Wilmington, DE, United States, July 11, 2024 — The global market for multi-fuel generators, valued at $1,038.7 million in 2020, is expected to expand to $1,880.6 million by 2030, registering a compound annual growth rate (CAGR) of 6.2% from 2021 to 2030.
Multi-fuel generators serve as crucial backup and primary power sources worldwide, offering reliability across various applications. These generators, capable of utilizing multiple fuel types, contribute significantly to environmental sustainability by reducing reliance on fossil fuels during emergencies.
Key trends driving market growth include the escalating demand for uninterrupted power supply amid aging grid infrastructures and extreme weather conditions. Additionally, remote projects and off-grid advancements, coupled with inadequate grid infrastructures in developing nations, bolster market expansion. However, challenges such as limited power generation capacity and high equipment costs restrain growth, albeit countered by opportunities in the adoption of tri-fuel generators.
The market is segmented by fuel type, power rating, application, end-use industry, and region. In terms of fuel type, the dual-fuel segment dominated in 2020, while the tri-fuel segment is poised for the highest CAGR during the forecast period. Power rating segmentation shows the 351 KVA to 1000 KVA segment as the largest in 2020, with below 350 KVA expected to grow fastest at 6.9% CAGR. Applications span standby gensets, continuous gensets, and peak shaving gensets, with continuous gensets leading in market share in 2020 and standby gensets projected to grow the fastest at 8.1% CAGR.
Geographically, Asia-Pacific led the market in 2020 and continues as the fastest-growing region. Major players in the global multi-fuel generators market include Generac Holdings Inc., Kohler Co., Honda Power Products, Briggs & Stratton, Yamaha Motor Corporation, Cummins Inc., DuroMax, Pulsar Products, and Champion Power Equipment, all employing diverse strategies to maintain competitive positions.
Key Findings of the Study:
The dual-fuel segment held the largest market share in 2020 and is expected to maintain this dominance.
The 351 KVA to 1000 KVA segment accounted for the largest market share in 2020 by power rating.
Continuous gensets represented over 54% of the global market share in 2020 by application.
Asia-Pacific emerged as the leading consumer of multi-fuel generators, capturing approximately 38% of the global market share in 2020.
Related topics:
