Generator Sets Market Size (2024 - 2029)

Generator Sets Market Analysis

The generator sets market is expected to register a CAGR of more than 6.5% during the forecast period.

The outbreak of COVID-19 had a negative effect on the market. Currently, the market has rebounded to pre-pandemic levels.

• Factors such as the ever-increasing demand for power, the lack of reliable grid infrastructure, the need for emergency backup power solutions, and the demand for steady power supply are driving the generator set market. Moreover, the growing energy demands from the burgeoning manufacturing industry are expected to provide greater market opportunities for generators.
• However, factors such as high installation and operating costs, consumer preference for eco-friendly alternatives (like solar, fuel cells, etc.), and overcapacity are restraining the market's growth during the forecast period.
• The commercial and industrial sectors of emerging economies, the residential sector of developed economies, and the increasing need for power in defense operations are expected to create significant opportunities for market participants in the near future.

Asia-Pacific accounted for the largest share of the market in 2022, with the majority of the demand coming from countries such as China and India.

Generator Sets Industry Segmentation

Typically, a generator set consists of an engine and a generator that are mounted as a single piece. The main purpose of the set is to use the electrical generator to transform mechanical energy into electrical energy. Generator sets are frequently employed in places where electrical power is unavailable or has been disrupted since they can run on a number of fuel sources. They come in a variety of sizes, from tiny hand-operated units to bigger sets that are mounted in trailers, buildings, or even cars.

The generator sets market is segmented by capacity, end-user, fuel type, application, and geography. By capacity, the market is segmented into three categories: below 75 kVA, 75-350 kVA, and above 350 kVA. By end-user, the market is segmented into residential, commercial, and industrial. By fuel type, the market is segmented into gas, diesel, and others. By application, the market is segmented into standby backup power, prime/continuous power, and peak shaving power. The report also covers the market size and forecasts for the generator sets market across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD billion).