Generator Sets Market Analysis

Generator Sets Market Analysis

Based on the power rating, the ≤ 50 kVA generator sets market is slated to observe nearly 7.5% growth rate between 2023 and 2032. A major chunk of the segment revenues are likely to be driven by the low up-front costs associated with these gensets, which makes them more affordable. Owing to their small size and their ability to deliver power round the clock, these systems are primarily employed across telecom, residential, and small-scale commercial and industrial units. Many ≤ 50 kVA diesel generator sets also consume less fuel, which lowers the operation costs notable, further stimulating product demand. The market for commercial gensets is likely to cross USD billion by 2032.
 

In terms of application, the generator sets market size from prime/continuous segment is poised to surpass over USD 24 billion by 2032. This growth is credited to the growing demand for electricity in remote areas and government initiatives for improving electrification rates. In fact, countries such as the ones Sub-Saharan Africa, where power failures occur for longer, are likely to create strong demand for the products. In November 2022, the World Bank Group, the International Finance Corporation (IFC), the Multilateral Investment Guarantee Agency (MIGA), and other development agencies unveiled a new initiative to accelerate the pace of electrification in rural Africa. The home standby gensets industry is likely to surpass USD 14 billion by 2032 on account of increasing government projects for housing sector.
 

Asia Pacific generator sets market is expected to witness around 7.5% gains through 2032 owing to the proliferation of commercial and residential properties in the region. As per a recent IBEF report published in April 2022, office space leasing in India grew 97% year-over-year to approximately 11.4 sq. ft. in the first quarter of 2022. In addition, the predicted growth is also attributed to rising investments across the region’s manufacturing sector. In September 2021, the Indian government unveiled a USD 3.37 billion PLI scheme for auto components and automobiles to improve indigenous manufacturing capacity. The ongoing electrification initiatives in the region are also favoring revenue growth. The market for North America portable generators is anticipated to exceed USD billion revenue by 2032.