Generator Sets Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The generator sets market is expected to register a CAGR of more than 6.5% during the forecast period. The COVID-19 pandemic had a negative impact on the generator sets market across the globe due to the reduction in power demand, mainly from institutional customers (industrial and commercial sector), as many manufacturing plants and retail businesses were closed during the lockdown. Factors, such as the ever-increasing demand for power, lack of reliable grid infrastructure, the need for emergency backup power solutions, and the demand for steady power supply, are driving the generator sets market. Moreover, the growing energy demands from the burgeoning manufacturing industry are expected to provide greater market opportunities for generators. However, factors, such as high installation and operating costs and the consumer preference towards eco-friendly alternatives (like solar, fuel cells, etc.), and overcapacity, are restraining the market’s growth during the forecast period.
Key HighlightsThe generator sets market is moderately fragmented. Some of the key players in this market are Caterpillar Inc., Cummins Inc., Generac Holdings Inc., Kohler Co. and Wartsila Corporation, among others.
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