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Prime Power Generators Market Size

Report ID: GMI5998
Published Date: Jun 2023
Report Format: PDF

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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.

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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.

Prime Power Generators Market Report Attributes
Report Attribute	Details
Base Year:	2023
Prime Power Generators Market Size in 2023:	USD 16 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.2%
2032 Value Projection:	USD 32.7 Billion
Historical Data for:	2019 to 2023
No. of Pages:	450
Tables, Charts & Figures:	1,144
Segments covered:	Power Rating, Fuel, Application
Growth Drivers:	North America Increasing intensity & frequency of weather-related disasters Aging grid infrastructure & growing demand for uninterrupted power supply Europe Flourishing real estate sector & automotive industry Expansion of the data center industry Asia Pacifica Rapid industrialization & increasing infrastructural investments Burgeoning expansion in the telecom sector Middle East Flourishing construction sector Africa Unreliable grid infrastructure coupled with rapid population growth
Pitfalls & Challenges:	High installation & maintenance costs Shifting trends toward renewable power generation

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Authors: Ankit Gupta, Shubham Chaudhary

Frequently Asked Questions (FAQ) :

The market size of prime power generators was valued at USD 16 billion In 2023 and is expected to grow at over 7.5% CAGR from 2024 to 2032, driven by growing demand for continuous & dependable power supply globally.

The oil & gas sector will surpass USD 2 billion by 2032, attributed to the rapid expansion of oil & gas production and exploration activities worldwide.

Africa prime power generators market size was USD 1.4 billion in 2022, driven by the rising demand for reliable power infrastructure in the region.

Notable prime power generators market players include Rolls-Royce, Atlas Copco, MITSUBISHI HEAVY INDUSTRIES, Briggs & Stratton, Wärtsilä, HIMOINSA, YANMAR HOLDINGS CO., and Scania, among others.