Generator Sets Market Share

APAC Market Statistics

The generator sets market in Asia Pacific is projected to have the highest growth by the end of 2035, backed by growth in demand for electrification in rural area, along with surge in power outage in urban area in the region. Also, there has been sure in extraction of oil in this region which is also estimated to boost the market growth. China produced about 3 million barrels of oil per day in 2021, making it the largest oil producer in the Asia-Pacific region. India produced approximately 740 thousand barrels per day of oil in the same year, which was the second-highest production rate. Moreover, the largest portion of energy is consumed by the industrial sector, which includes mining, manufacturing, agriculture, and construction. Thus, it is anticipated that demand for diesel generators would rise as a result of these industries' growing need for a consistent and stable power supply, particularly from manufacturing facilities, along with healthcare facilities, and the pharmaceutical industry.

North American Market Forecast

The North America generator sets market is estimated to be the second largest, to have the highest growth. The growth of the market in this region can be attributed to the necessity for emergency backup power solutions, along with the need for electricity. The accelerated industrialization and urbanization processes have increased the need for a steady supply of electricity, making power backups an essential component of development. Also, in North America, the supply of electricity is impacted by sudden grid issues, transmission and distribution line failures, weather issues, and other causes. To facilitate continuous operations, regulatory organizations are implementing efforts to shorten the length of power outages. The demand for dependable backup power sources has greatly expanded among consumers in the residential and commercial sectors, driving the North America market for generator sets. Hence, the need for generators has increased as a result of the growing popularity of generators along with technical improvements.

Europe Market Forecast

Additionally, the generator sets market in Europe region is also estimated to have a significant growth over the forecast period. The necessity for the deployment of generator sets in these sectors is developing in response to the increasing need for a stable and uninterrupted power supply from end-use industries such as construction, residential, commercial, and healthcare, and among others. Also, owing to the region's rapid industrialization and growing population, there is a greater need for electricity, which in turn necessitates the use of reliable power systems such as gensets. In addition, there is an increasing requirement for the deployment of Europe gensets owing to the power outages in a few European nations. These elements are predicted to propel the expansion of the European generator sets market.