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Generator Sets Market Size - Power Rating, By Fuel (Diesel, Gas, Hybrid), By End-Use (Residential, Commercial, Industrial), By Application (Standby, Peak Shaving, Prime/Continuous), By Regional Outlook & Forecast, 2024 – 2032
Report ID: GMI2381
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Published Date: July 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 28
Tables & Figures: 56
Countries covered: 30
Pages: 180
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Generator Sets Market Size
Generator Sets Market was valued at USD 41.6 billion in 2023 and is estimated to grow at a CAGR of over 7.7% from 2024 to 2032. The widespread implementation of these units to ensure a reliable and continuous power supply in the real estate sector and the automotive production industry will stimulate business growth. For instance, over USD 25 billion were invested in multifamily real estate across Europe during the first quarter of 2024.
A generator sets are essential devices that convert mechanical energy into electrical energy, providing a reliable source of power in various applications. These units typically consist of an engine coupled with an alternator and are available in a wide range of sizes and configurations to suit different needs, from small portable generators for residential use to large industrial gensets for commercial and utility-scale operations. These gensets are indispensable in ensuring continuous power supply during outages, supporting critical infrastructure, and enabling operations in remote or off-grid locations. They are utilized in diverse sectors including healthcare, telecommunications, construction, and emergency services. Modern gensets incorporate advanced technologies for enhanced efficiency, lower emissions, and improved monitoring and control capabilities, making them a key component in both every day and emergency power solutions.
Generator Sets Market Trends
The rollout of the 5G spectrum along with a growing subscriber base has resulted in significant investments in the telecom sector thereby enhancing the business environment. The introduction of new public-private partnership models to encourage the involvement of private capital will further boost the product penetration. The ongoing upgrade of existing transmission and distribution networks along with a rising population will drive the business dynamics. Furthermore, the extensive use of these units for temporary power plants, emergency power, reliable backup, and cost-effective primary power sources will enhance the industry potential.
Generator Sets Market Analysis
The ≤ 50 kVA rated generator sets will reach over USD 15 billion by 2032. The increasing frequency of natural disasters combined with aging grid networks will result in power failures, thereby driving the business growth. The industry outlook will be strengthened by a shift toward adopting affordable and less powerful power solutions due to their operational suitability and economic viability. Additionally, the robust development of mobile towers to meet the needs of a growing subscriber base will fuel the product deployment.
The commercial generator sets market size will witness a CAGR of over 7% through 2032. Robust development of data centers along with ongoing upgradations in IT sector will energize the business dynamics. Increasing concern toward digitalization and increasing power outages will further drive the industry potential. Furthermore, increasing demand for reliable & constant power supply across educational institutions and government centers will escalate the product deployment.
Asia Pacific generator sets market is set to surpass USD 38 billion by 2032. The proliferation of multi-family residential apartments and commercial complexes will significantly correspond to a high demand for consistent power supply, which in turn will fuel the industry scenario. Ongoing electrification programs coupled with increasing investments across manufacturing sector will drive the business outlook. In addition, the remote areas lacking connection to the central power transmission network and solely dependent on generators for electricity will provide business opportunities.
The U.S. generator sets market will be driven by the electrical grids inability to sustain increased demand loads and recent severe hurricane events. Furthermore, the growing need to ensure continuous power supply in healthcare facilities and industries will expand the deployment of these gensets. Ongoing economic development, rising population, and increasing urbanization will propel the product deployment. Additionally, the influx of foreign investments and growth ventures supporting industrialization in the region will enhance the business outlook.
Generator Sets Market Share
Kohler Co. is one of the prominent global manufacturers renowned for its expertise in producing high-quality generators and power solutions. The company has established itself as a leader in the industry, offering a diverse range of generator sets designed for residential, commercial, industrial, and marine applications. Known for their reliability, efficiency, and advanced technology, its generators are trusted by customers worldwide to provide dependable power during emergencies and in remote locations. The company emphasizes innovation, continually introducing new features such as advanced control systems, remote monitoring capabilities, and eco-friendly options to enhance performance and meet stringent environmental standards. Kohler's comprehensive service network ensures that customers receive support throughout the entire lifecycle of their generators, from installation and maintenance to technical assistance and parts availability, making them a preferred choice for critical power solutions globally.
Generator Sets Market Companies
The key industry players include:
Generator Sets Industry News
This generator sets market research report includes in-depth coverage of the industry with estimates & forecast in terms of “000 Units” & “USD Million” from 2021 to 2032, for the following segments:
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Market, By Power Rating
Market, By Fuel
Market, By End Use
Market, By Application
The above information has been provided for the following regions and country: