Emphasis on Fuel Type (Gas, Diesel, and Others); Capacity (Below 75 kVA, 75-350 kVA and Above 350 kVA); Application (Industrial, Commercial and Residential)); and Region/Country
Global Generator Sets Market was valued at USD 28 Billion in 2022 and is expected to grow at a significant rate of around 7.5% during the forecast period.
A generator set is an emergency backup power source that transforms fuel during a power outage or unstable power supply from chemical energy into mechanical energy and then electrical energy. For the purpose of producing momentary electricity, generator sets work on the principle of rotating motion. The market for generator sets is being driven by the rising demand for emergency backup power solutions in isolated locations with no or insufficient power supply. Top companies are introducing new products in the market for their customers who lives in the isolated locations. For instance, Caterpillar Inc. introduced three new standby diesel generator sets with 20 kW to 30 kW power outputs. These generators will be beneficial for the household and commercial sectors where there are sudden power disruptions.
Caterpillar; Generac Power Systems, Inc.; Wartsila; Kohler Co; Kirloskar; Cummins Inc.; Briggs & Stratton; Honda India Power Products Ltd.; Greaves Cotton Limited; MAHINDRA POWEROL are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
“Amongst fuel type, Diesel category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into gas, diesel, and others. Diesel category to witness higher CAGR during the forecast period owing to the rising diesel production. It is well known that diesel fuel is stable (less flammable than petrol), has a high energy density to volume ratio, and has efficient consumption rates. Diesel generators typically use half as much fuel as their natural gas-powered counterparts while generating the same amount of work this in turn is driving the growth of diesel fuel generators in the market.
“Amongst capacity, the 4WD to hold a significant share in the market in 2022”
On the basis of capacity, the market is categorized into below 75 kVA, 75-350 kVA, and above 350 kVA. Among these, the below 75 kVA to hold a significant share in the market in 2022. The buildings and constructions market is growing in India and China, due to current government initiatives such as smart cities and green building initiatives will generate demand for portable generators during the forecast period
“Amongst application, Commercial category to witness higher CAGR during the forecast period”
Based on type, the market is segmented into industrial, commercial, and residential. Commercial category to witness higher CAGR during the forecast period. Government programs that favor industrial development in emerging economies such as China, Brazil and India are the key drivers of demand for generators across the segment. For instance, the Delhi government plans to implement a subsidy programme for those who switch to CNG-based generator sets in its first Green Budget.
“APAC to hold a significant share in the market”
In 2022, APAC held a significant share of the global generator sets market. This is mainly attributed to the rapid growth in various commercial and industrial sectors such as infrastructure, telecommunications, information technology (IT) and computer services is expected to further boost demand for generator sets in asia pacific region. For instance, Bharti Airtel presented a new plan to invest around INR 50 billion (USD 673 million) to expand its data center business in India to cater to the growing number of customers in the country. Such investments in the telecom sector are likely to increase the demand for generators over the forecast period.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Generator Sets Market
6. Generator Sets Market Revenue (usd Bn), 2020-2030f
7. Market Insights By Fuel Type
8. Market Insights By Capacity
9. Market Insights By Application
10. Market Insights By Region
11. Generator Sets Market Dynamics
12. Generator Sets Market Opportunities
13. Generator Sets Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Pricing Analysis
17. Strategic Insights
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Analyzing the historical market, estimating the current market, and forecasting the future market of the global generator sets market were the three major steps undertaken to create and analyze the adoption of generator sets in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global generator sets market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the generator sets market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the generator sets market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as fuel type, capacity, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the generator sets market. Further, we conducted factor analysis using dependent and independent variables such as fuel type, capacity, and applications of generator sets. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the generator sets market sector across the globe.
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global generator sets market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global generator sets market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of fuel type, capacity, and application in the global generator sets market.
The current & future market trends of the global generator sets market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
Q1: What is the current market size and growth potential of the global generator sets market?
Q2: What are the driving factors for the growth of the global generator sets market?
Q3: Which segment has the largest share of the global generator sets market by type?
Q4: What are the emerging technologies and trends in the global generator sets market?
Q5: Which region will dominate the global generator sets market?
Q6: Who are the key players operating in the global generator sets market?
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February 11, 2025
