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Base Year
Historical Year
Forecast Year
The global market for industrial generator sets is expected to grow at a CAGR of 5.5% in the forecast period of 2024-2032.
Global Industrial Generator Sets Market Report Summary | Description | Value |
Base Year | USD Million | 2023 |
Historical Period | USD Million | 2018-2023 |
Forecast Period | USD Million | 2024-2032 |
Market Size 2023 | USD Million | XX |
Market Size 2032 | USD Million | XX |
CAGR 2018-2023 | Percentage | XX% |
CAGR 2024-2032 | Percentage | 5.5% |
CAGR 2024-2032 - Market by Region | Asia Pacific | 7.1% |
CAGR 2024-2032 - Market by Country | India | 8.2% |
CAGR 2024-2032 - Market by Country | Saudi Arabia | 6.2% |
CAGR 2024-2032 - Market by Power Rating | Greater than 750 kVA | 6.1% |
CAGR 2024-2032 - Market by Fuel | Gas | 6.3% |
Market Share by Country 2023 | Brazil | 2.9% |
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The growth of the industrial generator sets market is expected to be boosted by the rising demand for reliable power supply as a result of infrastructure expansion, real estate growth, and rapid industrialisation. The need to increase generation capacity to meet increasing demand across a variety of industries would hold these units in operation and drive demand. Industrial gensets are widely used because of their rapid response, dependability, and ease of operation. The demand will be stimulated by the increasing severity and frequency of weather events resulting in extended outages, as well as the continued deployment of gensets as a primary power source throughout the industrial sector.
The rising advancements in generator technology is a crucial trend in industrial generator sets market. The new-gen generators are equipped with IoT and smart grid technologies to enhance the efficiency and reliability of the generators and make them more user-friendly.
As per the industrial generator sets market dynamics and trends, Mitsubishi Heavy Industries Engine & Turbocharger, Ltd. (MHIET) announced the launch of the MGS3100R model of the MGS-R series, a generator set for commercial and mission-critical applications, in August 2023.
According to the industrial generator sets industry analysis, the crude oil production in India in May 2024 was 23 MMT, whereas the natural gas production for the same month was 3.15 BCM. The refining capacity of India stood at the value of 256.8 MMTPA, consisting of 23 refineries, in April 2024 and the country aims to increase the refining capacity to 450 MMTPA by 2030. The total import of crude oil in India was 43.1 MMT in Apr-May 2024, whereas it was 40.6 MMT in Apr-May 2023. This growth of the oil and natural gas sector is expected to boost the demand for industrial generators.
As per the industry reports, the total construction spending in the US was around USD 1.98 trillion in 2023. The construction sector has around 745,000 businesses in the country and accounts for around 4.3% of the country’s GDP. The construction spending in the country increased by around 4.8% from 2019 to 2020, in which total construction spending in 2020 was USD 1.43 trillion. This surge in construction activities is further expected to boost the growth of the industrial generator sets industry.
As per the Indian government data, the manufacturing sector in India is expected to reach USD 1 trillion in 2025-26. The manufacturing sector in the country is led by Gujarat, Tamil Nadu, and Maharashtra due to growing investments in electronic, automobile and textile industries as well as government initiatives such as Make in India, which can increase industrial generator demand and boost the industrial generator sets industry revenue.
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A generator set or a genset is a device that combines a prime mover (usually an engine) with an alternator. The chemical energy of a fuel is converted to mechanical energy by an engine. For example, a diesel genset is created when a generator is used in combination with a diesel engine. An industrial genset are gensets used in heavy duty industrial work and various other end use industries.
In terms of power rating, the market is divided into:
The market is segregated on the basis of fuel into:
The industrial generator sets market is divided in terms of application into:
The market is segmented in terms of end use into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
CAGR 2024-2032 - Market by | Country |
India | 8.2% |
Saudi Arabia | 6.2% |
Australia | 4.8% |
USA | 4.5% |
Japan | 4.3% |
Canada | XX% |
UK | XX% |
Germany | XX% |
France | XX% |
Italy | XX% |
China | XX% |
Brazil | XX% |
Mexico | XX% |
The report gives a detailed analysis of the following key players in the global industrial generator sets industry, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
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Lower Operating Costs in the Asia Pacific to Aid the Market Growth of Industrial Generator Sets
The Asia Pacific region is projected to grow at a healthy rate in the forecast period. Lower operating costs in this region is attracting businesses from larger manufacturing bases, allowing for more industrial generator sets to be deployed. Furthermore, the area is developing itself as a low-cost automotive production and export centre, which will accelerate the deployment of these devices. As per the industrial generator sets market analysis, the growing importance of reliable backup power solutions, combined with the financial and output losses associated with outages at manufacturing facilities, would benefit industry expansion. Furthermore, the recent implementation of relevant legislation favouring the revival of mining activities will provide additional impetus to the industry's development.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Power Rating |
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Breakup by Fuel |
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Breakup by Application |
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Breakup by End Use |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Industrial Generator Sets Market Size
Industrial Generator Sets Market Growth
Industrial Generator Sets Market Trends
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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The global industrial generator sets market is projected to grow at a CAGR of 5.5% between 2024 and 2032.
The major drivers of the market include the growing real estate industry, increasing demand across a variety of industries, increasing severity and frequency of weather events, deployment of gensets, and implementation of relevant legislation favouring the revival of mining activities.
The rising demand for reliable power supply and rapid industrialisation are the key industry trends propelling the market growth.
The major regions in the industry are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The different power ratings are less than 75 kVA, 75 – 375 kVA, 375 – 750 kVA, and greater than 750 kVA.
The market is segregated, on the basis of fuel, into diesel, and gas, among others.
The different applications include standby, peak shaving, and prime/continuous, among others.
The major end uses include oil and gas, manufacturing, construction, electric utilities, mining, and transport and logistics, among others.
The major players in the industry are Cummins Inc., Kirloskar Oil Engines Limited (KOEL), Generac Power Systems, Inc., Himoinsa S.L, and Atlas Copco Group, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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