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The standby generator sets industry is poised for substantial growth driven by rapid industrialization and a thriving commercial sector. The rising rates of urbanization and population growth coupled with the increasing demand for uninterrupted power supply will fuel the industry potential. Additionally, growing investments in residential infrastructure development and frequent power outages will further propel the business expansion. Government initiatives promoting energy resilience & environmental sustainability along with growing investments in smart grids will propel the product adoption.
The market for standby generator sets rated between 300 kVA and 500 kVA is expected to surpass USD 9 billion by 2034, driven by frequent power outages and natural disasters.
The global market for standby generator sets was reached USD 26 billion in 2024 and is estimated to grow at a 6.3% CAGR from 2025 to 2034, driven by the growing demand for continuous power supply.
The gas standby generator sets market is anticipated to grow at a CAGR of over 6.5% through 2034, led by the emphasis on cleaner and more sustainable energy solutions.
The U.S. standby generator sets market is set to reach over USD 6.5 billion by 2034, propelled by extreme weather conditions, aging power infrastructure, and the need for uninterrupted power supply in critical sectors.
Major players include Ashok Leyland, Atlas Copco, Briggs and Stratton, Caterpillar, Cummins, Eaton, Generac Power Systems, Gillette, Himoinsa, Hipower, JCB, Kirloskar, Rhelko, MAHINDRA POWEROL, Powerica, Rolls-Royce, Wartsila, and Yamaha Motor.