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Generators Sets Market Size, Analysis, Share & Forecast 2031

Generators Sets Market

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Segments - by Capacity (Below 75 kVA, 75-350 kVA, and Above 350 kVA), End- users (Industrial, Commercial, and Residential), Applications (Standby Backup Power, Prime/Continuous Power, and Peak Shaving Power), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Author :

Aamir Ansari

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Editor :

Swapnil Hedau

Report Description

Generators Sets Market Outlook 2031

The Generators Sets Market was USD 30.19 Billion in 2022 and is likely to reach USD 60.85 Billion by 2031, expanding at a CAGR of 8.1% during 2023 – 2031. The growth of the market is attributed to the expanding interest for continuous and reliable power from a wide range of end-use industries, such as IT/telecom, medical care, utility, oil and gas, and mining.

The difference between power supply and demand in almost all regions of the world has resulted in a huge demand for secondary energy systems called generator sets.

The exponential growth in power generation demand brought by industrialization and urbanization has created lucrative opportunities for the market growth. At the same time, the improvement of living standards has further stimulated the demand for energy production owing to the dependence on electricity, especially in urbanized areas.

Generators Sets Market Trends, Drivers, Restraints, and Opportunities

Growing manufacturing sector in Asia Pacific is expected to boost the market growth during the forecast period.
Rapid growth of the construction industry due to rapid infrastructure development, industrialization, and population growth are the key factors fueling the market growth in the coming years.
Increasing disposable income is anticipated to drive the market growth during forecast period.
The recent emergence of energy storage systems has impeded the growth of the generator set market.
High operating cost can restrict the market growth.
Rising awareness about environmental concerns and presence of alternatives such as solar cells and fuel cells can hamper the market growth during the forecast period.
Increasing demand for hybrid, bi-fuel, and inverter generators is expected to create lucrative opportunities for the market players.

Scope of Generators Sets Market Report

The report on the global generator set market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Generator Set Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Capacity (Below 75 kVA, 75-350 kVA, and Above 350 kVA), End- users (Industrial, Commercial, and Residential), Applications (Standby Backup Power, Prime/Continuous Power, and Peak Shaving Power)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report	Atlas Copco AB, Cummins Inc., Caterpillar Inc., Generac Holding Inc., and Honda Siel Power Products Limited

Global Generator Set Market Segment Insights

Below 75kVA segment is projected to represent a major market share

Based on capacity, the generator set market is divided into below 75 kVA, 75-350 kVA, and above 350kVA. The below 75kVA segment is expected to represent a key market share during the forecast period owing to increasing use of diesel generators below 75kVA in the telecommunication industry, shopping malls, small restaurants, small businesses, and gas stations. They are mainly used as emergency power sources in the network and connected to the main power supply off-grid. The purchase of small generators is mainly based on price and requirements, not efficiency, as they provide backup power. Limited and unreliable energy supply, especially in rural areas, is the key reason for high demand for small generators.

With changes in the business landscape, especially in developing countries in Asia Pacific and Africa, the demand for small generators in the range of 0-75 kVA is soaring. As of 2018, approximately 450,000 telecommunication towers in India require continuous power supply. As the telecommunication sector uses 0-75kVA diesel generators for emergency power supply in grid-connected areas and serves as the main energy source for off-grid areas, the segment is expected to grow exponentially in the projected timeline.

The construction market in India and China is growing at a robust rate owing to ongoing government initiatives, such as smart cities and green building initiatives, which are expected to generate demand for portable generators during the forecast period.

Commercial segment is expected to grow at a significant pace

On the basis of end-users, the generator sets market is segmented into commercial, industrial, and residential. The commercial segment is expected to hold a significant market share during the forecast period due to its application in industries such as healthcare, telecommunication, aquaculture, agriculture, data center, education, and hotel.

Generators are used in commercial facilities to respond to emergency power outages such as power outages or voltage fluctuations that can reduce the tension of financial losses. On the other hand, the industrial segment is anticipated to expand at a rapid pace during the forecast period owing to the increasing use in the oil and gas, transportation and logistics, mining, power generation, manufacturing, and construction industries. The government's favorable industrial development plans in emerging countries such as China, Brazil, and India are an important driving force for the market players.

Standby Backup Power segment is anticipated to expand at a substantial CAGR

In terms of applications, the market is categorized as standby backup power, prime/continuous power, and peak shaving power. The standby backup power segment is expected to expand at a substantial CAGR during the forecast period owing to the rapid development of healthcare infrastructure and the growing demand for data centers. Additionally, severe weather and related power outages in the US have increased the demand for backup generators, driving the segment growth.

Asia Pacific is expected to dominate the market

On the basis of regions, the generator set market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at an impressive CAGR during the forecast period. India and China are the major countries that are expected to create lucrative opportunities for industry players in the projected timeline. Rapid growth in various end-use sectors such as infrastructure and telecommunication and information technology (IT) are expected to drive the demand for generator sets in India.

In Indonesia, the manufacturing industry has increased the use of generator sets to ensure a continuous and reliable power supply. The frequent power outages have led South Sumatra and Jakarta to use power generators.

