Associates and the S.A.F.E. platform, please visit amsa-highered.com

Media Contact

LAQWACIA SIMPKINS, AMSimpkins and Associates, 1 6786824193, LSIMPKINS@AMSA-CONSULTING.COM, AMSimpkins and Associates

Twitter, Facebook, LinkedIn

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SOURCE AMSimpkins and Associates

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bswift Acquires Evive: Launches Integrated Personalized Engagement Platform

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bswift announces a fully integrated personalized engagement solution aimed at delivering better health care outcomes through data-driven personalization, predictive analytics, and behavioral science. 

CHICAGO, Nov. 15, 2024 /PRNewswire/ — bswift LLC, an industry leader in employee benefits technology and administration, announced today the launch of its fully-integrated personalization and engagement engine. This solution is a result of bswift’s recent acquisition of Evive Health, LLC, a pioneer in the field with a demonstrated track record of driving outcomes for employees, employers and health plans by optimizing benefit understanding and utilization, resources, and programs for millions of Americans. 

“By bringing bswift and Evive together, we have integrated a powerful engagement platform,” – bswift CEO, Ted Bloomberg.

With this exciting investment, bswift reinforces its mission to lead the benefits administration space and strengthens its role as a strategic ally for its clients – empowering them to deliver on their benefits strategies by motivating plan participants to manage their health and wellbeing proactively.

“Our clients and partners consistently tell us that member engagement, personalized experiences, and cost management are their top strategic priorities today and in the foreseeable future,” said bswift CEO, Ted Bloomberg. “By bringing bswift and Evive together, we have integrated a powerful engagement platform into our core benefits administration solution. That is a first, and we are delighted to immediately and directly support employers’ critical priorities with proven, industry-leading capabilities.” 

Using data-driven personalization and the power of predictive analytics and behavioral science, bswift’s personalization toolset is proven to increase benefits awareness, engagement, and utilization by delivering tailored and actionable messages about the right benefit at the right time. Demonstrated results include driving a 3X increase in health actions recommended by qualified providers, and a 12% increase in annual preventative care screening visits. 

“We’re thrilled to be the first in our market to deliver this supercharged engagement capability across all aspects of the user experience,” said bswift Executive Vice President of Product, Matt Waldrup. “bswift is completely reimagining the benefits experience with personalized, data-driven, multi-channel communications that engage employees across their physical, emotional, financial, and personal wellbeing, empowering people to make the most of their benefits.” 

bswift’s new personalization engine empowers employers and employees: 

Personalized, next-best-action journeysReward and incentive-based gamification to boost engagementOn-the-go access to benefits and incentive activities via mobile appRobust analytics and reporting for HR teams to track campaign ROI and engagement metrics

Employers can now leverage bswift’s expertise to systematically deliver smarter, more relevant communications to promote healthier habits, optimize benefit utilization – and maximize employee health outcomes. 

About bswift 
bswift LLC offers cloud-based technology and services that transform the way employees perceive and engage with their benefits. With adaptive technology, service excellence, and compassionate service, bswift serves millions worldwide. Their comprehensive suite of solutions provides intuitive, personalized online enrollment, interactive decision support, ACA compliance reporting, and employee engagement. Visit www.bswift.com to learn more. 

About Evive 

Evive is a digital communications and engagement platform that helps health plans and employers optimize the benefits, resources and programs they offer their employees. Using data-driven personalization, closed-loop engagement reporting and the power of predictive analytics and behavioral science, Evive increases benefits awareness, engagement and utilization to deliver the right message about the right benefit at the right time. Visit www.goevive.com to learn more.

Media Contact: 
Zoya Siddiqui 
Senior Director, Marketing 
zsiddiqui@bswift.com

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SOURCE bswift LLC

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