The new report by Expert Market Research titled, ‘Global Industrial Generator Sets Market Growth , Report and Forecast 2023-2028’, gives an in-depth analysis of the global industrial generator sets market, assessing the market based on its segments like applications, manufacturing process and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 16.4 billion
- Forecast CAGR (2023-2028): 5%
- Forecast Market Size (2026): USD 22.6 billion
The global industrial generator sets market is expected to benefit from increased demand for reliable power supply as a result of infrastructure expansion, real estate development, and rapid industrialization. The requirement to expand generation capacity in order to meet growing demand across a range of industries would keep these units operational and drive demand. Industrial generator sets are widely used due to their quick response time, dependability, and simplicity of operation. The demand for Gensets will be fueled by the increasing severity and frequency of weather events that result in extended outages and the continued use of Gensets as the primary power source in the industrial sector. The industrial generator sets market is expected to achieve the highest growth rate due to the rising demand from emerging economies.
Industry Definition and Major Segments
In addition to the engine and alternator, a Genset, or generator set, includes other smaller components such as a battery. The engine transforms the chemical energy contained in a fuel into mechanical energy. In some cases, a Genset (a diesel generator combined with a diesel engine) is created by combining a generator with a diesel engine. Industrial Gensets are also referred to as heavy-duty industrial Gensets, but they can be utilized in several other end-use.
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By power rating, the market is divided into:
- Less than 75 kVA
- 75 – 375 kVA
- 375 – 750 kVA
- Greater than 750 kVA
By fuel, the market is divided into:
- Diesel
- Gas
- Others
By application, the market is categorised into:
- Standby
- Peak Shaving
- Prime/Continuous
- Others
By end use, the market is divided into:
- Oil and Gas
- Manufacturing
- Construction
- Electric Utilities
- Mining
- Transport and Logistics
- Others
By region, the industry is categorised into:
- North America
- Europe
- The Asia Pacific
- Latin America
- The Middle East and Africa
Market Trends
Demand for uninterrupted and reliable power supply from end-use segments such as manufacturing and construction, power generation, telecommunications, oil and gas, marine, residential, chemical, and healthcare is expected to drive market growth over the forecast period. Constant population growth, rapid industrialization, and infrastructure development are all significant factors affecting global electricity demand. The increasing use of electronically operated equipment has increased the demand for generators to avoid the abrupt cessation of electricity supply during power outages and the disruption of daily business operations. Across the market, solution providers are primarily responsible for the manufacture, installation, maintenance, and repair of generator systems. Generator dealers or electrical contractors enter into contracts with end-market consumers who use generators as emergency power backup systems in commercial locations, residential locations, and small businesses. Additionally, businesses employ an in-house monitoring engineer to oversee a large number of generators operating on an industrial scale, further boosting the growth of the market.
In the forecast period, the Asia Pacific region is expected to grow at a healthy rate. Reduced operating costs in this region are luring businesses from larger manufacturing bases, allowing for more industrial generator sets. Additionally, the region is establishing itself as a low-cost automotive manufacturing and export hub, accelerating the adoption of these devices. The increasing importance of reliable backup power solutions, coupled with the financial and productivity losses associated with manufacturing facility outages, would benefit industry expansion. Additionally, the recent passage of relevant legislation encouraging the revival of mining activities will bolster the industry’s development. The market in the United States is expected to expand significantly over the forecast period, owing to rising costs associated with power outages at a variety of IT-enabled service firms and data centers, as well as growing consumer awareness regarding the importance of a reliable emergency power supply. Continuously expanding infrastructure for data centers and other commercial markets, combined with the growing vulnerability of the power grid to weather-related outages, has increased demand for reliable backup power solutions, which has boosted demand for diesel generators throughout Europe.
Key Market Players
The major players in the market are Cummins Inc., Kirloskar Oil Engines Limited (KOEL), Generac Power Systems, Inc., Himoinsa S.L, Himoinsa S.L, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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