Sellbyville, DE -- (SBWIRE) -- 11/12/2018 -- Generator Sets Market size will surpass USD 35 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.

Inadequate power supply along with accelerated demand for reliable and continuous power will stimulate the global generator sets market size. The industry is extensively driven on account of expanding population and urbanization on a global scale. Increasing intensity and frequency of weather-related disasters resulting in prolonged outages will further boost the product adoption.

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The U.S. gensets market was valued over USD 4 billion in 2017. Aging electrical infrastructure along with deteriorating grid resiliency against natural calamities will propel the industry growth. For instance, Hurricane Irma, in September 2017, knocked out power to nearly two-thirds of the electricity customers of Florida. In addition, the inadequacy of the electrical grids to sustain an amplified demand load will further entail a wide-scale deployment of these units.

Growing adoption of backup power equipment to mitigate system downtimes, and loss of in-process information across datacenters will stimulate the global market growth. The installation of backup power has become paramount in the data centers with the increasing costs of outages. For instance, in 2016, the Delta Airlines data center suffered a loss of over USD 150 million as a result of an outage caused by an electrical failure.

Gas gensets market is set to expand over 9 % by 2024. Increasing implications for energy security, concerns over fossil fuel consumption, along with growing focus toward cleaner fuel sources will propel the industry growth. Stringent emission compliances, most notably the EPA Emissions Standards and the EU Stage V limits will play an influential role in the industry expansion.

Europe gensets market is anticipated to grow over 6 % by 2024. Rising infrastructural investments along with recovering commercial & construction activities will provide an impetus to the industry. growth. Moreover, the ongoing proliferation of the IT infrastructure is further driving significant demand for gensets across the region. For instance, Amazon recently built a new data center in Frankfurt to comply with stringent German data protection laws.

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The >1000 kVA generator sets market will continue to expand as the demand intensifies from industrial facilities with high-power requirements and remote areas where grid supply is inaccessible. Growing need for power solutions with quick and automatic start-up and optimum reliability will further expand the use of these units. Infrastructural development, robust industrialization, and booming construction activities will further favor the business outlook.

Nigeria market is projected to expand of over 13 % by 2024. Gensets constitute over three-quarters of the country's primary electricity supply across households, businesses and public institutions. For instance, as per the 2017 Rural Electrification Agency (REA) audit, 7 federal universities rely on over 1000 generator sets as an alternative power source.

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Notable industry participants across the gensets market include Caterpillar, Kirloskar, Briggs & Stratton, Generac, Honda, Kohler, Ingersoll Rand, Cummins, Yanmar, Manlift Group, Atlas Copco, John Deere, Mitsubishi amongst others.

Generator sets market research report includes in-depth coverage of the industry with estimates & forecast in terms of Units and USD from 2013 to 2024, for the following segments:

Generator Sets Market, By Current
- DC
- AC
- Single Phase
- Poly Phase