New York, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Gas or fuel-powered generators use spinning motion to temporarily generate electricity. Mechanical energy comes from steam turbines, gas turbines, and internal combustion. Their uses include industrial, agricultural, defense, and daily life. AC and DC generators are common. A generator's output can be adjusted based on demand. They're also frequent in locations lacking steady power. The global market for generator sets is expected to develop due to rapid industrialization and residential and commercial growth. Digitization has increased industry's electricity use.
Global industrialization, especially in China and India, drives generator demand. Generators maintain a consistent flow of electricity, which is vital for industry. In addition to bad weather, tough environmental rules, and infrastructure improvements will push the genset market.
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IT Improvements and Digitization
According to Straits Research, “The global generator sets market revenue was valued at USD 28.11 billion in 2021 and is predicted to reach at USD 57.28 billion by 2030, increasing at a CAGR of 8.23% from 2022 to 2030.” Technological developments in IT and data center growth will boost the company's progress. Digitalization and end-user awareness of power interruptions will improve the industry's prospects. These units are appropriate for mining operations because of their endurance, capacity, and low volatility. Increasing demand for dependable power supply in key areas like automotive and pharmaceuticals underpins industry statistics. These enterprises use automatic gensets to provide backup power in case of electrical outages. They avoided substantial financial, reputational, and product losses.
Oil And Gas Industry Advancements Increase Demand
Most mining and oil and gas exploration occurs in remote areas. Because highly combustible materials are mined, enough lighting and power are required. Rising investments are growing the oil and mining industries in the U.S., Australia, and numerous African countries. China, Australia, and other Asian countries will likely open new mines. This will increase demand for power-renting options. Since hydraulic fracturing, the U.S. has remained a leading oil producer. Exxon Mobil plans to invest $50 billion in the U.S. by 2025. This includes digging oil & gas wells and building pipelines to bring output to the Gulf Coast, where it's increasing downstream. This trend should benefit rental generator sets soon.
Innovation Boosts Sales by Creating New Growth Opportunities
Because generators are used in so many industries, competition is fierce. Businesses are incorporating cutting-edge ideas to build their brand's prominence. Inmesol introduced silent generators last October. These rental goods have a working sound pressure level of 50 db. (A). The company's newest silent generator line will have 85- to 130-kVA power. Product advancements like this are expected to boost the generator business in the next years. This will boost the global generator set market.
Regional Overview
North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa make up the Global Generator Sets Market.
Asia Pacific held approximately 37% of the market's revenue in 2021 and is expected to grow the most. The region has the fastest-growing economies. China brings in the most regional revenue. Increased construction projects, production facilities, and commercial office space growth are expected to fuel the market.
North America had the second-largest market share in 2021, at 25%, and it is expected to develop rapidly throughout the projection period. The US is likely to drive the region's growth. The growth of data centers and other business services has fueled the need for generator sets in the region. The growing vulnerability of the electric grid to weather-related outages has increased demand for energy backup options.
Key Highlights
- By Fuel Type, the Global Generator Sets Market is segmented into Diesel and Gas. Because of its superior fuel economy and lower operating costs, the diesel segment commanded the lion's share of the market in 2021, making up more than 70 percent of the total.
- By Power Rating, the Global Generator Sets Market is segmented into Low Power Generator, Medium Power Generator, and High-Power Generator. In terms of revenue, the low-power-generator category accounted for more than 45 percent of the market in 2021.
- By Application, the Global Generator Sets Market is segmented into Residential, Commercial, and Industrial. In 2021, the commercial sector held for about 45 percent of total revenue, and this segment is expected to rise at a high rate over the projection time period.
- By Region or Geography, the Global Generator Sets Market is segmented into North America, Europe, Asia-Pacific (APAC Region), Latin America, and Middle East & Africa. In 2021, the Asia Pacific region is projected to hold the biggest income share of over 37% and to see the highest growth rate.
Major Players in Global Generator Sets Market
List of Top 14 competitor companies in the Generator Sets Market across the globe are:
- Atlas Copoco AB
- Mitsubishi Heavy Industries Ltd
- Doosan Corporation
- Caterpillar Inc.
- General Electric
- Briggs and Stratton Corporation
- Cummins Inc.
- Generac Holdings Inc.
- AKSA Power Generation
- Cooper Corporation
- Honda Siel Power Products Ltd.
- Kohler Co.
- MTU Onsite Energy
- Wartsila Corporation
Recent Developments
- July 2022 - Taiwan's state-owned Taiwan-Power-Company (TPC) had awarded Mitsubishi-Power, an electricity services brand of Mitsubishi-Heavy-Industries, Ltd. (MHI), a series of contracts for a large-scale refurbishment project at the Datan-Power-Plant in Taoyuan, on the periphery of Taipei.
- June 2022 -After signing an MoU with Siemens-Gamesa-Renewable-Energy (SGRE), the largest builder of offshore-wind-turbines, Doosan Enerbility stated on June 26th that it and SGRE were working together on a joint strategy for developing Korea's off-shore-wind power sector.
Global Generator Sets Market: Segmentation
By Fuel Type
- Diesel
- Gas
By Power Rating
- Low Power Generator
- Medium Power Generator
- High Power Generator
By Application
- Industrial
- Commercial
- Residential
By Region
- North America
- Europe
- Asia Pacific (APAC)
- Latin America
- Middle East and Africa (MEA)
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