Technavio forecasts the generator market will grow by USD 21.38 billion at a CAGR of 8.09% from 2023 to 2028, owing to factors such as rapid industrial development, rising construction activity, and expanding rural electrification in emerging economies. The push for cleaner energy sources, such as solar and wind power, also fuels market expansion. However, challenges remain, including noise pollution and power reliability, especially in oil and gas sectors. Furthermore, stricter environmental regulations on diesel engines require continued innovation in power generation technologies to balance growth with sustainability.

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