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Generator Set Market to Generate $27,863 Mn Revenue by 2030

  • 2021-04-06 14:04:22

NEW YORK, March 16, 2021 /PRNewswire/ -- Several developing countries in Africa, such as Ghana and Nigeria, are plagued by transmission losses, which lead to a significant deficit in the amount of electricity being supplied. As a result, the generator set market size, which was $17,592.6 million in 2019, is projected to witness a CAGR of 5.8% between 2020 and 2030, to reach $27,863.0 million by 2030, according to P&S Intelligence.

This is because the huge electricity demand–supply gap has created a strong need for alternative power production systems, such as generator sets. In this regard, the high capital required for the setting up and maintenance of grids, several natural forces, and low-volume production of energy in the region are also acting as key drivers for generator market.

Key Findings of Global Generator Set Market

  • 5 kVA–75-kVA gensets account for highest sales volume

  • Gas gensets to witness fastest increase in installations

  • Large-scale construction activities key opportunity for market players

  • APAC countries remain largest users of gensets

  • MEA most-lucrative region for genset market investments

  • Companies engaging in acquisitions to widen their portfolio

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