Generator Sets Industry - Regional Synopsis
Asia Pacific Market Statistics
Asia Pacific industry is predicted to account for largest revenue share of 38% by 2037. The key drivers include the increasing incidence of power cuts, rapid industrialization, and urbanization, which demand a reliable and continuous power supply. China holds the largest share within the Asia Pacific market. This country's growth is mainly due to rapid industrialization, urbanization, and the rising construction and manufacturing sectors.
Moreover, the Chinese government is stressing infrastructure development, such as building data centers and telecom towers and improving the transportation network; this, again, is boosting the market growth. In India, the market growth is driven by factors like increased power failures, improving infrastructural development, and expansion in the telecom sector. The growing demand for a continuous power supply from industries, commercial establishments, and households increases the country's use of generator sets.
In January 2024, Cooper Corporation, jointly with Sinfonia Technology, introduced India's first-ever 10 KVA LPG CPCB IV+ certified genset. The genset is designed to meet the stringent emission requirements that the CPCB IV+ Act under Indian Legislation has mandated. These are significant steps toward an ultimate zero carbon footprint and achieve clean power generation.
North America Market Analysis
In generator sets market, North America region is estimated to grow at healthy CAGR till 2037. This expansion is driven by several key factors, such as rising incidences and intensity of power blackouts due to calamities and unfavorable climates. Moreover, the increasing use of generator sets in residential and commercial end-users due to concerns for energy security and reliability of power supply is also fueling the growth of this market.
U.S. is projected to hold a significant market share in the forecast period. Some of the drivers behind this growth include the rising incidence of power outages, rapid developments in industrial sector, and the rising need for standby power in commercial and residential facilities. Also, the new investments in upgrading the grid and the infrastructure development projects from the U. S. government are also helping in the growth of the market. In June 2023, the U. S. Department of Energy offered USD 48 million to improve the resilience of the nation’s electric grid to weather and natural calamities.
Canada is another strategic market in North America’s generator sets industry due to the country’s extensive coverage, unfavorable climate, and increasing need for power backup from various industries. The growth of mining, oil and gas, and construction industries in Canada, along with the usage of generator sets as standby power solutions, is adding to the market growth. To address this, in May 2024, the Canadian government allocated USD 35 million to promote clean energy technologies, including hybrid generator systems, indicating the focus on sustainable power solutions in this country.
