Standby Generator Sets Market Size By Power Rating (≤ 50 kVA, > 50 kVA - 150 kVA, > 150 kVA - 300 kVA, > 300 kVA - 500 kVA, > 500 kVA), By Fuel (Diesel, Gas), By Application (Residential, Commercial, Industrial) & Forecast, 2024 – 2032

Standby Generator Sets Market Size

Standby Generator Sets Market size surpassed USD 23.8 billion and is anticipated to register 7.2% CAGR from 2024 to 2032.
 

Growing demand for uninterrupted power supply driven by factors such as frequent power outages, natural disasters, and increasing reliance on technology will rise the demand for standby gensets. Surging consumer awareness for power backup solutions and surging desire for enhanced comfort and security contribute will foster the industry landscape.
 

COVID– 19 Impact

The global economy has experienced significant repercussions due to the unexpected outbreak of the COVID- 19. One area that has been particularly affected is the commercial sector, which has seen a notable decrease in the deployment of diesel portable generators. This decline can be attributed to delays in the development and expansion of commercial establishments caused by the pandemic. Despite these challenges, there is a ray of hope as ongoing vaccination programs and the growing demand for these generators from the healthcare sector have positively influenced the standby generator sets market outlook.
 

Standby Generator Sets Industry Trends

The market for standby generator sets will witness a significant growth owing to rapid industrialization and flourishing commercial sector. The growing urbanization and population index along with surging need for uninterrupted power supply will foster the demand for these generator sets. Furthermore, the increasing investments in residential infrastructure expansion, coupled with frequent power failures will fuel the industry growth.
 

Standby Generator Sets Market Analysis

The > 300 kVA - 500 kVA rated standby generator sets market will cross valuation of USD 8.5 billion by 2032. Increasing demand for backup power solutions that can support larger loads, especially in commercial and industrial areas will foster the business landscape. Ongoing technological advancements including real-time monitoring of performance, proactive maintenance, and remote operation will further propel the product deployment.
 

The gas generator sets market will witness growth rate of 7.9% during 2023-2032. Increasing focus on cleaner and more sustainable energy sources is driving the adoption of gas generators. The product offers vital advantages comprising of lower emissions, high efficiency and reliability, which in turn will foster the product penetration. The abundant availability of natural gas coupled with advancements in gas generator technology will further support the market development. Additionally, the growing demand for backup power in sectors such as healthcare, data centers, and commercial facilities will augment the industry landscape.
 

The commercial standby generator sets market held 20% share in 2022. The robust development of commercial centers, office complexes, and manufacturing facilities will accelerate the industry potential. Wide scale utilization of these systems to maintain continuous operations and minimize downtime across multitude of areas will favor the business scenario. Environmental concerns and government regulations toward cleaner and greener power solutions will further energize the industry dynamic. The market size for home standby gensets is likely to surpass USD 14.2 billion by 2032.
 

The North America standby generator sets market was valued at over USD 3.9 billion in 2022. Extreme weather events, aging power infrastructure, and the need for uninterrupted power supply in critical sectors will fuel the demand for these units. The integration of smart technologies and connectivity features is gaining traction in the business growth. Shifting focus on reducing carbon footprints and increasing environmental sustainability will positively sway the industry potential. Increasing infrastructural investments along with expansion of low and medium scale industries will escalate the industry statistics.
 

Standby Generator Sets Market Share

The major companies operating in the market includes :

• Cummins, Inc.
• Kirloskar
• Briggs & Stratton
• Kohler Co.
• Generac Power Systems, Inc.
• Yamaha Motor
• Powerica
• Escorts Group
• Himoinsa
• Caterpillar
• Atlas Copco
• J C Bamford Excavators
• Mahindra Powerol
• Rolls-Royce plc
• Ashok Leyland
• Wärtsilä
• Eaton
• Gillette Generators
•  HIPOWER.
   

Standby Generator Sets Industry News

• In August 2022, Kirloskar introduced a new lineup of gas-powered generators that incorporate IoT technology. These generators are equipped with digital monitoring systems, enabling consumers to conduct real-time performance checks and analyze system data. These advanced features contribute to stabilizing the performance of the generators. The introduction of this product expanded Kirloskar's product portfolio and bolstered the company's market presence, allowing them to capture a larger market share.
   
• In November 2022, Caterpillar launched Cat XQP115 generator set, featuring a power output of 115 kVA. This advanced mobile power solution complies with the stringent EU stage V emission standards. The generator set is meticulously designed and tested by Caterpillar, and it is part of a series ranging from 115 to 310 kVA, offering a remarkable 90% reduction in NO2 emissions compared to the Stage IIIA standard. Additionally, this genset delivers an impressive 20% increase in peak power for prime operations, providing enhanced performance capabilities.
   

This standby 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 - 150 kVA
• > 150 kVA - 300 kVA
• > 300 kVA - 500 kVA
• > 500 kVA

Market, By Fuel

• Diesel
• Gas
• Others

Market, By Application

• Residential
• Commercial
• Industrial

The above information has been provided for the following regions and country:

• North America
  • U.S.
  • Canada 
• Europe
  • 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