Generator Sets Market to Reach $72.4 billion, Globally, by 2032 at 8.2% CAGR: Allied Market Research

Recent advancements in generator sets technology are catalyzing enhanced efficiency and cost-effectiveness in the power generation sector. These innovations encompass cutting-edge power generation techniques, automation and digitalization, data-driven operations, and the integration of sustainable practices, all of which contribute to prolonged generator sets' lifespans and reduced environmental impact. Moreover, the exploration and identification of new opportunities and applications for generator sets are broadening the market's horizons.

WILMINGTON, Del., Nov. 30, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Generator Sets Market by Power Rating (Less than 50 kVA, 50-125 kVA, 125-200 kVA, 200-330 kVA, 330-750 kVA, and More than 750 kVA), Application (Standby, Peak Shaving, and Prime/Continuous), End User (Residential, Commercial, and Industrial), Fuel (Diesel, Gas, and Hybrid): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the Generator sets Market was valued for $32.2 billion in 2022 and is estimated to reach $72.4 billion by 2032, exhibiting a CAGR of 8.2% from 2023 to 2032.

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Prime determinants of growth

The power infrastructure deficit, presence of remote and off-grid power needs, and surge in the telecommunication and IT sector drive the development of the market. These factors collectively drive innovation and adoption of gensets to address an increase in demand for emergency power and promote sustainability. However, fuel price volatility and advancements in energy storage restrain the development of the market. Furthermore, the rise in remote and off-grid markets and hybrid power systems will provide ample opportunities for the development of generator sets market.

Report coverage & details:

Impact Scenario

Israel-Hamas War:

• The Israel-Hamas conflict can significantly impact the generator sets market in the region.
• During times of conflict, power infrastructure can be vulnerable to damage or disruptions, leading to an increased demand for generator sets, especially in critical facilities like hospitals and emergency response units.
• In addition, in the aftermath of the conflict, generator sets play a vital role in providing temporary power for humanitarian aid efforts, post-war reconstruction, and the repair of damaged infrastructure.
• However, challenges such as fuel supply shortages, import-export restrictions, and the broader economic impact of the conflict can influence the generator sets market dynamics.
• The specific impact depends on the scale and duration of the conflict and the ability to provide humanitarian assistance and support for post-conflict recovery efforts.

Russia-Ukraine war:

• The ongoing conflict between Russia and Ukraine have significant impacts on the generator sets market.
• Political and economic instability in the region led to reduced investment and slower market growth.
• Shifting energy priorities during the conflict temporarily decreases the demand for generator sets as resources are allocated to critical infrastructure and emergency power needs.

Global Inflation:

• Global inflation has both direct and indirect impacts on the generator sets market.
• Inflation increases the prices of raw materials, manufacturing equipment, and components, leading to higher costs for solar generator systems.
• However, long-term contracts, operational cost benefits, and energy cost stability provided by generator sets help mitigate some of the negative impacts of inflation.

The less than 50 kVA segment to maintain its leadership status throughout the forecast period

Based on power rating, less than 50kVA segment held the highest market share in 2022, accounting for more than one-fifth of the global generator sets market revenue, and is estimated to maintain its leadership status throughout the forecast period. Generator sets with a power rating of less than 50 kVA are compact and portable units designed to provide electrical power in a variety of settings. These generators, equipped with an internal combustion engine and an alternator, are commonly used for backup power in homes, small businesses, and critical facilities during grid outages. They also find applications on construction sites, outdoor events, remote locations, and in mobile setups like food trucks and RVs.

However, more than 750 kVA segment is projected to manifest a CAGR of 8.6% from 2023 to 2032. Generator sets with a power rating greater than 750 kVA are robust and high-capacity power generation units designed to cater to the energy needs of large industrial facilities, data centers, hospitals, commercial buildings, and critical infrastructure. These generator sets typically employ powerful engines, advanced alternators, and sophisticated control systems to ensure reliable and continuous power supply during grid outages or as prime power sources.

