New York, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The global generator sets market size is slated to expand at 8% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 82 billion by the end of 2035, up from a revenue of USD 39 billion in the year 2022. This growth is set to be influenced by a surge in demand for electricity. For instance, the amount of power consumed globally has increased gradually over the last 50 years, and in 2022 it is expected to reach over 25,499 terawatt-hours.
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However, a significant amount of people still lacks in receiving electricity. Moreover, the prevalence of blackouts has also grown in recent years. More than 349 million people, or over four percent of the world's population, were affected by significant power outages in 2021 as new power supply issues superseded older ones. Hence, the use of generator sets is estimated to grow since it could store backup power for such situations.
Generator Sets Market: Key Takeaways
- Market in Asia Pacific region to gather the highest market share
- The Diesel segment to capture the largest share of the market
- Market in North America region to generate a significant share
Growing Population to Influence the Growth of Global Generator Sets Market
The total population of the globe in 2023 was over 8,045,311,446; this is an increase of over 70,206,290, or about 0.87%, over the population of around 7,975,105,155 in 2022. With this population growth, the demand for various construction, manufacturing, and other services also increases which necessitates electricity. Hence, the demand for generator sets is estimated to increase.
Generator Sets Industry: Regional Overview
The global generator sets market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surge in Production of Oil to Expand the Market in Asia Pacific
The Asia Pacific market for generator sets is set to gather the highest revenue by the end of 2035. The growth of the market in this region is poised to be encouraged by rising production of oil. Approximately 6 million barrels of oil were produced daily in the Asia-Pacific area in 2022. Furthermore, exploration activities have also increased in this region which is further demanding market expansion.
Rise in Number of Data Centers to Drive the Market Expansion in North America
The generator sets market in North America is expected to have notable growth in the market over the forecast period. This growth is set to be dominated by a rise in a number of data centers in this region. With over 5,374 data centers as of September 2023, the United States leads every other nation in the globe in this regard.
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Generator Sets Segmentation by Fuel
- Diesel
- Gas
- Hybrid
The diesel segment is expected to gather the largest market revenue over the coming years. The major element to influence the market growth is rise in construction activities. In 2016, there was thought to be 794,431 built-up areas (BUAs) worldwide. This figure is expected to increase to about 849,406 people by 2022. Moreover, by 2050, it's anticipated that 2 million new buildings would be built. A crucial piece of machinery for building companies working on a new project is a diesel generator. Hence, the segment is experiencing growth.
Generator Sets Segmentation by End-User
- Residential
- Commercial
- Industrial
The commercial segment is expected to have notable growth in the market over the forecast period. The major element to influence the segment growth is the rising construction of office and other residential construction. The total number of office buildings globally in 2022 was projected to be over 93,000.
A few of the well-known market leaders in the global generator sets market that are profiled by Research Nester are Atlas Copco AB, Caterpillar Cummins Inc., Generac Power Systems, Inc., General Electric, Briggs & Stratton, LLC, AKSA Power Generation, Cooper Corporation, Kohler Co., Rolls-Royce plc, and others.
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Recent Development in the Market
- Cummins Inc. has introduced natural gas standby generator sets with capacities of 175KW and 200kW, which are currently on sale for customers in North America. As part of its Destination Zero goal, which seeks to achieve zero emissions across all of its products, Cummins is investing in state-of-the-art, environmentally friendly technology, which includes these two new generator sets.
- The goal of Rolls-Royce plc was to provide all mtu generator sets that power the UK's Royal Navy fleet with long-term service support. A deal was inked by the UK Ministry of Defence's Defence Equipment & Support organization and the Rolls-Royce business unit Power Systems, covering the preventative and corrective maintenance of over 90 mtu engines for the next five years. Included in the agreement is a two-year extension option, a first for Power Systems.
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