LONDON, UK, September 12, 2024 — The silent generator market is witnessing substantial growth, rising from $2.89 billion in 2023 to $3.12 billion in 2024, marking a compound annual growth rate (CAGR) of 7.7%. This growth has been fueled by increasing demand for reliable backup power, expansion in the construction and industrial sectors, frequent power outages, and the growing need for remote power solutions and noise pollution reduction.
Promising Future Growth
The market is expected to maintain its upward trajectory, reaching $4.1 billion by 2028 at a CAGR of 7.1%. Several factors will drive this growth, including the shift toward greener generator technologies, the integration of IoT for remote monitoring, hybrid generator systems, and heightened demand for silent generators in residential and commercial areas. Growth in telecommunications and data center sectors is also expected to play a key role.
Market Drivers
The primary driver for silent generator demand comes from the residential sector, where a continuous and reliable power supply is crucial, particularly during power outages. Many households and businesses, facing grid instability, are increasingly purchasing or renting silent generators to ensure a steady power flow.
Key Players and Trends Leading companies in the silent generator market include Atlas Copco AB, Cummins Inc., Constant Power Solutions Ltd., Fujian Epos Electric Machinery Co. Ltd., and Generac Holdings Inc. A key trend among these players is the development of silent hydrogen fuel cell generators, which offer eco-friendly and noiseless power for various applications, ranging from backup electricity to sustainable transportation.