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Generator Sets Market Size
- Report ID: GMI2381
- Published Date: Jan 2023
- Report Format: PDF
Generator Sets Market Size
Generator Sets Market size exceeded USD 41.6 billion in 2023 and is projected to expand at more than 7.7% CAGR from 2024 to 2032. Rapid industrialization and increasing infrastructure investments will spur the industry expansion.
Rapid industrialization is driving a strong demand for reliable power supply across the globe. To keep up with the growing industrialization, world governments are increasingly rolling out infrastructure development initiatives such as smart city projects, creating further demand for generator sets. In August 2022, USA’s Biden-Harris administration announced a USD 10.5 billion investment to strengthen the nation’s electric grid. Meanwhile, public and private real estate ventures birthed by smart city initiatives are presenting more growth opportunities to the market. For instance, in April 2022, the UK government unveiled £30 million (~USD 36.5 million) funding for cutting-edge highway decarbonization projects across the country. The diesel gensets market is set to hit USD 60 billion by 2032 owing to rising demand from construction sector. Moreover, the gas generator sets segment will witness 8.9% growth rate till 2032.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Generator Sets Market Size in 2023: | USD 41.6 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 7.7% |
| 2032 Value Projection: | USD 80.4 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 1,258 |
| Tables, Charts & Figures: | 2,106 |
| Segments covered: | Power Rating, Fuel, End Use, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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High generator sets installation and maintenance costs may impede industry growth
Despite a widening scope for product adoption, the generator sets market is likely to be hindered due to the high capital, maintenance, and installation costs associates with generator sets. Many genset variants that are relatively eco-friendly, such as the ones powered by natural gas, have a shorter lifespan and need frequent maintenance to keep running, which makes it an expensive investment. Meanwhile the ones powered by fossil fuels, including diesel generators, are being rapidly phased out as they produce nitrogen oxide, carbon dioxide, particulate matter, and other harmful exhausts that release into the atmosphere. Standby generator sets industry is likely to cross USD 44.3 Million by 2032.
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Generator Sets Market Scope
