Hybrid Generator Sets Market Size - By Application (Standby, Peak Shaving, Prime/Continuous), End Use (Residential, Commercial, Industrial), Power Rating & Forecast, 2024 - 2032

Hybrid Generator Sets Market Size

Hybrid Generator Sets Market was valued at USD 3.7 billion in 2023 and is projected to grow at a CAGR of 9.1% between 2024 and 2032. Paradigm shift toward hybridization technology of gensets with renewable or storage systems will favor the business outlook. The constant concern toward the emission coupled with unreliable grid infrastructure will influence the business growth. Furthermore, these generator sets are proven to be more fuel efficient and reliable, which in turn will energize the business dynamics.
 

Aging grid infrastructure & growing demand for uninterrupted power supply is directly proportional to the demand for these generator sets and will result in business growth. Introduction of 5G spectrum along with increasing subscriber base lead to sizeable investments in the telecom sector which in turn will favor the industry landscape. Introduction of new public-private partnership models to promote the involvement of non-governmental capital will further propel the product penetration.
 

A hybrid genset, refers to a power generation system that combines two or more distinct energy sources to produce electrical power. Typically, this involves the integration of a traditional internal combustion engine with an alternative energy source, such as batteries, solar panels, wind turbines, or other renewable energy technologies. The hybrid genset is designed to optimize fuel efficiency, reduce emissions, and enhance overall energy sustainability by intelligently managing and balancing the utilization of multiple power generation methods based on demand and environmental conditions.
 

COVID– 19 Impact

The COVID-19 has significantly impacted market for hybrid generator sets, the economic slowdown resulted in supply chain disruptions, and widespread lockdowns all contributed to a decline in industrial activity and investment across commercial sector. New hybrid generator sets installations have decreased and resulted in reduced demand and project delays. The industry has gained its strength in 2021 offering significant business opportunities for business expansion.  
 

Hybrid Generator Sets Market Trends

Large-scale deployment of these units to provide a reliable & uninterrupted power supply across rea estate sector and automotive production industry will drive the business growth. Unexpected power interruptions due to grid failures or weather-related outages leads to revenue losses in these sectors, accelerating the industry potential.  Robust expansion of data centers in line with increasing applicability of gensets avoid any system downtimes, startup issues, and loss of in-process information will energize the industry dynamic.
 

Hybrid Generator Sets Market Analysis

The > 50 kVA - 125 kVA hybrid generator sets industry size will witness growth rate of 9.4% through 2032. Intensifying natural disasters along with aging grid infrastructure will lead to power failures, facilitating the business growth. Paradigm shift toward adoption of affordable and less powerful power solutions owing to their economic viability and operational suitability will fuel the industry outlook.
 

The industrial generator sets holds a market share of over 50% in 2023. Increasing deployment across diverse mining operations including gas, coal, iron, or metal mining will favor the business growth. The growth is primarily attributed to the resurgent industrialization and expanding infrastructure, across the developing countries.
 

The prime/continuous application is set to surpass USD 1.5 billion by 2032. Increasing government programs toward improving electrification rates along with increasing demand of electricity across remote locations will institute a positive industry outlook. For instance, sub-Saharan nations, where power outages span for long hours will lead to robust deployment of these gensets.
 

• The North America hybrid generator sets market was worth USD 1.6 billion in 2023. The burgeoning expansion in the telecom sector along with unreliable grid infrastructure coupled with rapid population growth are some of the key factors to propel the growth.
   
• The inability of electrical grids to sustain an amplified demand load along with recent occurrences of severe hurricane events will fuel the product adoption. In addition, surging need to facilitate continuous power supply across healthcare establishments and industries will widen the deployment spectrum of these gensets.
   

Hybrid Generator Sets Market Share

The leading companies prioritize marketing strategies, technological innovations, establishing their brand, and achieving economies of scale to effectively compete in the industry.
 

The key market players include:

• Cummins, Inc.
• Kirloskar
• Briggs & Stratton
• Kohler Co.
• Generac Power Systems, Inc.
• Yamaha Motor Co., Ltd.
• Powerica Limited
• Sterling and Wilson Pvt. Ltd.
• HIMOINSA
• Caterpillar Inc.
• Atlas Copco AB
• Supernova Genset
• J C Bamford Excavators Ltd.
• Rolls-Royce plc
• Greaves Cotton Limited
• Mitsubishi Heavy Industries, Ltd.
• Wärtsilä
• Rapid Power Generation Ltd.
• Huu Toan
• Sudhir Power Ltd.
• Siemens Energy
• FG Wilson

Cummins is a renowned global power and technology company that is actively involved in the manufacturing of hybrid generator sets. The company is a key player in the industry, providing a range of power solutions, including those that integrate traditional internal combustion engines with alternative energy sources to create efficient and environmentally friendly hybrid generator sets. 
 

Hybrid Generator Sets Market News

• In January 2023, Cummins Inc. has introduced a hybrid RV power system at Florida RV show, featuring a blend of lithium-ion battery tech and Onan RV generators. This system offers reduced emissions, silent operation, and smart load management. The concept includes a generator, a lithium-ion battery pack, and a compact power distribution hub. It produces the same power levels as a larger 5kW generator but with lower emissions, reduced noise, and minimal vibration.
   
• In January 2023, Caterpillar announced that they have invested in Lithos Energy aimed at advancing Caterpillar's electrified product portfolio. They will collaborate with to enhance the development of robust electrified products. This strategic move aligns with company’s commitment to lower-carbon advanced power technologies for hybrid and full-electric machines. Their recent display of electric construction machine prototypes further underscores its dedication to a sustainable energy transition.
   

This hybrid 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:

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Market, By Power Rating

• ≤ 50 kVA
• > 50 kVA - 125 kVA
• > 125 kVA - 200 kVA
• > 200 kVA - 330 kVA
• > 330 kVA - 750 kVA
• > 750 kVA

Market, By End Use

• Residential
• Commercial
• Industrial

Market, By Application

• Standby
• Peak Shaving
• Prime/Continuous

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