The Global Electric Generating Set Market size is projected to reach USD 83.1 billion by 2028, growing at a CAGR of 7% during the forecast period from 2021-2028. The growth of the market can be attributed to increasing demand for renewable energy sources and government initiatives for development of clean energy projects, which are expected to provide an impetus for the commercial adoption of electric generating sets over conventional power generation technologies such as coal or gas fired plants.
Electric generating sets are an electro-mechanical device that converts mechanical energy into electrical energy by converting the mechanical power from a prime mover or generator to rotate at high speed, which is then transmitted through a set of copper coils and generates electricity. Electric generating sets are used to produce electricity for different purposes in various industries such as commercial, residential construction, and manufacturing. There is an increasing demand among the developing countries due to the growth of population coupled with high energy consumption needs. In addition, Electric Generating Set can be used without any noise pollution or emissions released into the atmosphere which makes it more environment friendly than conventional power generation technologies such as coal or gas-fired plants.
On the basis of Type, the market is segmented as Diesel Electric Generating Sets, Wind Powered Electric Generating Set, Spark Ignition Engines Electric Generating Set, and Others.
Diesel Electric Generating Set is a device that converts the chemical energy of diesel into electrical energy. Diesel-electric generating sets are categorized as prime movers, generators, and other components. The market for these devices will be mainly driven by increasing demand from developing countries coupled with high production rates of natural gas in oil shale deposits.
Wind-Powered Electric Generating Set is a device that converts the kinetic energy of wind into electrical energy. It comprises the blades, gearbox, generator, and tower. The market for these devices will be mainly driven by increasing demand from developing countries coupled with high production rates of natural gas in oil shale deposits.
The Spark Ignition Engine powered electric generating set contains an engine which movements are converted to rotational motion via crankshaft or camshaft so as to generate electricity using alternators (e.g., AC induction). These sets are mostly used in residential construction due to their lower cost and simple operation compared to other types like Combined-Cycle Plants (CCPs).
On the basis of Application, the market is segmented into commercial, residential construction, water, and wastewater treatment, telecommunication, railways, and others.
In the commercial sector, the electric generating set is used for industries such as hotels and restaurants. These sets are also used in hospitals to provide power back up during emergencies that might arise due to electricity failure or other reasons. They are also used by retailers like shopping malls, department stores, cinema halls, etc., where they use them for lighting purposes and some of these establishments have their own generator systems installed within the premises. In the residential construction segment, the market size is estimated on the basis of the total number of housing units constructed per year across all regions globally. Electric generating sets in this category cater mainly to residential needs with low energy requirements (e.g., single-family houses).
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.
In the European region (France, Italy), there is a need for electric generators to power homes and business units as well as provide backup during outages or emergencies. There are also many small factories in this region that need to use diesel engines due to their size restrictions on fuel consumption. This has led to high demand for these types of generating sets where they can be used inside the factory premises without any environmental pollution issues arising from the outside. Similarly in Asia-Pacific countries like Australia and Japan have smaller numbers of residential buildings compared with the number of commercial structures being constructed which means an increase in demand across various segments including hotels. The US is a major market for electric generating sets due to its huge demand for clean energy sources owing to environmental concerns associated with fossil fuels such as coal or natural gas; however, the penetration rate remains low at around 0.05%.
Up Market Research published a new report titled “Electric Generating Set Market research report which is segmented by Types (Diesel Electric Generating Sets, Wind Powered Electric Generating Set, Spark Ignition Engines Electric Generating Set, Others), By Applications (Commercial, Residential Construction, Water And Wastewater Treatment, Telecommunication, Railways, Others), By Players/Companies Kirloskar Electric, TECO-Westinghouse Motor, Potencia Industrial, ABB, WEG, Atlas Copco”.
|Report Attributes||Report Details|
|Report Title||Electric Generating Set Market Research Report|
|By Type||Diesel Electric Generating Sets, Wind Powered Electric Generating Set, Spark Ignition Engines Electric Generating Set, Others|
|By Application||Commercial, Residential Construction, Water And Wastewater Treatment, Telecommunication, Railways, Others|
|By Companies||Kirloskar Electric, TECO-Westinghouse Motor, Potencia Industrial, ABB, WEG, Atlas Copco|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||241|
|Number of Tables & Figures||169|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Diesel Electric Generating Sets, Wind Powered Electric Generating Set, Spark Ignition Engines Electric Generating Set, Others and By Application Commercial, Residential Construction, Water And Wastewater Treatment, Telecommunication, Railways, Others.
Some of the companies that are profiled in this report are:
Electric Generating Set Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Electric Generating Set Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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