A generator set, called a genset, is an electrical device that produces electricity and consists of a generator, an engine, and additional ancillaries. These units are used to provide backup power in the event of a grid outage or to provide power to locations with restricted grid access. Set of primary power generators increases the rate of electrification in rural areas in along with rising electricity demand. These units work with prime power units to help sustain the main grid or combine it with renewable energy sources, thus increasing the intermittent power supply. For example, generator sets are expected to become widespread in sub-Saharan Africa, where power outages last for hours.
Market Scope and Structure Analysis
Description
Generators come in various fuel types, such as diesel, hybrid, and gas. Due to their scalable, adaptable, and weather-independent functionality, diesel units have become a popular backup or transportable power alternative. Furthermore, expanding applications across the mining, oil & gas, telecom, and construction industries is expected to have a beneficial impact on market trends. Industrial revolution resulted in a significant increase in the need for reliable electricity to enable the smooth functioning of numerous sectors. As a result, the need to ramp up generation capacity to meet the rising demands of various industries kept these systems operating.
COVID-19 Impact analysis
- The COVID-19 pandemic halted the production of various products in the industrial generator sets industry, which is attributed to the global lockdown. This has hampered the growth of industrial generator sets market from the last few months and is likely to continue during 2022.
- COVID-19 affected the sales of industrial generator sets in the first quarter of 2022 and is anticipated to have a negative impact on the market growth throughout the year.
- The major demand for industrial generator sets was previously noticed from giant manufacturing countries, such as North America, Europe, Asia-Pacific, and South America, which are negatively affected by the spread of the coronavirus, thereby declining the demand for generators.
- Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on their cash reserves. Industrial generator sets manufacturers can afford a full lockdown only for a few months, after which the players have to modify their investment plans. For instance, various players in the market halted their production activities for several weeks to reduce their expenses. On the contrary, few players adopted employee lay-offs to sustain themselves during the COVID-19 health crisis.
- Industrial generator sets manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond to immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distance, and ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
Top Impacting Factors
The focus on improving environmental sustainability, as well as cost reduction, energy efficiency, and the use of clean sources, are the key developments driving the generator set market. The industry's potential is expected to be shaped by the growing importance of a reliable emergency power supply, as well as the rising vulnerability of grid infrastructure to external harm. Increased reliance on electronics and electrical equipment to support day-to-day operations among a diverse range of end users is anticipated to accelerate product rollout. Furthermore, the adoption of these systems is increasing due to their zero downtime and continuous energy supply.
Furthermore, market share is expected to grow due to widespread product use throughout the commercial sector, including telecom towers, complexes, educational institutions, and hotels. The industry is further fueled by the ongoing construction of mobile towers to meet the needs of a growing subscriber base. Furthermore, the growth of major companies and retail establishments resulted in a considerable increase in the demand for a reliable power supply, strengthening the industrial generator sets market.
- In January 2022, Cummins Inc. launched two generator sets, C550D5 and C500D6, which offer high power density and increased efficiency by reducing fuel consumption. This series is designed to give more power density than its 15- and 16-liter rivals, with 42 kVA/liter of displacement. The QSZ13 engine defends against low fuel quality using XPI fuel injection and 3-stage fuel filtering.
- In October 2019, Kirlosker Green launched Kirlosker Remote Management System (KRM) generator sets. KRM generator sets offer consumers with unique experience by allowing them to monitor their generators in real time. KRM allows end users or clients to monitor their generators from a single location across the country.
- In February 2020, Briggs & Stratton launched Makinex 23kW 480W generator. This generator is equipped with Vanguard EFI engine, which provides exceptional fuel consumption, increases durability, and enhance performance.
Key Benefits of the Report
- This study presents the analytical depiction of the industrial generator sets industry along with the current trends and future estimations to determine the future investment pockets.
- The report presents detailed information related to key drivers, restraints, opportunities and market share of the industrial generator sets.
- A quantitative analysis highlights the industrial generator sets growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed industrial generator sets analysis based on competitive intensity and how the competition will take shape in coming years.
Industrial Generator Sets Market Report Highlights
| Aspects | Details |
 By Fuel Type |
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 By End-user Industry |
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 By Region |
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