Home > Energy & Power > Electrical Equipment > Generator Sets > Commercial Standby Generator Sets Market
Commercial Standby Generator Sets Market Size
Commercial Standby Generator Sets Market size was valued at USD 6.6 billion in 2023 and is estimated to expand at 7.8% CAGR from 2024 to 2032. A commercial standby is defined as an electrical device used for electricity backup. These units are frequently deployed in emergency situations, majorly during a power outage. These are ideal for applications for a continuous & reliable continuous power source across the sector.
Commercial gensets market will witness an upsurge during the forecast period, owing to surging number of weather-related disasters and increasing occurrence of temporary electricity disruptions across the globe. Growing awareness among consumers toward the backup power solutions along with flourishing commercial sector will positively sway business growth. The industry is in consistent pursuit of designing units conforming with the rigorous regulatory standards which in turn has further influenced the existing technologies.
Report Attributes | Details |
---|---|
Base Year: | 2023 |
Market Size in 2023: | USD 6.6 Billion |
Forecast Period: | 2024 to 2032 |
Forecast Period 2024 to 2032 CAGR: | 7.8% |
2032 Value Projection: | USD 13.1 Billion |
Historical Data for: | 2019 to 2023 |
No. of Pages: | 500 |
Tables, Charts & Figures: | 1,131 |
Segments covered: | Power Rating, Fuel, Application |
Growth Drivers: |
|
Pitfalls & Challenges: |
|
COVID– 19 Impact
The economy has been severely impacted by an unforeseen outbreak of the novel coronavirus, also known as COVID-19. The commercial sector has witnessed a substantial decline in the overall diesel portable generator deployment owing to delay in the development & expansion of commercial establishments. However, ongoing vaccination programs along with increasing demand of these gensets from healthcare sector has complemented the business outlook.
Commercial Standby Generator Sets Market Analysis
The ≤ 75 kVA rated commercial standby generator sets market will witness growth rate of 7.7% till 2032. Wide scale utilization of these units across telecom, hospitality, retail sales, and other small scale commercial facilities will fuel the product penetration. The growing inclination and awareness among consumers for reliable and cost-effective backup power solutions play a crucial role in accelerating the widespread adoption of these gensets across a broader range of users.
The diesel gensets market holds a share of over 65% in 2022. The product offers key advantages including scalability, prompt response, flexibility, and ability to operate independently of weather conditions, stimulating the business potential. Furthermore, the consistent and increasing need to enhance power generation capacities to meet the rising demands in the commercial sector has contributed to the continued use of these products.
The widespread installation of gensets across data centers and healthcare facilities will institute a favorable business scenario. These gensets are crucial for providing emergency power supply during blackouts or grid failures across the wide tandem of application areas. Growing customer awareness, escalating power failures, and increasing demand on the main grid are some of the key factors, accelerating the commercial standby generator sets market growth.
The North America commercial standby generator sets market is set to exceed USD 1.2 billion by 2032. The increasing costs associated with data center outages, combined with a growing consumer awareness of the need for dependable backup power solutions, will drive business outlook. Moreover, increasing commercial and construction activities coupled with stringent government norms toward the deployment of cleaner power generation sources will augment the industry landscape.
Increasing investments toward the development of commercial and retail complexes will positively impact the Asia Pacific commercial standby gensets market. Rapid expansion of telecom infrastructure and frequent power failures primarily across the developing nations will escalate the business outlook. Increasing digitization and expansion of third-party data centers in line with ongoing electrification programs will boost the industry potential.
Commercial Standby Generator Sets Market Share
The key industry players operating across the commercial standby generator sets market include:
- Cummins,Inc
- Kirloskar
- Briggs & Stratton
- Kohler
- Generac Power Systems
- Yamaha Motor
- Powerica Ltd.
- Escorts Group
- Himoinsa
- Caterpillar
- Atlas Copco
- J C Bamford Excavators
- Mahindra Powerol
- Rolls-Royce
- Ashok Leyland
- Wärtsilä
Commercial Standby Generator Sets Industry News
- In November 2022, Cummins announced a partnership agreement with Exergy Energy, a manufacturer and designer of power backup solutions. This partnership agreement allows the strategic growth of both companies along with the installation of Cummins power solutions comprising energy storage systems, switching components, and generator sets at customer sites to provide power during the entire operation, grid outages, and peak usage. This agreement will foster both the company’s revenue stream, leverage their product lines, and boost their market shares.
- In March 2022, Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), a subsidiary of Mitsubishi Heavy Industries group, introduced the MGS-R Series of diesel generator sets. This series caters to the growing demands of the digital economy across the global market. This series offers a reliable power solution to the consumers, featuring 21 models that cover all power rating categories.
The commercial standby generator sets market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Units” & “USD” from 2019 to 2032, for the following segments:
Click here to Buy Section of this Report
Market, By Power Rating
- ≤ 75 kVA
- > 75 kVA - 375 kVA
- > 375 kVA - 750 kVA
- > 750 kVA
Market, By Fuel
- Diesel
- Gas
- Others
Market, By Application
- Telecom
- Healthcare
- Data Centers
- Educational Institutions
- Government Centers
- Hospitality
- Retail Sales
- Agriculture
- Aquaculture
- Others
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Europe
- Russia
- UK
- Germany
- France
- Spain
- Austria
- Italy
- Asia Pacific
- China
- Australia
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Thailand
- Vietnam
- Philippines
- Myanmar
- Bangladesh
- Middle East
- Saudi Arabia
- UAE
- Qatar
- Turkey
- Iran
- Oman
- Africa
- Egypt
- Nigeria
- Algeria
- South Africa
- Angola
- Kenya
- Mozambique
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
Frequently Asked Questions (FAQ) :