According to the report titled ‘Global Generator Sets Market Size study, by Fuel Type (Diesel and Gas), by Power Rating (Low Power Generator, Medium Power Generator and High Power Generator), by Application (Industrial, Commercial and Residential), and Regional Forecasts 2021-2027’ available with MarketStudyReport, global generator sets market was valued at USD 25.84 billion in 2020 and is expected to grow at a healthy rate of 8.1% throughout the forecast period, hence reaching a valuation of USD 44.57 billion by the year 2027.
 

Rapid industrialization with expansion of industries such as power, oil & gas, manufacturing, construction, and others is driving the global generator sets market growth. In this context, Statista reported that the industrial gross extraction output of oil & gas has increased from USD 269.7 billion in 2015 to USD 375.2 billion in 2019. 
 

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Moreover, demand for reliable consistent emergency power in industries, increasing consumer preference for continuous power supply, massive advancements of data centers, and new product introductions are escalating the industry share as well.
 

However, strict laws governing the control of high levels of carbon emissions, as well as dearly cost of generator sets may impede the market growth in the near future.
 

Based on fuel type, worldwide generator sets market is divided into gas, and diesel. In terms of power rating, the market is categorized into high power generator, medium power generator, and low power generator. As per the application aspect, the market is classified into commercial, residential, and industrial.
 

Speaking of regional analysis, Asia Pacific is a leading revenue generating avenue in the market and is expected to deliver lucrative prospects during the forecast period. Expansion of commercial office spaces, as well as increase in the number of infrastructure projects and manufacturing facilities in countries such as China, Japan, and India are factors attributed for Asia Pacific market growth.
 

The competitive landscape of the global generator sets market includes companies like MTU Onsite Energy Corp., Atlas Copco AB, General Electric Company, Caterpillar Inc., Kohler Co., Cummins Inc., Briggs & Stratton Corporation, AKSA Power Generation, Generac Holdings Inc., and Cooper Corporation among others.