Segments

The global generator set market has been segmented on the basis of

Capacity

Below 75 kVA
75-350 kVA
Above 350 kVA

Applications

Industrial
Commercial
Residential

End-users

Standby Backup Power
Prime/Continuous Power
Peak Shaving Power

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Atlas Copco AB
Cummins Inc.
Caterpillar Inc.
Generac Holding Inc.
Honda Siel Power Products Limited

Competitive Landscape

Key players competing in the generator set market include Atlas Copco AB, Cummins Inc., Caterpillar Inc., Generac Holding Inc., and Honda Siel Power Products Limited. Some expansion strategies such as new product launches, merger & acquisitions to gain a larger share in the generator market.

In February, 2019 - PR Industrial SRL, a subsidiary of Generac Holdings Inc., acquired Captiva Energy Solutions Private Limited to expand the power generation business in India.

In September, 2018 - Cummins partnered with Moser Energy Systems to design and manufacture generators based on the 19-liter Cummins G Drive natural gas engine named Moser CRC400. This gas engine reduces costs and improves the reliability of emergency and remote power supplies. It is also used in heavy commercial electrical applications in the US.

Generators Sets Market key players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Generators Sets Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Generators Sets Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Generators Sets Market - Supply Chain
  4.5. Global Generators Sets Market Forecast
     4.5.1. Generators Sets Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Generators Sets Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Generators Sets Market Absolute $ Opportunity
5. Global Generators Sets Market Analysis and Forecast by Applications
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Applications
     5.2.2. Y-o-Y Growth Projections by Applications
  5.3. Generators Sets Market Size and Volume Forecast by Applications
     5.3.1. Industrial
     5.3.2. Commercial
     5.3.3. Residential
  5.4. Absolute $ Opportunity Assessment by Applications
  5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Generators Sets Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Generators Sets Market Size and Volume Forecast by End Users
     6.3.1. Standby Backup Power
     6.3.2. Prime/Continuous Power
     6.3.3. Peak Shaving Power
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Generators Sets Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Generators Sets Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Generators Sets Demand Share Forecast, 2019-2026
8. North America Generators Sets Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Generators Sets Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Generators Sets Market Size and Volume Forecast by Applications
     8.4.1. Industrial
     8.4.2. Commercial
     8.4.3. Residential
  8.5. Basis Point Share (BPS) Analysis by Applications
  8.6. Y-o-Y Growth Projections by Applications
  8.7. North America Generators Sets Market Size and Volume Forecast by End Users
     8.7.1. Standby Backup Power
     8.7.2. Prime/Continuous Power
     8.7.3. Peak Shaving Power
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Generators Sets Demand Share Forecast, 2019-2026
9. Latin America Generators Sets Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Generators Sets Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Generators Sets Market Size and Volume Forecast by Applications
     9.4.1. Industrial
     9.4.2. Commercial
     9.4.3. Residential
  9.5. Basis Point Share (BPS) Analysis by Applications
  9.6. Y-o-Y Growth Projections by Applications
  9.7. Latin America Generators Sets Market Size and Volume Forecast by End Users
     9.7.1. Standby Backup Power
     9.7.2. Prime/Continuous Power
     9.7.3. Peak Shaving Power
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Generators Sets Demand Share Forecast, 2019-2026
10. Europe Generators Sets Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Generators Sets Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Generators Sets Market Size and Volume Forecast by Applications
     10.4.1. Industrial
     10.4.2. Commercial
     10.4.3. Residential
  10.5. Basis Point Share (BPS) Analysis by Applications
  10.6. Y-o-Y Growth Projections by Applications
  10.7. Europe Generators Sets Market Size and Volume Forecast by End Users
     10.7.1. Standby Backup Power
     10.7.2. Prime/Continuous Power
     10.7.3. Peak Shaving Power
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Generators Sets Demand Share Forecast, 2019-2026
11. Asia Pacific Generators Sets Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Generators Sets Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Generators Sets Market Size and Volume Forecast by Applications
     11.4.1. Industrial
     11.4.2. Commercial
     11.4.3. Residential
  11.5. Basis Point Share (BPS) Analysis by Applications
  11.6. Y-o-Y Growth Projections by Applications
  11.7. Asia Pacific Generators Sets Market Size and Volume Forecast by End Users
     11.7.1. Standby Backup Power
     11.7.2. Prime/Continuous Power
     11.7.3. Peak Shaving Power
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Generators Sets Demand Share Forecast, 2019-2026
12. Middle East & Africa Generators Sets Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Generators Sets Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Generators Sets Market Size and Volume Forecast by Applications
     12.4.1. Industrial
     12.4.2. Commercial
     12.4.3. Residential
  12.5. Basis Point Share (BPS) Analysis by Applications
  12.6. Y-o-Y Growth Projections by Applications
  12.7. Middle East & Africa Generators Sets Market Size and Volume Forecast by End Users
     12.7.1. Standby Backup Power
     12.7.2. Prime/Continuous Power
     12.7.3. Peak Shaving Power
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Generators Sets Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Generators Sets Market: Market Share Analysis
  13.2. Generators Sets Distributors and Customers
  13.3. Generators Sets Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Atlas Copco AB
     13.4.2. Cummins Inc.
     13.4.3. Caterpillar Inc.
     13.4.4. Generac Holding Inc.
     13.4.5. Honda Siel Power Products Limited

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