MARKET REPORT

FUTURE MARKET INSIGHTS: GENERATOR SET MARKET OUTLOOK - 2022-2032

According to a 308-page report from Future Market Insights, the global generator set market is forecast to be worth US$ 4,445.8 million by 2032, up from US$ 2,677.9 million in 2022, registering a CAGR of 5.2% during the forecast period, explains Nikhil Kaitwade, Principal Consultant. To prevent the disruption of daily business activities due to power outages, the norm increasingly is to use a generator set to provide backup electricity supplies. Despite the lower cost of diesel generator sets, gasfuelled generator sets are anticipated to witness a higher demand across the genset market share. The potential of generator sets to supply the required output voltage, and output frequency broadens the motor generator set market size. The revival of mining activities implemented legislation is also driving demand for generator set. An expansion in seaborne trades and the construction of new vessels also contributes to the marine diesel generator market, further expanding the market trend.

What are the key features which drive the Genset market?

Rising awareness of environmental issues begets cost reduction, energy efficiency, and utilisation of cleaner sources drives the sales of generator sets. Generally businesses want to avoid any external damage to grid infrastructure and will more readily adopt gensets to provide backup power. There is an increasing significance and requirement for reliable emergency power supply and this also encourages demand for generator set which can offer a consistent electricity supply. There is a growing customer demand for zero downtime. The genset market size is growing as a reflection of the increasing reliance on electronics and electrical equipment to sustain day-to-day operations across a myriad of end users. There is a rising utilisation of products in the commercial sector such as business complexes, telecom towers, hotels, and educational institutions - this is also influencing demand for sets. Because mobile towers need to accommodate a diverse consumer base suppliers will often recommend backup gensets to augment grid-based energy supplies. The launch and expansion of large industries and retail stores also demand a consistent power supply, further increasing adoption of generator sets. The requirement for 200-330 kVA generator sets increases thanks to growing infrastructure development projects. NEW AND EMERGING KEY PLAYERS IN THE GENERATOR SET MARKET ARE EXPLORING ADVANCED STRATEGIES TO IMPROVE AND PROMOTE THE GROWTH OF THE GENERATOR SET MARKET SHARE.

The growing severity and frequency of weather-related disasters is making the installation of backup power units more important. Industry has also reported an increasing need for standby power supplies serving the automotive and pharmaceutical manufacturing industries. Businesses generally are keen to avoid the huge financial, product and reputational losses endured by industry, They are more likely to take advantage of the easy transportation and portability of generator sets to install them on premises. Internationally, there are growing concerns over issues like energy security and the consumption of fossil fuels - this is fuelling the adoption of hybrid-fuel gensets. The shale gas boom and the increasing availability of natural gas is also promoting the growth of the generator set market. Lack of availability of direct power supply in rural or remote places mean that gensets are often the only practical way to provide power.

What factors are hindering growth?

A high level of carbon emissions has initiated stringent regulations, hindering the sales of gensets. The integration by governments of clean energy alternatives may hamper theadoption of gensets Certain countries are investing in renewable power sources, and setting high green energy targets - this also curbs sales. Fast-paced technological developments mean that solar panels are becoming more affordable. Renewable energy power generation has the same effect.

www.futuremarketinsights.com