North America Gas Generator Sets Market was valued at USD 1.1 billion in 2022 and is estimated to witness over 8.5% CAGR from 2023 to 2032. The instances of grid instability and blackouts further emphasize the importance of power solutions, boosting the gas gensets market. For instance, the development of data centers witnesses a growth of over 6% in 2022.
Infrastructure projects, including commercial and industrial buildings, require efficient power generation systems to meet electricity demands, driving the gas generator sets market. The need for reliable power supply, especially in regions prone to extreme weather events, drives the adoption of these gensets for backup and primary power generation. Furthermore, ongoing innovations in gensets technology has improved their efficiency, performance, and remote monitoring capabilities, making them more appealing to consumers.
|North America Gas Generator Sets Market Size in 2022:||USD 1.1 Billion|
|Forecast Period:||2023 to 2032|
|Forecast Period 2023 to 2032 CAGR:||8.5%|
|2032 Value Projection:||USD 2.4 Billion|
|Historical Data for:||2019 to 2022|
|No. of Pages:||100|
|Tables, Charts & Figures:||281|
|Segments covered:||Power Rating, End Use, Application|
|Pitfalls & Challenges:|
To understand market opportunities
Download Free Sample
The COVID- 19 pandemic has caused a severe economic slowdown and has had a highly intense impact on certain industries. The pandemic decreased industrial activity, which in turn affected the market for boilers. In a similar vein, labor shortages, transportation limitations, and lockdown procedures caused problems for the manufacturing facilities, which caused a disruption in the supply chain.
The industries across the North America, from manufacturing to various sectors, rely heavily on a consistent and efficient power supply to meet their operational needs. Technological advancements in gas gensets reflect the industry's commitment to providing sustainable and advanced energy solutions that align with the evolving market requirements. Moreover, the ongoing construction of diverse projects, including residential developments, manufacturing facilities, and infrastructure expansions, has a significant impact on driving the demand for gas gensets in the North American region.
Based on end use, the residential segment will attain 8.3% growth rate from 2023 to 2032. The demand has been influenced owing to extreme weather events and ageing grid infrastructure, which has made gas gensets an appealing alternative for homeowners. In rural areas with unreliable grid power supply often dependent on gensets to ensure continuous electricity for heating, cooling, and essential appliances.
Based on power rating, the > 50 kVA - 125 kVA generator sets industry holds a market share of about 10% in 2022. These gensets are proven to be very efficient and versatile in terms of their application areas . These are often more affordable than larger units, making them an attractive choice for budget-conscious consumers seeking cost-effective backup power solutions.
The market for peak shaving gensets is growing in emerging economies, where grid reliability can be a challenge. Industries in these regions are increasingly adopting peak shaving gensets to ensure uninterrupted power supply. Furthermore, government incentives and regulations related to energy efficiency, emissions, and reliability are influencing the product demand.
Major participants in the North American gas generator sets market employ a variety of strategies to maintain and improve their market position. These strategies are often shaped by factors such as competitive pressures, technological advancements, changes in regulations, and evolving customer choices. The major players operating across the market include:
Click here to Buy Section of this Report
By Power Rating
By End Use
The above information has been provided for the following countries: