USD 14.71 billion
Commercial Gensets Market Size, Share, Growth Analysis, By Power rating(≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA), By Fuel(Diesel, Gas, Hybrid), By Application(Standby, Peak Shaving, Prime/Continuous), By Region - Industry Forecast 2025-2032
Report ID:
SQMIG20D2165 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
93
|Figures:
78
Commercial Gensets Market Insights
Commercial Gensets Market size was valued at USD 15.66 Billion in 2023 and is poised to grow from USD 16.67 Billion in 2024 to USD 27.53 Billion by 2032, growing at a CAGR of 6.47% during the forecast period (2025-2032).
The market for commercial generators, often referred to as gensets, is characterized by steady growth and evolving trends. Key drivers include a growing demand for reliable power supply solutions in various industries, such as manufacturing, healthcare, and telecommunications. Businesses continue to invest in backup power systems to mitigate the impact of unexpected power outages, ensuring uninterrupted operations.
Additionally, increasing environmental concerns have led to a shift towards more eco-friendly genset solutions, with a notable emphasis on cleaner technologies and reduced emissions. The market is witnessing notable innovations in genset design and fuel efficiency, reflecting the industry's commitment to sustainability.
As a result, the commercial gensets market is poised for continued expansion, driven by the need for dependable power sources and a growing focus on environmental responsibility.
US Commercial Gensets Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Diesel
Fastest Growth
Diesel
Growth Rate
6.47% CAGR
Global Commercial Gensets Market ($ Bn)
Country Share for North America Region (%)
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Commercial Gensets Market Segmental Analysis
The global commercial gensets market is segmented on the basis of power rating, fuel, application, and region. Based on power rating the market is segmented as ≤ 50 kVA, > 50 kVA - 125 kVA, > 125 kVA - 200 kVA, > 200 kVA - 330 kVA, > 330 kVA - 750 kVA, > 750 kVA. On the basis of fuel the market is segmented as diesel, gas, hybrid. Based on application, it is segregated into standby, peak shaving, prime/continuous. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Global Commercial Gensets Market Analysis by Power Rating
The > 200 kVA - 330 kVA power rating segment currently dominates the commercial gensets market. This is primarily due to its wide applicability across various industries, including data centers, manufacturing, and healthcare, where a reliable power supply within this power range is crucial for uninterrupted operations.
However, the > 330 kVA - 750 kVA power rating segment is experiencing the fastest growth. This growth can be attributed to the increasing demand for larger power capacities, driven by expanding industries and infrastructure development. Moreover, advancements in technology have led to more efficient and compact genset solutions in this range, making them increasingly attractive to a wide range of businesses seeking both reliability and scalability.
Global Commercial Gensets Market Analysis by Fuel
Diesel remains the dominant fuel source in the commercial gensets market, owing to its well-established infrastructure, reliability, and high energy density, making it suitable for various industrial applications.
However, Hybrid gensets are experiencing the fastest growth. This is primarily due to increasing environmental regulations and a growing emphasis on sustainability. Hybrid gensets combine conventional fuels like diesel or gas with cleaner energy sources such as batteries or renewables, offering improved efficiency and reduced emissions, aligning with the evolving eco-conscious market demands. This growth trajectory is expected to continue as environmental concerns and energy efficiency become more critical factors for businesses and industries.
Global Commercial Gensets Market by Fuel
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Commercial Gensets Market Regional Insights
North America currently dominates the global commercial gensets market due to its established industrial infrastructure, stringent regulations concerning power reliability, and a mature market for backup power solutions. High levels of industrialization, a robust data center industry, and a focus on disaster preparedness have contributed to sustained demand for commercial gensets in the region.
However, the Asia Pacific region is experiencing the fastest growth in the commercial gensets market. This growth can be attributed to rapid urbanization, industrial expansion, and increasing commercial activities in emerging economies like India and China. Rising concerns about power stability and a growing need for backup power sources, particularly in remote areas, are driving the adoption of commercial gensets. Additionally, efforts to modernize the power infrastructure and the expansion of critical industries are fueling market expansion in this region.
Global Commercial Gensets Market by Geography
- Largest
- Fastest
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Commercial Gensets Market Dynamics
Global Commercial Gensets Market Drivers
Growing Demand for Data Centers
- The increasing demand for data centers is a significant driver in the commercial gensets market. Data centers require uninterrupted power supply to maintain their critical operations. As data usage continues to surge due to digitalization and cloud computing, the need for reliable backup power sources, such as commercial gensets, has grown substantially, driving market growth.
