Generator Sets Market to Grow with a CAGR of 11.19% through 2028
Increasing demand for electricity and growing
infrastructure investments are likely to drive the market in the forecast
period.
According to TechSci Research report, “Generator
Sets Market – Global Industry Size, Share, Trends, Competition Forecast
& Opportunities, 2028”, the Global Generator Sets Market stood at USD 27.08
billion in 2022 and is anticipated to grow with a CAGR of 11.19% in the
forecast period.
One of the primary drivers fueling the global
generator sets market is the growing demand for reliable backup power solutions
across a wide range of applications and industries. In today's interconnected
world, where dependence on electricity is pervasive, any interruption in power
supply can result in significant financial losses, data corruption, operational
disruptions, and even safety hazards. Businesses, hospitals, data centers,
telecommunications networks, manufacturing facilities, and critical
infrastructure sectors all rely heavily on uninterrupted power to maintain
smooth operations. Generator sets, with their ability to provide immediate
backup power during grid outages or other emergencies, play a pivotal role in
ensuring business continuity and safeguarding essential services. The
increasing frequency of extreme weather events, such as hurricanes, wildfires,
and winter storms, has further emphasized the need for robust backup power
solutions. In response to these challenges, the generator sets market continues
to grow as organizations invest in standby power systems to protect their
assets and ensure uninterrupted services.
The global trend toward infrastructure development and
urbanization is another significant driver of the generator sets market. Rapid
population growth, urban expansion, and increased industrialization are driving
the construction of diverse infrastructure projects, including residential and
commercial buildings, industrial complexes, transportation networks, and energy
facilities. Construction sites and newly developed areas often lack a reliable
power supply during the early stages of development. Generator sets play a
crucial role in powering construction equipment, lighting, and temporary
facilities, ensuring that construction projects proceed efficiently. Similarly,
infrastructure projects such as airports, seaports, railways, and energy plants
require dependable backup power sources to maintain essential operations. Furthermore,
as urbanization and industrialization continue, there is a growing need for
backup power solutions in densely populated urban areas. This is especially
important in regions with unstable or unreliable power grids, where generator
sets can bridge the gap between power demand and supply, ensuring that cities
and industries remain functional even during grid outages or voltage
fluctuations.
The generator sets market benefits from this ongoing
infrastructure development trend, as the need for reliable backup power
solutions remains integral to supporting construction and maintaining urban and
industrial operations around the world.
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Sets Market.”
The Global Generator Sets Market is segmented into power
rating, application, end user, fuel and region.
Based on power rating, The 50-125 kVA segment had the
largest market share in 2022 & expected to maintain it in the forecast
period. Generator sets in the "50-125 kVA" range offer a versatile
solution that can meet the power needs of a broad spectrum of applications.
This power range is suitable for small to medium-sized businesses, residential
buildings, healthcare facilities, educational institutions, telecommunications
infrastructure, and various other commercial and industrial settings. This
versatility ensures a wide customer base and high demand. Many commercial establishments and small to
medium-sized industrial operations rely on generator sets in the "50-125
kVA" range to ensure continuous and uninterrupted operations. Businesses,
including retail stores, restaurants, offices, and small manufacturing units,
depend on these generator sets to mitigate the financial losses and disruptions
caused by power outages. Generator sets within this power rating range are
commonly employed to provide backup power for critical infrastructure, such as
data centers, hospitals, and emergency services. These facilities cannot afford
power interruptions and require dependable backup power solutions. The
"50-125 kVA" range offers flexibility and scalability. Businesses and
organizations can start with a generator set within this range to meet their
current power needs and then expand their backup power capacity as they grow.
This adaptability makes it an attractive choice for entities with evolving
power requirements. In comparison to larger generator sets with higher power
ratings, those in the "50-125 kVA" range are often more
cost-effective both in terms of initial acquisition and operational costs. This
affordability makes them accessible to a broader range of customers, including
small and medium-sized enterprises. Generator sets in this power range are
designed to be fuel-efficient, which is especially important for businesses and
organizations concerned about operational costs and environmental impact.
Based on fuel, The Diesel segment had the largest
market share in 2022 and is projected to experience rapid growth during the
forecast period. Diesel engines are renowned for their reliability and
durability. They are built to withstand heavy-duty applications and can operate
continuously for extended periods without significant wear and tear. This
reliability is critical for applications where uninterrupted power supply is
essential. Diesel engines offer a high
power-to-weight ratio and excellent power density. They can provide a significant
amount of electrical power relative to their size, making them suitable for
various applications, including standby power generation and remote locations.
Diesel fuel is one of the most widely available fuels globally. It is
accessible in most regions, and many businesses and organizations store diesel
fuel on-site, ensuring a constant fuel supply in the event of power outages.
This availability is crucial for ensuring continuous power. Diesel engines are
known for their fuel efficiency. They can convert a high percentage of the
energy in diesel fuel into electrical power, making them cost-effective for
providing backup power. Properly maintained diesel generator sets have a long
operational life, often exceeding 20 years. Their durability and longevity make
them a valuable investment for businesses and organizations looking for
reliable standby power solutions. Diesel generator sets are relatively easy to
maintain. Routine maintenance tasks, such as oil changes and filter
replacements, can be performed without specialized skills or equipment.
Additionally, diesel engine components and spare parts are widely available,
reducing downtime for maintenance and repairs. Diesel generator sets are
versatile and can be used in a wide range of applications, including industrial
facilities, commercial buildings, healthcare institutions, data centers,
construction sites, and telecommunications infrastructure.
Major companies operating in the Global Generator
Sets Market are:
- Caterpillar Inc
- Cummins Inc
- Generac Holdings Inc.
- Kohler Co.
- Atlas Copco
- Ingersoll Rand
- MAN Energy Solutions SE
- Volvo Penta
- Wacker Neuson SE
- AKSA Power Generation
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“The Global Generator Sets market is expected to rise
in the upcoming years and register a significant CAGR during the forecast
period. The
global demand for electricity is expected to grow significantly in the coming
years, due to population growth and economic development. Generator sets are
well-suited to meet this growing demand, as they can provide a reliable source
of power even in remote areas or during power outages. Industrialization is
taking place rapidly in many developing countries. This is leading to an
increase in the demand for generator sets, as they are used to power factories,
mines, and other industrial facilities. Governments around the world are
investing heavily in infrastructure development projects. This is also creating
demand for generator sets, as they are used to power construction sites and
other infrastructure projects. Natural disasters such as hurricanes, floods,
and earthquakes can often lead to power outages. Generator sets are used to
provide backup power during these outages. Therefore, the
market of Generator Sets is expected to boost in the upcoming years.,” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based
management consulting firm.
“Generator Sets Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Power Rating
(Less than 50 kVA, 50-125 kVA, 125-200 kVA, 200-330 kVA, 330-750 kVA, Above 750
kVA), By Application (Standby, Peak Shaving, Prime/Continuous, Others), By End
User (Residential, Commercial, Industrial, Infrastructure), By Fuel (Diesel,
Gas, Hybrid), By Region, By Competition”, has evaluated the future growth
potential of Global Generator Sets Market and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers make
sound investment decisions., The report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities in the
Global Generator Sets Market.
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