Market Size of North America Generator Sets Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Generator Sets Market Analysis
The North American Generator Sets Market is expected to register a CAGR of over 3% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, the ever-increasing demand for power, lack of reliable grid infrastructure, and the need for emergency backup power solutions are expected to drive the growth of the market studied.
- On the other hand, increasing the installation of renewable energy sources is expected to hamper the growth of the North American generator sets market during the forecast period.
- Nevertheless, emerging commercial and industrial sectors in Mexico and Canada are likely to create lucrative growth opportunities for the North American generator sets market in the forecast period.
- The United States dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in industrial and commercial sectors.
North America Generator Sets Industry Segmentation
Generators are valuable appliances that supply electrical power during a power outage and prevent discontinuity of daily activities or disruption of business operations. Generators are available in different electrical and physical configurations for various applications. Generators provide backup, prime, and continuous power solutions in industrial, marine & home applications.
The North American Generator Sets Market is segmented by fuel type, end-user, and geography. By fuel type, the market is segmented into diesel, natural gas, and others. By end-user, the market is segmented into residential, commercial, and industrial. The report also covers the market size and forecasts for the North American generator sets market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Fuel Type | |
| Diesel | |
| Natural Gas | |
| Others |
| End-User | |
| Residential | |
| Commercial | |
| Industrial |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Generator Sets Market Size Summary
The North American Generator Sets Market is poised for steady growth, driven by the increasing demand for reliable power solutions and the need for emergency backup systems. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key factors propelling the market include the rising demand for power, particularly in areas with unreliable grid infrastructure, and the expansion of commercial and industrial sectors in Mexico and Canada. However, the growth trajectory may be challenged by the increasing adoption of renewable energy sources. The United States stands out as the dominant player in the market, benefiting from significant investments in industrial and commercial sectors, which are expected to sustain its leadership and drive further growth.
Generator sets, or gensets, are essential in regions with frequent power outages or where grid connectivity is limited, such as in mines or hospitals. Diesel-based gensets are particularly favored due to their high efficiency and cost-effectiveness. The market is characterized by ongoing innovations, with companies like Cummins Inc. and Caterpillar introducing advanced generator models to meet diverse power needs. The United States, with its substantial electricity consumption and vulnerability to weather-related disasters, relies heavily on generator sets for backup power. The market is also witnessing a shift towards zero-emission solutions, as seen in initiatives by General Motors and Generac Power Systems. The competitive landscape is fragmented, with major players like Kohler Co., Caterpillar Inc., and Cummins Inc. leading the charge in providing innovative power solutions across North America.
North America Generator Sets Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Fuel Type
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2.1.1 Diesel
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2.1.2 Natural Gas
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2.1.3 Others
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2.2 End-User
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2.2.1 Residential
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2.2.2 Commercial
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2.2.3 Industrial
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Generator Sets Market Size FAQs
What is the current North America Generator Sets Market size?
The North America Generator Sets Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in North America Generator Sets Market?
Kohler Co. , Caterpillar Inc., Cummins Inc., Atlas Copco AB and Generac Holdings Inc. are the major companies operating in the North America Generator Sets Market.
