North America Generator Sets Market Size (2024 - 2029)

The North American generator sets market is experiencing growth driven by rising power demand, inadequate grid infrastructure, and the need for emergency backup solutions. Despite the challenges posed by the increasing installation of renewable energy sources, the market has rebounded to pre-pandemic levels. The expanding commercial and industrial sectors in Mexico and Canada present significant opportunities for market expansion. The United States holds a dominant position in the market, with substantial growth expected due to increased investments in industrial and commercial sectors.

Home Market Analysis Energy & Power Research Power Equipment Research North America Generator Sets Industry Market Size

Market Size of North America Generator Sets Industry

North America Generator Sets Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 3.00 %
Market Concentration High

Major Players

North America Generator Sets Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Generator Sets Market Analysis

The North American Generator Sets Market is expected to register a CAGR of over 3% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, the ever-increasing demand for power, lack of reliable grid infrastructure, and the need for emergency backup power solutions are expected to drive the growth of the market studied.
  • On the other hand, increasing the installation of renewable energy sources is expected to hamper the growth of the North American generator sets market during the forecast period.
  • Nevertheless, emerging commercial and industrial sectors in Mexico and Canada are likely to create lucrative growth opportunities for the North American generator sets market in the forecast period.
  • The United States dominates the market and is also likely to witness the highest CAGR during the forecast period. This growth is attributed to the increasing investments in industrial and commercial sectors.

North America Generator Sets Industry Segmentation

Generators are valuable appliances that supply electrical power during a power outage and prevent discontinuity of daily activities or disruption of business operations. Generators are available in different electrical and physical configurations for various applications. Generators provide backup, prime, and continuous power solutions in industrial, marine & home applications.

The North American Generator Sets Market is segmented by fuel type, end-user, and geography. By fuel type, the market is segmented into diesel, natural gas, and others. By end-user, the market is segmented into residential, commercial, and industrial. The report also covers the market size and forecasts for the North American generator sets market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).

Fuel Type
Diesel
Natural Gas
Others
End-User
Residential
Commercial
Industrial
Geography
United States
Canada
Mexico
Need A Different Region Or Segment?
Customize Now

North America Generator Sets Market Size Summary

The North American Generator Sets Market is poised for steady growth, driven by the increasing demand for reliable power solutions and the need for emergency backup systems. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Key factors propelling the market include the rising demand for power, particularly in areas with unreliable grid infrastructure, and the expansion of commercial and industrial sectors in Mexico and Canada. However, the growth trajectory may be challenged by the increasing adoption of renewable energy sources. The United States stands out as the dominant player in the market, benefiting from significant investments in industrial and commercial sectors, which are expected to sustain its leadership and drive further growth.

Generator sets, or gensets, are essential in regions with frequent power outages or where grid connectivity is limited, such as in mines or hospitals. Diesel-based gensets are particularly favored due to their high efficiency and cost-effectiveness. The market is characterized by ongoing innovations, with companies like Cummins Inc. and Caterpillar introducing advanced generator models to meet diverse power needs. The United States, with its substantial electricity consumption and vulnerability to weather-related disasters, relies heavily on generator sets for backup power. The market is also witnessing a shift towards zero-emission solutions, as seen in initiatives by General Motors and Generac Power Systems. The competitive landscape is fragmented, with major players like Kohler Co., Caterpillar Inc., and Cummins Inc. leading the charge in providing innovative power solutions across North America.

Explore More

North America Generator Sets Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Fuel Type

      1. 2.1.1 Diesel

      2. 2.1.2 Natural Gas

      3. 2.1.3 Others

    2. 2.2 End-User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

      3. 2.2.3 Industrial

    3. 2.3 Geography

      1. 2.3.1 United States

      2. 2.3.2 Canada

      3. 2.3.3 Mexico

North America Generator Sets Market Size FAQs

The North America Generator Sets Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Kohler Co. , Caterpillar Inc., Cummins Inc., Atlas Copco AB and Generac Holdings Inc. are the major companies operating in the North America Generator Sets Market.

North America Generator Set Market Report Snapshots

North America Generator Sets Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)