Hybrid Generator Set Market Size

Hybrid Generator Set Market size was valued at USD 4.4 billion in 2024 and is estimated to reach USD 10.6 billion by the end of 2037, expanding at a CAGR of 7.6% during the forecast period, i.e., 2025-2037. In 2025, the industry size of hybrid generator set is evaluated at USD 4.7 billion.

The hybrid generator set market is expanding due to increasing diesel costs and a growing focus on lowering carbon footprint. According to the U.S. Department of Energy, the average retail diesel price in the U.S. in July 2022, reached USD 5.02/GGE up from USD 2.90/GGE in 2021.

The ability to combine renewable energy sources with conventional power generation in hybrid systems is a significant driver, especially in off-grid and remote locations. These generators are increasingly used in remote areas, such as mining sites, oil and gas fields, construction sites, and rural electrification projects, where grid access is limited. Thus, by addressing challenges like high fuel costs, maintenance issues, and the need for reliable power, hybrid generators are becoming the preferred solution for powering remote locations sustainability and cost-effectively.