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The standby segment to maintain its leadership status throughout the forecast period

Based on application, standby segment held the highest market share in 2022, accounting for nearly half of the global generator sets market revenue, and is estimated to maintain its leadership status throughout the forecast period. An increase in instances of extreme weather conditions and a rising number of power outages have amplified the demand for reliable backup power solutions, propelling the market for standby generator sets. In addition, technological advancements are improving the efficiency and reliability of these systems, making them more accessible and cost-effective for a wider range of applications. The growing emphasis on data security and uninterrupted operations in various industries, such as healthcare and IT, further boosts the demand for standby generator sets.

However, prime/continuous segment is projected to manifest a CAGR of 8.5% from 2023 to 2032. The development of the prime/continuous generator sets depends on various factors such as expanding industrial sectors, the rise in data center construction, and the need for power in remote and off-grid locations which are fueling this growth. Moreover, advancements in generator set technology, including enhanced fuel efficiency, reduced emissions, and intelligent control systems, present opportunities for improved performance and sustainability in this market. The growing focus on renewable energy integration and the adoption of cleaner fuel sources in generator sets also opens doors for innovation and market expansion.

The industrial segment to maintain its leadership status throughout the forecast period

Based on the end-use, the industrial segment held the highest market share in 2022, accounting for more than half of the global generator sets market revenue, and is estimated to maintain its leadership status throughout the forecast period. Generator sets, within an industrial context, are specialized power generation systems extensively utilized across various sectors, including manufacturing, construction, oil and gas, mining, healthcare, and data centers. These sets consist of an engine connected to an electrical generator, offering a reliable source of electricity during power outages or as a primary power supply in remote locations. Industrial-grade generator sets are engineered to deliver high-capacity, dependable power to support critical operations within these sectors. 

However, the residential segment is projected to manifest a CAGR of 8.5% from 2023 to 2032. Generator sets in the context of residential end-users are compact power units that serve as backup sources during electricity outages. Typically fueled by diesel, natural gas, or propane, these sets consist of an engine and an electric generator contained in a single unit. In residential settings, they provide a reliable source of power when the primary electrical supply fails, ensuring continuous electricity for critical appliances, lighting, and heating or cooling systems. 

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The diesel segment to maintain its leadership status throughout the forecast period

Based on the fuel, the diesel segment held the highest market share in 2022, accounting for more than three-fifths of the global generator sets market revenue, and is estimated to maintain its leadership status throughout the forecast period. Diesel fuel type generator sets are power generation units that utilize diesel fuel to drive an internal combustion engine, which in turn drives an electric generator to produce electricity. These generator sets are known for their reliability, efficiency, and robust performance. Diesel generator sets are commonly employed in a wide range of applications, including standby power for critical infrastructure, prime power in remote areas, and as backup power sources in case of grid failures.

However, hybrid segment is projected to manifest a CAGR of 8.9% from 2023 to 2032. Hybrid fuel generator sets, at the forefront of sustainable technology, cater to a diverse spectrum of applications, making them an environmentally conscious and adaptable choice for power generation needs. These innovative generators are designed to harmoniously integrate traditional fuels such as diesel or natural gas with renewable energy sources like solar, wind, or energy stored in batteries. This intricate fusion of different fuel types results in a power generation solution that offers superior efficiency, diminished emissions, and heightened resilience. 

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global generator sets market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 8.6% from 2023 to 2032. The region's rapid industrialization, urbanization, and infrastructure development are driving the demand for generator sets across industries such as manufacturing, construction, healthcare, and data centers. In addition, the increase in the frequency of natural disasters underscores the importance of reliable backup power solutions, offering opportunities for market expansion.

Leading Market Players: -

• Rolls-Royce plc
• Ashok Leyland Limited
• Mitsubishi Heavy Industries, Ltd.
• Greaves Cotton Ltd.
• Wartsila, Kohler. Co.
• General Electric
• Caterpillar Inc.
• Cummins Inc.
• Doosan Corporation

The report provides a detailed analysis of these key players in the global generator sets market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.

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