Standby Generator Market to Grow with a CAGR of 6.19% through 2028
Increasing frequency and severity of weather-related
disasters and rising number of data centers & telecom networks are likely to
drive the market in the forecast period.
According to TechSci Research report, “Standby
Generator Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Standby Generator Market
stood at USD 7.08 billion in 2022 and is anticipated to grow with a CAGR of 6.19%
in the forecast period.
One significant driver of the global Standby Generator
market is the escalating frequency of power outages. In an increasingly
electrified world where dependency on a stable power supply is paramount, any
disruption in electricity can result in significant consequences. Power outages
may occur due to various reasons, including extreme weather events such as
hurricanes, snowstorms, or wildfires, as well as aging power infrastructure,
grid failures, or increased electricity demand. To mitigate the repercussions
of these outages, individuals, businesses, and industries are increasingly
turning to standby generators. These generators are designed to automatically
detect power failures and swiftly activate to provide seamless backup power.
They are indispensable for critical sectors such as healthcare, data centers,
and emergency services, where uninterrupted power is a matter of life and
safety. As a result, the demand for standby generators is on the rise globally,
underpinned by the urgent need to ensure continuous power supply in the face of
a volatile and unreliable grid.
The global Standby Generator market is further
propelled by the ongoing trends of industrialization and commercialization.
Industries and businesses today rely heavily on a continuous power supply to
maintain their operations, safeguard sensitive data, and prevent financial
losses. In industrial settings, manufacturing processes have become
increasingly automated and dependent on electricity. Any disruption in power
can result in production downtime, leading to substantial financial setbacks. Similarly,
commercial establishments such as offices, shopping malls, and hospitality
venues are reliant on electricity for lighting, heating, cooling, and powering
electronic equipment. To prevent disruptions in customer service and maintain
productivity, these businesses are investing in standby generators as a
safeguard against power outages. As economies continue to grow and urbanize,
the demand for standby generators in these sectors is expected to surge, as
businesses prioritize power resilience to remain competitive in an increasingly
interconnected and electrically-dependent world.
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Generator Market.”
The Global Standby Generator Market is segmented into power
rating, fuel, application and region.
Based on type, The Diesel segment had the largest
market share in 2022 & expected to maintain it in the forecast period. Diesel
engines are known for their robustness and durability. They are designed to run
continuously for extended periods, making them well-suited for standby
generator applications where reliability is crucial. Diesel generators can
start and provide power rapidly when needed, ensuring a seamless transition
during power outages. Diesel fuel has a higher energy density compared to many
other fuels, including natural gas or propane. This means that diesel
generators can provide more power for a given volume of fuel. This high energy
density makes diesel generators efficient for applications requiring high power
output. Diesel fuel is readily available in many regions across the globe,
making it a convenient choice for standby generators. Businesses and industries
can stockpile diesel fuel, ensuring a constant supply during emergencies. This
widespread availability contributes to the popularity of diesel generators. Diesel
engines tend to have a longer lifespan and require less maintenance compared to
some alternative technologies. This makes them cost-effective over the long
term. Many businesses and organizations appreciate the lower total cost of
ownership associated with diesel standby generators. Diesel generators can
start and reach full power capacity quickly, typically within seconds. This
rapid response time is critical in applications where uninterrupted power
supply is essential, such as hospitals, data centers, and critical
infrastructure. Diesel generators can handle heavy electrical loads without a
significant drop in performance. This ability to handle sudden spikes in power
demand makes them suitable for industrial and commercial applications. Diesel
generators are available in a wide range of sizes and capacities, including
large units capable of providing power to entire facilities. This versatility
makes them suitable for a broad spectrum of applications.
Based on application, The Commercial segment had the largest
market share in 2022 and is projected to experience rapid growth during the
forecast period. Commercial operations, including businesses, retail stores,
offices, hotels, and other non-industrial establishments, rely heavily on a
continuous and reliable power supply to maintain operations. Any interruption
in power can result in financial losses, disrupt customer service, and damage a
business's reputation. Standby generators provide a dependable solution to
ensure uninterrupted operations during power outages, making them a critical
asset for commercial entities. Commercial establishments often house valuable
and sensitive electronic equipment, including computers, servers, point-of-sale
systems, and communication infrastructure. These assets are vulnerable to power
surges, fluctuations, and sudden outages. Standby generators protect against
data loss, equipment damage, and operational disruptions by providing immediate
backup power when grid power is interrupted. In many regions, regulations and codes
require commercial facilities to have backup power solutions in place to meet
safety and regulatory standards. Compliance with these regulations is essential
for businesses to operate legally and safely. Standby generators are often the
preferred choice for achieving this compliance due to their reliability and
rapid response. Commercial buildings are required to maintain emergency
lighting and fire safety systems, which must function reliably during power
outages. Standby generators ensure that emergency lighting, fire alarms, and
other life safety systems remain operational, enhancing the safety of building
occupants. Many commercial establishments prioritize providing a seamless and
uninterrupted experience for their customers. In sectors like hospitality and
retail, an uninterrupted power supply is essential to keep services running
smoothly. For example, in hotels, power outages can disrupt reservations,
check-in/check-out processes, and guest comfort. The growth of data centers,
which are vital to the digital economy, has contributed significantly to the
demand for standby generators in the commercial sector. Data centers require
continuous, reliable power to ensure data integrity and minimize downtime,
making standby generators indispensable in these facilities.
Major companies operating in the Global Standby
Generator Market are:
- Generac Holdings Inc
- Cummins Inc
- Kohler Power Systems Inc
- Atlas Copco Inc
- Caterpillar Inc
- Siemens AG
- Rolls-Royce Plc
- Wacker Neuson SE
- Doosan Group
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“The Global Standby Generator market is expected to
rise in the upcoming years and register a significant CAGR during the forecast
period. The
increasing frequency and severity of weather-related disasters, such as
hurricanes, floods, and snowstorms, is one of the key factors driving the
growth of the standby generator market. These disasters can cause widespread
power outages, which can disrupt businesses and homes for days or even weeks.
Standby generators provide a reliable source of backup power during these
outages, helping to minimize downtime and protect critical assets. The growing
demand for standby generators in emerging economies is another key factor
driving market growth. These economies are experiencing rapid economic
development and urbanization, which is leading to increased demand for
electricity. However, power grids in many emerging economies are unreliable and
prone to outages. Standby generators provide a critical solution for businesses
and homes in these regions. Therefore, the market of Standby Generator is expected
to boost in the upcoming years.,” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based management consulting firm.
“Standby Generator Market - Global Industry Size,
Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Power Rating
(≤ 50 kVA, > 50 kVA - 150 kVA, > 150 kVA - 300 kVA, > 300 kVA - 500
kVA, > 500 kVA), By Fuel (Diesel, Gas), By Application (Residential,
Commercial, Industrial), By Region, By Competition”, has evaluated
the future growth potential of Global Standby Generator 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 Standby Generator Market.
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