Generator Sets Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
Generator Sets Market Analysis
The generator sets market is expected to register a CAGR of more than 6.5% during the forecast period.
The outbreak of COVID-19 had a negative effect on the market. Currently, the market has rebounded to pre-pandemic levels.
- Factors such as the ever-increasing demand for power, the lack of reliable grid infrastructure, the need for emergency backup power solutions, and the demand for steady power supply are driving the generator set market. Moreover, the growing energy demands from the burgeoning manufacturing industry are expected to provide greater market opportunities for generators.
- However, factors such as high installation and operating costs, consumer preference for eco-friendly alternatives (like solar, fuel cells, etc.), and overcapacity are restraining the market's growth during the forecast period.
- The commercial and industrial sectors of emerging economies, the residential sector of developed economies, and the increasing need for power in defense operations are expected to create significant opportunities for market participants in the near future.
Asia-Pacific accounted for the largest share of the market in 2022, with the majority of the demand coming from countries such as China and India.
Generator Sets Market Trends
Below 75 kVA Capacity Generators to Dominate the Market
- Less than or equal to 75 kVA generator sets are used in the telecom sector, commercial complexes, small restaurants, small-scale industries, and petrol stations, among others, primarily as backup power in grid-connected areas and as the main power source in off-grid areas.
- The purchase of small generators is mostly based on price and requirement rather than efficiency, as they offer emergency backup power. The unreliable and limited access to power, especially in rural areas, has been the major reason for the huge demand for low-capacity generators.
- The demand for small generators in the range of 0-75 kVA is increasing drastically with the change in the commercial sector landscape, especially in the developing countries of Asia-Pacific and African regions.
- The building and construction market is on the rise in India and China due to current government initiatives such as smart cities and green building initiatives, which are expected to create demand for portable generators during the forecast period and, in turn, drive the generator sets market.
- According to the United Kingdom's Office for National Statistics, the gross value added of the construction industry increased from GBP 20.97 billion in the first quarter of 2010 to about GBP 34.98 billion in the first quarter of 2022.
Therefore, based on the above-mentioned factors, below-75 kVA capacity generator sets are expected to have the largest market share during the forecast period.
Asia-Pacific to Dominate the Market
- The generator sets market in the Asia-Pacific region is expected to hold the largest market in 2022 and dominate the market over the forecast period.
- China is the leading generator sets market in the Asia-Pacific region due to the increasing infrastructure projects, widening power demand-supply gap, expansion of manufacturing facilities across the nation, and rising commercial office spaces. The country benefits from the cost and effectiveness of diesel generators, with improved living standards increasing the demand for power backup devices.
- In addition, the rapid growth in various end-use sectors, such as infrastructure, telecommunications, information technology (IT), and IT-enabled services, is expected to further spur the demand for generator sets in India. For instance, in January 2023, Google entered into an agreement to acquire a data center spanning over 3.81 lakh sq ft in Navi Mumbai through a long-term lease of 28 years.
- The increasing power blackouts have significantly hampered the manufacturing sectors in Indonesia, which has increased the adoption of generator sets in the country to ensure a continuous and reliable power supply. South Sumatra and Jakarta are the key contributing areas for the growth of the market in Indonesia, owing to the frequent power blackouts in these areas.
Therefore, based on the above-mentioned factors, Asia-Pacific is expected to dominate the global generator set market during the forecast period.
Generator Sets Industry Overview
The generator sets market is moderately fragmented. Some of the key players in this market market (in no particular order) are Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Kohler Co. and Wartsila Corporation, among others.
Generator Sets Market Leaders
-
Cummins Inc.
-
Generac Holdings Inc.
-
Wartsila Corporation
-
Caterpillar Inc.
-
Kohler Co.
*Disclaimer: Major Players sorted in no particular order
Generator Sets Market News
- June 2022: Kirloskar Oil Engines Ltd., one of the leading manufacturers of diesel generator sets, launched a new variant of its fuel-efficient power generators. The R550 series of engines that power the iGreen Version 2.0 provide compactness, fuel efficiency, and high power quality.
- August 2022: Due to the energy crisis brought on by the Russia-Ukraine war, Equinix & Digital Realty data centers boosted their power backup sources, including diesel generators.
Generator Sets Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Capacity
5.1.1 Below 75 kVA
5.1.2 75-350 kVA
5.1.3 Above 350 kVA
5.2 End-User
5.2.1 Residential
5.2.2 Commercial
5.2.3 Industrial
5.3 Fuel Type
5.3.1 Gas
5.3.2 Diesel
5.3.3 Other Fuel Types
5.4 Application
5.4.1 Standby Backup Power
5.4.2 Prime/Continuous Power
5.4.3 Peak Shaving Power
5.5 Geography
5.5.1 North America
5.5.2 Europe
5.5.3 Asia-Pacific
5.5.4 South America
5.5.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 AKSA Power Generation
6.3.2 Briggs & Stratton Corporation
6.3.3 Caterpillar Inc.
6.3.4 Cooper Corporation
6.3.5 Cummins Inc.
6.3.6 Doosan Corporation
6.3.7 Generac Power Systems
6.3.8 Honda India Power Products Ltd.
6.3.9 Kohler Co.
6.3.10 Mitsubishi Heavy Industries Ltd.
6.3.11 MTU Onsite Energy
6.3.12 Wartsila Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Generator Sets Industry Segmentation
Typically, a generator set consists of an engine and a generator that are mounted as a single piece. The main purpose of the set is to use the electrical generator to transform mechanical energy into electrical energy. Generator sets are frequently employed in places where electrical power is unavailable or has been disrupted since they can run on a number of fuel sources. They come in a variety of sizes, from tiny hand-operated units to bigger sets that are mounted in trailers, buildings, or even cars.
The generator sets market is segmented by capacity, end-user, fuel type, application, and geography. By capacity, the market is segmented into three categories: below 75 kVA, 75-350 kVA, and above 350 kVA. By end-user, the market is segmented into residential, commercial, and industrial. By fuel type, the market is segmented into gas, diesel, and others. By application, the market is segmented into standby backup power, prime/continuous power, and peak shaving power. The report also covers the market size and forecasts for the generator sets market across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Capacity | |
| Below 75 kVA | |
| 75-350 kVA | |
| Above 350 kVA |
| End-User | |
| Residential | |
| Commercial | |
| Industrial |
| Fuel Type | |
| Gas | |
| Diesel | |
| Other Fuel Types |
| Application | |
| Standby Backup Power | |
| Prime/Continuous Power | |
| Peak Shaving Power |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Generator Sets Market Research FAQs
What is the current Generator Sets Market size?
The Generator Sets Market is projected to register a CAGR of greater than 6.5% during the forecast period (2024-2029)
Who are the key players in Generator Sets Market?
Cummins Inc. , Generac Holdings Inc., Wartsila Corporation, Caterpillar Inc. and Kohler Co. are the major companies operating in the Generator Sets Market.
Which is the fastest growing region in Generator Sets Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Generator Sets Market?
In 2024, the Asia Pacific accounts for the largest market share in Generator Sets Market.
What years does this Generator Sets Market cover?
The report covers the Generator Sets Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Generator Sets Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Generator Sets Industry Report
Statistics for the 2024 Generator Sets market share, size and revenue growth rate, created by 糖心vlog传媒鈩� Industry Reports. Generator Sets analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
