Generator Market Trends

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.

Challenges

• 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.