Generator Sets

Generator Sets

Generator sets is a gas or fuel-powered device that works on the principle of rotation to generate a temporary electric current. Mechanical power is usually provided by steam turbines, gas turbines and internal combustion fuels. They are widely used in industry, agriculture, defense, science and technology and in daily life. There are many variations of generators mainly divided into AC & DC generators. The global generator sets market is expected to grow due to the ongoing rapid industrialization and development of residential and commercial field.

The Generator Sets Market is expected to grow at a steady rate of around 7.5% owing to the increased use of generator that run on a combination of diesel and renewable energy sources such as natural gas, solar, tidal and relatively cheaper wind power to produce less carbon. Major companies in the market offer generator sets for industrial applications with technologically advanced features. For instance, in June 2022, Kirloskar Oil Engines Ltd., one of the leading manufacturers of diesel generator sets, launched a new variant of its fuel-efficient power generators. The R550 series of engines that power the iGreen Version 2.0 provide compactness, fuel efficiency, and high power quality. Source: https://www.mordorintelligence.com/industry-reports/generator-sets-market

• Based on fuel type, the market is segmented into gas, diesel and others. Diesel category to witness higher CAGR during the forecast period owing to the better energy efficiency and lower operating costs. Diesel generators are more user-friendly as they are easy to install and operate. Longer engine life, reliable performance, high flexibility and improved scalability are some of the key factors supporting the competitiveness of diesel generator sets in the market.
• On the basis of capacity, the market is categorized into below 75 kVA, 75-350 kVA, and above 350 kVA. Among these, the below 75 kVA to hold a significant share in the market in 2022. The demand for small generators in the 0-75 kVA range is growing significantly, given the changing commercial landscape, especially in developing countries in the Asia-Pacific and Africa which in turn in driving this category. For instance, In 2022, India has nearly 683,000 telecommunication towers, needing uninterrupted power supply which is creating the demand for smaller generator sets.
• Based on application, the generator sets market has been classified into industrial, commercial and residential. The commercial category is to witness higher adoption of generator during the forecast period. This is mainly due to the increasing use of generator sets in commercial facilities to handle emergency power outages such as power outages or voltage fluctuations that increase financial losses.
• For a better understanding of the market adoption of the generator sets industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the expanding commercial office space, increasing power supply gap, and more infrastructure projects and domestic manufacturing facilities in the region are expected to drive the market. Furthermore, the presence of key players such as Mitsubishi Heavy Industries Ltd., Honda Siel Power Products Ltd and Himoinsa is expected to drive market growth in this region. For instance, Mitsubishi Heavy Industries Co., Ltd. launched a series of MGS-R series diesel generator sets to meet the growing demand of emerging commercial avenues such as data centers, shopping malls and office buildings in this area. The MGS-R series of diesel generators provide stable and reliable power, which is essential for various commercial facilities.
• Some of the major players operating in the market include Caterpillar; Generac Power Systems, Inc.; Wartsila; Kohler Co; Kirloskar; Cummins Inc.; Briggs & Stratton; Honda India Power Products Ltd.; Greaves Cotton Limited; MAHINDRA POWEROL