Generator Sets Market Size By Current (DC, AC {Single Phase, Poly Phase}), By Fuel (Gasoline, Diesel, Gas), By Power Rating (<50 kVA, 50-300 kVA, 300-1000 kVA, >1000 kVA), By Application (Backup, Prime Power), By End-Use (Residential, Commercial, Industrial) Industry Analysis Report, Regional Analysis (U.S., Canada, Mexico, Russia, UK, Germany, France, Spain, Austria, Italy, China, Australia, India, Japan, Indonesia, South Korea, Saudi Arabia, UAE, Iran, Nigeria, Egypt, South Africa, Brazil, Argentina, Chile), Application Potential, Price Trend, Competitive Market Share & Forecast, 2018– 2024

Published Date: Jun 2018 | 440 Pages | Report ID: GMI2381 | Authors: Ankit Gupta, Aditya Singh Bais Report Format: PDF

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Industry Trends

Generator Sets Market size was valued over USD 20 billion in 2017 and is set to expand over 8% by 2024.

U.S. Generator Sets Market Size, By Application, 2017 & 2024 (USD Million)
U.S. Generator Sets Market Size, By Application, 2017 & 2024 (USD Million)

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Growing demand for continuous and reliable power supply driven by inadequacy of electrical grid infrastructure will stimulate the global generator sets market size. The industry is primarily driven by rapid industrialization, expanding population base and rising frequency of chronic power shortages. According to the International Energy Agency (IEA), electrical grid supply is reported to be unavailable for over 540 hours per year across the sub-Saharan Africa region.

Growing digitization accompanied by exponential expansion across the data center infrastructure will drive the generator sets market growth. Rapid deployment of gensets as backup source of power across the financial services firms, insurance companies, and IT services will positively impact the business scenario. Ability to effectively backup power interruptions including electrical outages or voltage fluctuations will accelerate the deployment of generator sets.

Generator Sets Market, By Current

DC generators sets market is predicted to expand over 6% by 2024. Simple design and construction, optimum fuel efficiency, and ease of parallel operation are some of the defining features supporting the industry growth. Operational ability to provide integrated power solutions with renewables including wind and solar power will further boost the product penetration.

AC generator sets market will witness robust growth on account of increasing customer awareness toward continuous power supply owing to unreliable grid infrastructure. These gensets find predominant applications across residential installations on account of their operational suitability for smaller power ranges and relatively low maintenance requirements.

Generator Sets Market, By Fuel

Increasing stringency of environmental compliances, energy efficiency, and growing focus on cleaner sources will propel the gas generator sets market growth. In addition, competitive fuel prices, and abundant availability of natural gas on account of expanding LNG infrastructure and shale gas boom will further complement the business scenario.

Diesel gensets, in 2017 accounted for over 50 % of the global generator sets market share. Favorable capital structure, wide application spectrum, high efficiency and durability will sustain the product penetration across higher power ranges. The product caters to continuous power requirements across various sectors including healthcare, pharmaceutical industries, manufacturing facilities, telecom, data centers, fuelling stations, etc.

Generator Sets Market, By Power Rating

Ongoing upgradation and expansion of telecommunication infrastructure to accelerate high-speed data services along with government initiatives to reinforce internet connectivity will foster the <50 VA generator sets market growth. The range is witnessing an ongoing consumer shift toward smaller and less powerful units for residential usage, on account of their economic viability and operational suitability.

Generator Sets Market, By Application

Prime power is anticipated to grow over 7% by 2024. These gensets are primarily deployed across remote locations including oil & gas facilities, mines, and on construction sites, that lack access to the public grid. The growth across the business is primarily attributed to the burgeoning industrialization and expanding infrastructure, predominantly across the developing countries.

Strengthening of the consumer propensity and awareness toward reliable power solutions will stimulate the backup generator sets market growth. Affordable price index, quick start-up, operational durability and reliability are some of the imperative features reinforcing the product demand.

Generator Sets Market, By End-Use

Commercial gensets market is anticipated to grow over 8 % by 2024. Increasing investments across power backup solutions to circumvent the excessive costs of productivity and revenue losses as a result of power interruptions. These gensets are prevalently deployed across diversified sectors including petrochemicals, chemical, automotive, agriculture, and healthcare telecommunication.

Rapid industrialization along with increasing investments in infrastructural development will foster the industrial generator sets market. The burgeoning industry expansion is significantly attributed to escalating reliance on electricity and technology advancements along with an indispensable use of digitization among businesses and industries.

Generator Sets Market, By Region

U.S. generator sets market, in 2017 was valued over USD 4 billion. Increasing severity and frequency of weather-related disasters have significantly necessitated the adoption of generator sets across the country. For instance, in September 2017, Hurricane Maria, a Category 4 storm hit hard Puerto Rico leaving over 1.57 million electricity customers without power. As per the Edison Electric Institute, weather related events account for over 70 percent of power outages in the U.S.

Europe generator sets market will witness growth on account of sizable investments toward the expansion of regional datacenters infrastructure driven by stringent data security laws. The regional datacenter industry, led by the UK, Germany, France and the Netherlands is exhibiting robust growth rate, thereby creating significant growth prospects for the backup power equipment, gensets.

Asia Pacific gensets market is set to grow over 9 % by 2024. Prolific growth across real estate capex, telecommunication, IT services, and other sectors will entail large-scale deployment of generator sets across diverse industries. Strengthening government measures toward rural electrification to mitigate electricity supply demand gap will further boost the product demand.

Competitive Market Share

Eminent industry players include Kirloskar, Generac, Briggs & Stratton, Kohler, Cummins, Caterpillar, Ingersoll Rand, Yanmar, Sterling, Manlift Group, Atlas Copco, Powerica, John Deere, Mitsubishi, Mahindra Powerol, America Honda Motors amongst others.

Regulatory conformance, price affordability, widespread service & distribution network and product differentiation are the key strategic assets for an industry participant to attain a competitive position in the business.

Generator Sets Industry Background

Generator Sets Market Segmentation

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A generator set (genset) is an electrical equipment that converts mechanical energy into electrical energy as the power output. The genset is the combination of an engine, alternator, and other subassemblies. A genset is primarily deployed to cater to the emergency power requirements during a grid failure or as a source of primary power in remote or industrial sites where grid supply access is unavailable.

What Information does this report contain?

Historical data coverage: 2013 to 2017; Growth Projections: 2018 to 2024.
Expert analysis: industry, governing, innovation and technological trends; factors impacting development; drawbacks, SWOT.
6-7 year performance forecasts: major segments covering applications, top products and geographies.
Competitive landscape reporting: market leaders and important players, competencies and capacities of these companies in terms of production as well as sustainability and prospects.

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