Prime Power Generators Market - By Power Rating (≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA, > 330 kVA - 750 kVA, > 750 kVA), By Fuel (Diesel, Gas), By Application (Mining, Construction, Agriculture, Industries) & Forecast, 2024 – 2032

Prime Power Generators Market Size

Prime Power Generators Market size reached USD 16 billion in 2023 and is estimated to grow at a CAGR of over 8.2% from 2024 to 2032. A prime power generator is an electrical equipment that is designed to provide continuous, reliable power for extended periods of time. It is capable of operating at varying load levels for prolonged durations. It makes this generator suitable for applications where a stable and uninterrupted power supply is essential, including remote areas and critical infrastructure.
 

The surging demand for continuous & reliable power supply across multitude of applications coupled with the integration of renewable energy sources is set to gain traction in the coming years. Increasing investments in infrastructural development along with the integration of energy storage systems during peak demand periods will augment the industry landscape.
 

COVID– 19 Impact

The prime power generators industry has been significantly impacted by the COVID- 19 pandemic. The different geographies have experienced the pandemic at varying stages, depending on government decisions and the prevailing situation. The economic consequences of the pandemic have created financial constraints for businesses and organizations, affecting the demand for commercial gensets. Sectors such as hospitality, tourism, and retail have faced substantial disruptions, resulting in a reduced need for these gensets.
 

Prime Power Generators Market Trends

The industrial sector including manufacturing plants, data centers, and construction sites will positively sway the business growth. There is a growing emphasis on fuel efficiency, which aligns with the adoption of hybrid power systems, offering enhanced reliability and flexibility in power generation. Increasing power outages, natural disasters, and the need for reliable backup power sources will further boost the industry outlook. The product features key benefits including improved fuel efficiency, advanced control systems, remote monitoring capabilities, and enhanced automation features, accelerating the business potential.
 

Prime Power Generators Market Analysis

Based on fuel, the prime power generators market is segmented as diesel and gas. The diesel gensets segment is predicted to witness around 7.2% growth rate through 2032. Ease of fuel availability and infrastructure with increasing demand from the manufacturing sector to ensure reliability, accessibility, and uninterrupted power will energize the business dynamics. Increasing adoption of these units in the agricultural sector and other related operations will propel the industry scenario. Increasing applicability of these gensets across remote and off-grid applications and reliable power supply for critical infrastructural developments in healthcare and telecommunications sector will accelerate the business potential.
 

Based on power rating, the market is segmented as ≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA, > 330 kVA - 750 kVA and > 750 kVA. The > 200 kVA - 330 kVA rated prime power generators market holds a market share of over 20% in 2022. Extensive investments across construction sector and infrastructure projects combined with increasing focus on remote and off-grid applications will foster the product demand. The adoption of these generators in the telecom sector coupled with rapid expansion of data centers will drive the industry growth.
 

Furthermore, there is a growing emphasis on compact and space-saving designs, along with the integration of hybrid power solutions, to cater installations with limited space availability and provide enhanced reliability and flexibility, which in turn will lead to robust deployment of these gensets.
 

Based on application, the prime power generators market is segmented as telecom, hospitality, oil & gas, mining, construction, agriculture, industries, and others. The oil & gas prime power generators industry is set to surpass USD 2 billion by 2032. Expansion of oil & gas exploration and production activities with surging focus on harsh environments is deriving the demand for these units to ensure uninterrupted power supply in offshore locations. Growing demand for large-scale generators capable of providing high voltage & continuous power supply along with implementation of stringent emission regulations will fuel the product penetration.
 

The Africa prime power generator sets market was valued at USD 1.4 billion in 2022. Increasing demand for reliable power infrastructure and investment in local manufacturing and service capabilities will be playing vital role in the deployment of these gensets. Government initiatives & incentives aligned with focus on sustainable and eco-friendly solutions will foster the business outlook. The region is grappling with electricity shortages and unreliable power infrastructure which in turn institute a favorable industry scenario. The public & private players are investing in new infrastructure projects in line with flourishing commercial sector will positively impact the business landscape.
 

Prime Power Generators Market Share

The key participants operating across the prime power generators market includes

• Caterpillar
• Cummins Inc.
• Generac Power Systems, Inc.
• Kohler Co.
• Rolls-Royce
• Wärtsilä
• Atlas Copco
• HIMOINSA
• MITSUBISHI HEAVY INDUSTRIES
• YANMAR HOLDINGS CO
• Briggs & Stratton
• Scania
• PR INDUSTRIAL
• Kirloskar
   

Prime Power Generators Industry News

• In December 2022, MITSUBISHI HEAVY INDUSTRIES is set to establish a joint venture with Mitsubishi Electric to expand their power generator business globally. The joint venture will encompass various aspects such as planning, development, manufacturing, and servicing of power generators. The target is to establish this joint venture by April 1, 2024, with Mitsubishi Electric anticipated to hold a majority stake. This collaboration aims to leverage the strengths and expertise of both companies to enhance their market presence and provide comprehensive solutions in the power generator industry. By combining resources and capabilities, they aim to cater to the growing demand for power generators and deliver innovative products and services to customers worldwide.
   
• In August 2022, Kirloskar introduced a new range of gas-powered generators that prioritize sustainability and customer-centric solutions. The launch comes as a response to the growing demand for sustainable energy solutions and the availability of gas as a fuel source. These gas generators are equipped with IoT technology, allowing for efficient operation in cold conditions using PNG. In addition, it offers a digital monitoring system that offer users to remotely monitor the performance and convenience to operate the system from any location.
   

This prime power generators 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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By Power Rating

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

By Fuel

• Diesel
• Gas

By Application

• Telecom
• Hospitality
• Oil & Gas
• Mining
• Construction
• Agriculture
• Industries
• Others

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