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Standby Generator Sets Market Size

Report ID: GMI5967
Published Date: Jun 2023
Report Format: PDF

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Standby Generator Sets Market Size

Standby Generator Sets Market size surpassed USD 23.8 billion and is anticipated to register 7.2% CAGR from 2024 to 2032.

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Growing demand for uninterrupted power supply driven by factors such as frequent power outages, natural disasters, and increasing reliance on technology will rise the demand for standby gensets. Surging consumer awareness for power backup solutions and surging desire for enhanced comfort and security contribute will foster the industry landscape.

Standby Generator Sets Market Report Attributes
Report Attribute	Details
Base Year:	2023
Standby Generator Sets Market Size in 2023:	USD 23.8 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.2%
2032 Value Projection:	USD 44.3 Billion
Historical Data for:	2019 to 2023
No. of Pages:	400
Tables, Charts & Figures:	1,082
Segments covered:	Power Rating, Fuel, Application
Growth Drivers:	North America Increasing intensity & frequency of weather-related disasters Escalating data center outage costs Growing demand for uninterrupted power supply Europe Expansion of the datacenter industry Favorable regulatory policies to boost investment Asia Pacific Burgeoning expansion in the telecom sector Africa Unreliable grid infrastructure coupled with rapid population growth
Pitfalls & Challenges:	High capital & maintenance costs Shifting trends toward renewable power generation

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of standby generator sets market size was USD 23.8 billion in 2023 and is projected to grow at 7.2% CAGR during 2024 to 2032, explains GMI report.

Gas standby generator sets industry size will witness more than 7.9% growth till 2032 owing to the increasing focus on cleaner and more sustainable energy sources.

North America industry crossed a valuation of USD 3.9 billion in 2022 attributed to the extreme weather events, aging power infrastructure, and the need for uninterrupted power supply in critical sectors.

Cummins, Inc., Kirloskar, Kohler Co., Mahindra Powerol, Generac Power Systems, Inc., Yamaha Motor, Powerica, Escorts Group, Himoinsa, J C Bamford Excavators, Rolls-Royce plc, Caterpillar, Ashok Leyland, Wärtsilä, Eaton, Gillette Generators and HIPOWER.