About Generator Sets
Generator Sets are the mechanical power generators which have two sets that are referred to as diesel generator and engine generator. It helps in producing or generating electric at the time of an outage. It is the best power back up sources for commercial, industrial and residential spaces. There has been a significant rise in the use of nuclear generation of electricity with figure stood up to 807 billion kWh in the United States alone in 2018, so the future for generator sets market looks promising.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 8.23% |
The key manufacturers are targeting the innovations of the products with better quality, better technical characteristics, and also assist in providing and humanizing the after-sale service to the consumers. The key players are probable to keep a stronghold on the market over the anticipated period. The key players are accepting strategic decisions and are thinking upon mergers and acquisitions in order to maintain their presence in the market Analyst at AMA Research estimates that Global Players will contribute the maximum growth to Global Generator Sets market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
AKSA Power Generation (Turkey), Briggs & Stratton (United States), Caterpillar (United States), Cooper Corp (India), Cummins (United States), Doosan (South Korea), Generac Power Systems (United States), GE (United States), Honda Power Equipment (Europe) and Kirloskar Oil Engines (India) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Kohler (United States) and Mitsubishi Heavy Industries (Japan).
Segmentation Overview
AMA Research has segmented the market of Global Generator Sets market by Type (0-75 kVA, 75-350 kVA and Above 350kVA), Application (Residential, Commercial (Telecom, Healthcare, Data Centers, Educational Institutions, Government Centers, Hospitality, Retail Sales, Agriculture, Aquaculture) and Industrial (Oil & Gas, Manufacturing, Construction, Electric Utilities, Mining, Transport & Logistics)) and Region.
On the basis of geography, the market of Generator Sets has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Process, the sub-segment i.e. Standby will boost the Generator Sets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Fuel Type, the sub-segment i.e. Diesel will boost the Generator Sets market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Infrastructure Expansion & Flourishing Construction sector majorly Witnessed across Emerging Economies will drive the 75-375 Kva Generator Sets and Adoption of Emerging Hybrid Technologies that is Favored by Stringent Emissions Standards and Environmental Regulations.
Market Growth Drivers:
Ever-Increasing Demand for Power Globally and Lack of Reliable Grid Infrastructure in Developing Regions
Challenges:
Consumer Preference toward Eco-Friendly Alternatives, Issue Regarding Overcapacity of Generators are Hampering the Market and Concern Related to Noise which is Made by these Generators
Restraints:
High Installation Prices of these Generator Sets and Rising Operating Costs of Generators
Opportunities:
The Growing Need for Emergency Backup Power Solutions amongst End-Users and Growing Penetration of Critical Electronic Load will positively impact the Business Growth
Market Leaders and their expansionary development strategies
In July 2022, Sterling Generators announced a strategic partnership with Moteurs Baudouin, a French manufacturer of power generation diesel and gas engines. The partnership will leverage Baudouin's legacy of designing and manufacturing the highest quality diesel and gas engines and Sterling Generators' fuel-efficient, smartly designed auxiliary power solutions.
In July 2023, Cummins India Limited launched of its CPCBIV+ emission standard compliant range of genset engines. Genset Original Equipment Manufacturers (GOEMs) in the presence of key stakeholders, including customers, suppliers, and senior Cummins officials.
Key Target Audience
Potential Investors, Up and Down Stream Vendors, Suppliers and Distributors and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.