Generator Sets Market is projected to exceed USD 72.4 billion by 2032
— Allied Market Research
WILMINGTON, DELAWARE, UNITED STATES, February 7, 2024 /EINPresswire.com/ —
According to a new report published by Allied Market Research, the generator sets market size was valued at $32.2 billion in 2022, and is estimated to reach $72.4 billion by 2032, growing at a CAGR of 8.2% from 2023 to 2032.
Generator sets also referred to as gensets, are robust power generation systems that offer a versatile and dependable source of electricity. These sets come in various sizes and configurations, providing solutions for both primary and backup power needs in diverse applications.
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Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for more than two-fifths of the global generator sets Market revenue, and is likely to dominate the market during the forecast period.
Rolls-Royce plc, Ashok Leyland Limited, Mitsubishi Heavy Industries, Ltd., Greaves Cotton Ltd., Wartsila, Kohler Co., General Electric, Caterpillar Inc., Cummins Inc., and Doosan Corporation are some of the major players discussed in the report.
The generator sets market is thriving, fueled by the growing need for reliable power in various industries. Evolving with improved efficiency and environmental considerations, it addresses sustainability demands.
The generator sets market has witnessed significant evolution and growth due to several contributing factors. Firstly, the increase in global demand for continuous and backup power in critical sectors like healthcare, data centers, telecommunications, and manufacturing has been a driving force behind the market’s expansion.
The rising frequency and intensity of natural disasters and extreme weather events worldwide have emphasized the need for reliable backup power solutions, propelling the demand for generator sets.
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The construction and mining industries heavily rely on generator sets to power equipment and tools in areas where grid access is limited or absent. These sets are also instrumental in providing temporary power solutions for events, outdoor activities, and remote infrastructure projects.
Generator sets offer numerous advantages. They provide immediate and reliable power, ensuring uninterrupted operations during power outages or in off-grid locations. They come in various power capacities, allowing for scalability and customization based on specific energy needs.
Modern generator sets are designed to be more fuel-efficient and environmentally friendly, adhering to emission regulations and utilizing cleaner fuel technologies, such as natural gas or biodiesel.
The increase in integration of digital control systems and IoT (Internet of Things) technologies is expected to provide better monitoring, predictive maintenance, and operational optimization for generator sets.
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Collaboration between manufacturers, regulatory bodies, and end-users is driving innovation, and poised for further generator sets market growth, especially in industries where reliable power sources are critical for operations.
On the basis of power rating, the less than 50kVA segment emerged as the global leader by acquiring nearly one-fifth of the generator sets market share in 2022 and is anticipated to continue this generator sets market trends during the forecast period.
Depending on application, the standby segment emerged as the largest market share in 2022, which accounts for nearly half of the generator sets market size.
On the basis of end-user, the industrial segment emerged as the largest market share in 2022 which accounts for more than half of the market share and is anticipated to continue this trend during the generator sets market forecast period.
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On the basis of fuel, the diesel segment emerged as the largest market share in 2022 which accounts for more than three-fifths of the generator sets market share, and is anticipated to continue this trend during the forecast period.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.