Global Generator Sets Market Size By Application(Industrial, Commercial), By Fuel Type(Diesel, Gasoline, and Gas), By Power Rating(<75 kVA, 75-375 kVA, 375-750 kVA, and >750kVA), By Geographic Scope And Forecast

Generator Sets Market Size And Forecast

Generator Sets Market size was valued at USD 26.49 Billion in 2021, is projected to reach USD 49.87 Billion in 2030, and is expected to grow at a CAGR of 9.46% from 2023 to 2030.

The rising demand for preparedness and power backup from consumers and increasing persistent power outages are a few of the critical Generator Sets Market drivers and trends fueling the growth of the market. The Global Generator Sets Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Generator Sets Market Definition

Think of a generator set as your own personal power plant – a handy combo of an engine (the "prime mover") and an alternator, working together to give you electricity wherever you need it. You can use it as your main power source, or just as a backup for when things get crazy busy and you need extra juice. They're lifesavers in developing areas where power outages are common, and essential in spots that aren't even hooked up to the grid, like construction sites, out in the sticks, or way down in mines. Standby generators are also crucial for keeping things running smoothly in emergencies – think hospitals, businesses, and even your own home if the power goes out. The best part about a quality generator set? You can count on it to be reliable, fuel-efficient, have low emissions and you can scale it up or down as needed.

Global Generator Sets Market Overview

The increasing demand for power and emergency power backup solutions are an important driver for the global Generator Sets Market. The increasing demand is from rapid industrialization, a growing population base and persistent power shortages. Other important drivers are the increasing vulnerability of grid power infrastructure to natural disasters, demand from the manufacturing industry and the increased development rate of large commercial establishments like malls and superstores. Customers are now more aware of emergency power solutions and smart technological upgrades. This is expected to provide new profitable opportunities leading to the growth of the Generator Sets Market.

Also, there is rapid infrastructure development and the adoption of smart city projects by developing countries. Other opportunities lie in the rapidly growing IT sector and the trend of work from home. The development of data centres by organizations is leading to the mass adoption of generator sets. Thus, there are ample growth opportunities for the market. However, there are some restraints like consumer preference towards eco-friendly solutions like solar cells and many countries encouraging the use of cleaner backup power sources. They are bringing in regulations to control the high level of carbon emissions.

Global Generator Sets MarketSegmentation Analysis

The Global Generator Sets Market is segmented based on Application, Fuel Type, Power Rating, and Geography.

Generator Sets Market, By Application

• Industrial• Commercial• Residential

Based on Application, The market is segmented into Industrial, Commercial, and Residential. Application, Commercial holds the largest market share as Generator sets are used across commercial establishments during emergency power outages or fluctuations which costs them financially. This is followed by industrial and residential.

Generator Sets Market, By Fuel Type

• Diesel• Gasoline• Gas

Based on Fuel Type, The market is segmented into Diesel, Gasoline, and Gas. By Fuel Type, Diesel leads the market due to higher fuel efficiency, longer engine life and high flexibility. Stringent regulations regarding emission control are expected to propel the growth of the gas segment.

Generator Sets Market, By Power Rating

• <75 kVA• 75-375 kVA• 375-750 kVA• >750kVA

Based on Power Rating, The market is segmented into <75 kVA, 75-375 kVA, 375-750 kVA, and >750kVA.

Generator Sets Market, By Geography

• North America• Europe• Asia Pacific• Rest of the world

On the basis of Geography, The Global Generator Sets Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. The Asia Pacific is leading the Global Generator Sets Market share followed by North America. Growing manufacturing facilities and increasing electricity demand-supply gap in countries like China are contributing to the higher market share of the Asia Pacific.

Key Players

The “Global Generator Sets Market” study report will provide valuable insight with an emphasis on the global market. The major players in the market are Atlas Copoco AB, Caterpillar Inc., Cummins Inc., Generac Holdings Inc., General Electric, Honda Siel Power Products Ltd., Briggs and Stratton Corporation, AKSA Power Generation, Cooper Corporation, and Kohler Co.

The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

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