Global Commercial Gensets Market Restraints
Environmental Regulations and Sustainability Concerns
- One of the primary restraints in the commercial gensets market is the tightening of environmental regulations and growing sustainability concerns. Governments and environmental agencies worldwide are imposing stricter emissions standards, noise regulations, and fuel efficiency requirements for power generation equipment. Compliance with these regulations poses challenges for genset manufacturers and may increase costs, impacting market growth. Additionally, there is a growing preference for eco-friendly power solutions, which can hinder traditional genset sales.
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Commercial Gensets Market Competitive Landscape
The competitive landscape in the commercial gensets market is characterized by intense rivalry among a range of manufacturers and suppliers. Companies in this industry are continually striving to differentiate themselves through product innovation, reliability, and eco-friendly solutions.
Market players often focus on expanding their product portfolios, improving fuel efficiency, and adhering to stringent emission regulations to gain a competitive edge. Partnerships and strategic collaborations are also common strategies for market participants, aiming to enhance their global reach and offer comprehensive solutions to their customers.
As the demand for reliable power backup solutions continues to rise, competition remains a driving force, fostering innovation and advancement within the industry.
Top Player’s Company Profiles in Global Commercial Gensets Market
- Cummins (US)
- Kirloskar (India)
- Caterpillar (US)
- Trane (US)
- Yamaha Motor Co. (Japan)
- Atlas Copco (Sweden)
- J C Bamford Excavators Ltd. (UK)
- MAHINDRA POWEROL (India)
- Deere & Company (US)
- ASHOK LEYLAND (India)
- MITSUBISHI HEAVY INDUSTRIES (Japan)
- Siemens AG (Germany)
- Supernova Genset (India)
- Kohler (US)
- Sudhir Group (India)
- Aggreko (UK)
- Huu Toan (Vietnam)
- Rolls-Royce (UK)
- Powerica Limited (India)
- HIMOINSA (Spain)
- Wärtsilä (Finland)
- Honda Motor Co. (Japan)
Global Commercial Gensets Market Recent Developments
- In August 2023, Kirloskar introduced a gas-powered genet series. These genets are equipped with a digital monitoring system that allow the customers to monitor their performance remotely and track their real-time activities. In addition to that, the noise level and emission of this series is much lower compared to a conventional generating set. This product operates in various conditions and automatically switches on once the power supply is cut off & switches off once the supply returns.
- In April 2023, Caterpillar expanded its power product range with the launch of the 310 kVA output capacity XQP310 gensets. These gensets offer 12% more power compared to its predecessor. The company's genets are designed for flexibility between 50 - 60 Hz and across a range of voltages. In addition, this enables one machine to satisfy various load requirements in different locations and applications such as oil & gas, manufacturing, and construction.
Commercial Gensets Key Market Trends
- Transition to Sustainable and Alternative Energy Sources : As environmental concerns continue to grow, businesses and industries are exploring cleaner and greener power generation options, such as solar, wind, and battery storage systems. This trend is influencing genset manufacturers to innovate and integrate hybrid and renewable energy solutions into their products, offering customers more eco-friendly and efficient power generation alternatives. As a result, the market is witnessing a transformation towards more sustainable and environmentally responsible power backup solutions.
Commercial Gensets Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to global commercial gensets market analysis, the market has exhibited steady growth in recent years, driven primarily by the increasing need for reliable backup power solutions across various industries. Factors such as aging power infrastructure, rising instances of power outages, and the expanding data center industry have bolstered demand for commercial gensets worldwide.
Furthermore, the adoption of gensets is driven by stringent regulations governing power reliability and the necessity to ensure uninterrupted operations in critical sectors.
Looking ahead, the commercial gensets market is expected to continue its growth trajectory, albeit with notable transformations. The industry is likely to witness a greater emphasis on sustainability, with manufacturers increasingly incorporating cleaner and more energy-efficient technologies into their products.
Hybrid and renewable energy solutions are poised to gain prominence, aligning with global efforts to reduce carbon emissions. Additionally, the Asia-Pacific region is anticipated to remain a significant growth driver, fueled by rapid industrialization and urbanization.
Overall, the market's evolution will be characterized by innovation, environmental responsibility, and an ongoing commitment to delivering reliable power solutions in an ever-changing world.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 14.71 billion |
| Market size value in 2031 | USD 25.86 billion |
| Growth Rate | 6.47% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Commercial Gensets Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Commercial Gensets Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Commercial Gensets Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Commercial Gensets Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Gensets Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Commercial Gensets Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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