Global Low Power Generator Sets Market Report 2023: Sector is Expected to Reach $128.58 Billion by 2030 at a CAGR of 9% - ResearchAndMarkets.com

The global low-power generator sets market is expected to reach USD 128.58 Billion by 2030 and is expected to expand at a CAGR of 9.0% from 2023 to 2038.

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Business Wire, Inc.Business Wire, Inc.
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Tuesday, May 30, 2023
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Tags: 
Other Energy, Energy, Wind, Growth, Application, USD, Renewable energy, Natural gas
Geotags: 
NIGERIA, CHINA, ASIA
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Summary
Key Points: 
  • The global low-power generator sets market is expected to reach USD 128.58 Billion by 2030 and is expected to expand at a CAGR of 9.0% from 2023 to 2038.
  • These factors are anticipated to fuel the growth of the market over the forecast period.
  • Ongoing industrialization in emerging economies and an increasing number of infrastructure development projects worldwide are among the significant factors influencing global electricity demand.
  • Underdeveloped and developing economies such as Nigeria and Sudan lack in terms of power generation and transmission infrastructures, thereby making generator sets the only viable power generation sources for them.


The "Low Power Generator Sets Market Size, Share & Trends Analysis Report By Fuel Type, By Power Rating, By Application, By End-use, By Industries, By Portability, By 50-150 kVA Fuel Type, By 50-150 kVA Application, By Region, And Segment Forecasts, 2023 - 2038" report has been added to ResearchAndMarkets.com's offering.

The global low-power generator sets market is expected to reach USD 128.58 Billion by 2030 and is expected to expand at a CAGR of 9.0% from 2023 to 2038.

Low Power Gensets market is projected to observe significant growth over the estimated period due to the increasing demand for uninterrupted and reliable power supply for usage in power generation, telecommunication, oil & gas, marine, residential, chemical, manufacturing and construction, and healthcare applications. These factors are anticipated to fuel the growth of the market over the forecast period.

Ongoing industrialization in emerging economies and an increasing number of infrastructure development projects worldwide are among the significant factors influencing global electricity demand. Growing usage of electronic equipment by different businesses has resulted in increasing demand for generators to prevent sudden stoppage of electricity supply during power outages to prevent disruption in their

daily activities.

The diesel low-power generator sets dominated the fuel type segment in 2022 and are expected to keep their position during the forecast period. The growth of diesel generators is fueled by a variety of applications worldwide. They are typically installed in remote areas connected to the power grid and can be used as a backup system or as the primary power source because they can be quickly turned on and off without any lag time.

Demand for low-power gensets is projected to rise over the forecast period owing to increased demand for generator sets from underdeveloped countries of the world with a limited number of infrastructure development projects. Underdeveloped and developing economies such as Nigeria and Sudan lack in terms of power generation and transmission infrastructures, thereby making generator sets the only viable power generation sources for them.

The lack of adequate funding for harnessing other potential energy sources such as solar and wind has made generator sets the only financially effective power generation option in underdeveloped economies. Ongoing industrialization and increasing population, coupled with limited power generation infrastructures in underdeveloped and developing economies, are anticipated to fuel the demand for low-power generator sets in the coming years.

Low Power Generator Sets Market Report Highlights

  • In terms of Revenue, 50 - 150 kVA in the power rating segment accounted for a significant share of the market in 2022 and is further expected to witness steady growth over the forecast period
  • The construction industry accounted for the largest market share of 31.98% in 2022 owing to the rapid development of infrastructure and the construction industry globally
  • In 2022, the Asia Pacific accounted for more than 36.10% share of the overall market. The development of heavy equipment, oil & gas, and process companies in China, owing to low labor and utility costs, has been one of the factors responsible for the penetration of the diesel generator market in the region.
  • Portable low-power generators dominated the portability segment in 2022 and are expected to maintain their dominance during the forecast period owing to the rising adoption of portable generators in small shops and an increase in outdoor events due to the easy operation and ease of transportation of portable generations

Market Dynamics

Drivers

  • Increasing global energy requirements
  • Ongoing economic growth in developing regions

Restraints

  • Presence Of Substitute Power Backup Technologies

Companies Mentioned

  • Atlas Copco AB
  • Caterpillar Inc.
  • Cummins Inc.
  • Generac Power Systems Inc.
  • AKSA POWER GENERATION
  • Cooper Corp.
  • Kohler Co.
  • Mitsubishi Heavy Industries, Ltd.
  • Wartsila
  • ASHOK LEYLAND
  • GENERAL ELECTRIC
  • Rolls-Royce plc
  • Doosan Corporation
  • Sunrise Power
  • SWOT Analysis
  • Atlas Copco AB
  • Caterpillar Inc.
  • Cummins Inc.
  • General Electric
  • ASHOK LEYLAND
  • Generac Power Systems
  • Mitsubishi Heavy Industries, Ltd
  • Aksa Power Generation
  • Rolls Royce Plc
  • Wartsila

For more information about this report visit https://www.researchandmarkets.com/r/i6v1vy

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