Industrial Generator Sets Market Size, Share, Trends, Growth 2032

Industrial Generator Sets Market Insights

According to Zion Market Research, the global Industrial Generator Sets Market was worth USD 19.43 Billion in 2023. The market is forecast to reach USD 37.31 Billion by 2032, growing at a compound annual growth rate (CAGR) of 7.52% during the forecast period 2024-2032.

The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Industrial Generator Sets industry over the next decade.

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Global Industrial Generator Sets Market: Overview

The product is mainly installed to provide electricity during the time of emergency or when there is a failure of the power grid. The industrial generator set provides primary power to the location where access to the grid is not available. In addition to this, scarce power supply and dependence on power as well as its secured supply will prompt the demand for industrial generator sets across myriad sectors.

Global Industrial Generator Sets Market: Growth Factors

The rise in the population across the globe has resulted in a massive demand for incessant power supply. Apart from this, escalating need for a reliable supply of electricity for infrastructural growth, real estate & building expansion, and swift industrialization will enhance the growth rate of industrial generator sets industry over the years to come. Furthermore, the burgeoning necessity to increase power production for catering to the power requirements of various industries will augment the industrial generator sets market size over the forecast timeline. Moreover, the extensive setup of the products is the result of their beneficial features such as quick response time, dependability, and operational efficiency.

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The extensive demand for the product in various sectors including construction, automotive, oil & gas, pharmaceuticals, and mining sectors will culminate in the overall market growth. With large-scale funding of ongoing infrastructure projects along with swift industrialization, the industrial generator sets market is set to accrue huge gains over the years to come. In addition to this, the world has been witnessing a huge frequency of natural disasters including long-duration of power cuts or power outages, and this will boost the installation of the products in various industries across the globe on a large scale.

Global Industrial Generator Sets Market: Segmentation

The industrial generator sets market is divided based on power rating, end-user, application, power source, and region.

The power rating segment is further split into <75 kVA, 75-375 kVA, 375-750 kVA, and >750 kVA.

On the basis of end-user, the market is segmented into oil & gas, manufacturing, construction, energy & power, mining, transport & logistics, and others.

By application, the market is segregated into standby, peak shaving, and prime/continuous. Diesel, gas, and others form the power source segment of the industrial generator sets market.

Industrial Generator Sets Market: Report Scope

Global Industrial Generator Sets Market: Regional Analysis

Based on region, the global industrial generator sets market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The European region held a considerable share in 2019. This is attributable to the increasing demand for generator sets in the manufacturing sector. Europe is considered the automotive manufacturing hub owing to the presence of major automotive manufacturers such as Volkswagen, Daimler, BMW, Renault, and Volvo, among others.

The Asia Pacific region is expected to grow at a substantial rate over the forecast period. This surge is due to industrialization in developing economies such as India and China. Moreover, governments of these countries are taking initiatives to promote industrialization. For instance, the Indian government launched the “Make in India” initiative to encourage companies to manufacture their products in India. This is expected to generate huge potential for industrial development leading to an increase in demand for industrial generator sets.

Global Industrial Generator Sets Market: Competitive Players

Some of the key players in the industrial generator sets market are

• Cummins
• Atlas Copco
• Kirloskar Oil Engines Limited
• Briggs & Stratton
• Generac
• SDMO Industries
• Escorts Group
• Powerica Ltd
• Caterpillar
• Himoinsa
• C&S Electric
• Sterling Generators Pvt. Ltd
• Ingersoll-Rand PLC
• Supernova Gensets
• Mahindra Powerol
• John Deere
• Mitsubishi Heavy Industries 

The industrial generator sets market is segmented as follows:

By Power Rating

• <75 kVA
• 75-375 kVA
• 375-750 kVA
• >750 kVA

By End Use

• Manufacturing
• Oil & Gas
• Energy & Power
• Construction
• Mining
• Transport & Logistics
• Others

By Application

• Standby
• Peak Shaving
• Prime/Continuous

By Power Source

• Diesel
• Gas
• Others

Global Industrial Generator Sets Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of The Middle East & Africa