Global Generator Set Industry Size, Share, Latest Trends, Top Companies and Growth Forecast Report, 2030

The generator set market is witnessing growth as a result of the increasing number of data centers and low production of power and widespread grid uncertainties around the world. As a result, the revenue garnered by generator manufacturers is expected to increase from $17,592.6 million in 2019 to $27,863.0 million by 2030, at a 5.8% CAGR during 2020-2030. A genset is a combination of an internal combustion engine (ICE), alternator, and numerous accessories and controls.

The categories under the power rating segment are 5 kilovolt-Amperes (kVA)-75 kVA, 76 kVA-375 kVA, 376 kVA-750 kVA, and above 750 kVA. Among these, the 76 kVA-375 kVA category held the largest share in the genset market in 2019, in terms of value. This is attributed to the wide usage of generators with this power rating range in commercial offices, small industrial complexes, hotels, and telecom towers. Moreover, the increasing construction activities and infrastructure spending are driving the demand for these generators around the world.

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Commercial, residential, and industrial are the divisions of the market when it is segmented on the basis of application. During the historical period (2014-2019), commercial was the largest division, on account of the increasing investments in the development of infrastructure, rapid construction of smart cities, and rising number of shopping complexes. As a result of the increasing consumer spending, the retail sector is growing, which is leading to the construction of shopping centers. Therefore, the commercial division will also witness the fastest market growth during the forecast period.

One of the strongest drivers for the genset market is the establishment of data centers. With the increasing usage of smartphones, the internet, cloud computing, autonomous and connected vehicles, streaming services, and intelligent personal assistants, a rising volume of data is being created and consumed. Resultingly, data centers are being constructed to provide this voluminous data adequate storage. Since such places cannot tolerate power cuts because of the sensitive nature of their components and systems, they need generators for consistent Ampere and voltage ratings.

Similarly, the genset market is also being propelled by the persisting problems of insufficient electricity production and grid uncertainties in several countries. Poor countries, such as Nigeria and Ghana, already produce way less energy than they need, and their grid infrastructure is also not reliable, both of which lead to huge transmission losses. Some reasons behind grid failures include the non-payment of the high maintenance charges, aging infrastructure, electricity and component theft, and natural disasters, such as tornadoes, hurricanes (also called cyclones and typhoons), and earthquakes.

The increasing construction activities are a lucrative opportunity for genset market players. With the rising population and level of urbanization, countries across the world are investing in infrastructure development. During the construction stage, generators are required to power on-site lights and an array of machinery, such as elevators (lifts), power drills, concrete mixers, and nail guns. Similarly, after the project has been commissioned, gensets are required for prime and backup power purposes, especially in essential settings, such as factories, transport hubs, and hospitals.

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Till 2019, Asia-Pacific dominated the genset market due to the large-scale industrialization being done under government initiatives such as Make in India, Making Indonesia 4.0, and Made in China 2025. Thus, the increase in the number of factories is resulting in a rise in the demand for generators. The highest CAGR during the forecast period is projected to be witnessed in the Middle East and Africa (MEA), owing to the rapid industrialization in Saudi Arabia, Egypt, the U.A.E., and Turkey and preparations for upcoming global events.

Hence, the market will keep growing with the increasing pace of industrialization and construction.

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