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

The Europe Generator Sets Market is segmented by Fuel (Diesel, Gas, and Others), Ratings (Below 75 kVA, 75-350 kVA, and Above 350 kVA), End User (Residential, Commercial, and Industrial), and Geography (Germany, Russia, United Kingdom, and Rest of Europe)

Europe Generator Sets Market Size

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Europe Generator Sets Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 1.00 %
Market Concentration Low

Major Players

Europe Generator Sets Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Europe Generator Sets Market Analysis

The Europe generator sets market is estimated to be at USD 3.5 billion by the end of this year and is projected to reach USD 4.42 billion in the next five years, registering a CAGR of over 1% during the forecast period.

  • Over the medium period, factors such as demand for uninterrupted and reliable power supply, backup requirements during power outages, and the longer timeframe required to set up the transmission and distribution infrastructure are expected to drive the generator sets market.
  • On the other hand, the higher cost of electricity produced by the generator sets relative to the utility grid is expected to restrain the market.
  • Nevertheless, the rising popularity of hybrid generators and the rising reliability of the hybrid system may be an opportunity for the industry due to its usage of various resources, driving down the cost and reducing dependence on a single fuel.
  • The United Kingdom is expected to be a significant market in the forecast period, with most of the demand coming from the industrial sector and rise in commercial office spaces and small-scale enterprises.

Europe Generator Sets Market Trends

Industrial Sector is Expected to Dominate the Market

  • The industrial sector, which includes mining, manufacturing, agriculture, and construction, accounts for a large share of the energy consumption of any end-use industry.
  • The industrial sector is estimated to account for the largest share of power generation in the diesel and gas generator market. Industrial operations mainly depend on electricity generated from generator sets during power outages (to avoid production risks) and in regions with limited grid access.
  • In May 2023, Caterpillar announced the addition of two new mobile solutions to its portfolio of portable diesel generator sets that fulfill European Union (EU) Stage V emission criteria. Compared to the Stage IIIA standard, the Cat XQP20 and Cat XQP550 meet the requirements of Stage V standards, including a 90% reduction in nitrogen oxides. With such technology development in emission criteria, the use of generators is expected to increase in the industrial segment, thereby driving the market's growth.
  • Europe has used gas as a substitute for coal and oil in power generation. The strengthening of the gas pipeline infrastructure and storage network across Europe is expected to increase the uptake of gas generators in prime power and backup power applications and dissuade public and private enterprises from using diesel as the primary backup fuel. Diversifying the fuel is expected to boost the Europe generator sets market.
  • According to EMBER, in 2022, the total electricity generation in European Union accounted for 2795.49 terawatt-hours. Thus, with increasing urbanization and industrialization, power demand is expected to increase, thereby increasing electricity generation, which will drive the market.
  • Hence, the industrial segment is expected to dominate the Generator sets market in the forecast period due to its extensive product usage and the sector's growing size.
Europe Generator Sets Market: Electricity Generation, in terawatt-hours, Europe, 2020-2022

The United Kingdom to be a Significant Market

  • The United Kingdom is among the leading generator sets markets in the Europe region. This is due to increasing infrastructure projects, expansion of manufacturing facilities nationwide, and rising commercial office spaces. The country benefits from the cost and effectiveness of generator sets, with improved living standards increasing the demand for power backup device segments.
  • United Kingdom's vast agriculture sector covers more than 60% of the country's total land area. Although the country's power grid increasingly depends on renewable sources, the agriculture industry still relies on the power backup system. Growth in agriculture and related industries is expected to impact the market positively.
  • Data centers are responsible for 1-3% of the country's electricity usage. The amount of data centers in the United Kingdom is expected to increase in the forecast period, whose backup power generation may be provided by the generator sets and which may act as a driver for the market.
  • According to the UK Department for Business, in November 2022, total electricity consumption in the United Kingdom accounted for 24.28 TWh, greater than 22.36 TWh as compared to the previous month. An increase in the consumption rate is expected to maintain in the forecast period, thereby driving growth in the market.
  • Gas generators are expected to increase their share of generation capacity in the country due to well-established natural gas transmission systems, lower operating costs than diesel generators, and less carbon emission in the atmosphere. An increase in the use of gas generators is expected to aid the market.
  • The United Kingdom generator sets market is expected to increase in the forecast period due to increased electricity demand and the rising popularity of gas generators.
Europe Generator Sets Market: Monthly Electricity Consumption, in terawatt-hours, United Kingdom, Aug 2021-Nov 2022

Europe Generator Sets Industry Overview

The Europe generator sets market is fragmented. Some of the key players in this market include (in no particular order) Caterpillar Inc, Mitsubishi Heavy Industries Ltd., Cummins Inc., Yanmar Holdings co. Ltd, and Atlas Copco AB.

Europe Generator Sets Market Leaders

  1. Caterpillar Inc.

  2. Mitsubishi Heavy Industries Ltd.

  3. Cummins Inc

  4. Yanmar Holdings Co. Ltd.

  5. Atlas Copco AB

*Disclaimer: Major Players sorted in no particular order

Europe Generator Sets Market Concentration
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Europe Generator Sets Market News

  • In February 2023, Volvo Penta expanded its industrial genset product line with a new 200 kVA D8 Stage II engine. The 8-liter power-generating engine provides excellent fuel efficiency, a compact size, and low noise levels.
  • In October 2022, Himoinsa, a provider of power technology solutions, showcased its whole Mobile Power product line at Bauma 2022 in Munich, including battery power storage systems, light towers, and gas and diesel generator sets with Stage V engines. The company launched the EHR | Battery Power Generator (60 kWh) and works on 500 kWh and 1 MW units in 20-foot containers and 2 MW units in 40-foot containers.

Europe Generator Sets Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast, in USD Billion, till 2028

    3. 4.3 Electricity Production and Consumption and Forecast, in TWh, till 2028

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies and Regulations

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

        1. 4.6.1.1 Demand for Uninterrupted and Reliable Power Supply

        2. 4.6.1.2 The Longer Timeframe Required to Set Up the Transmission and Distribution Infrastructure

      2. 4.6.2 Restraints

        1. 4.6.2.1 The Higher Cost of Electricity Produced By the Generator Sets

    7. 4.7 Supply Chain Analysis

    8. 4.8 Porter's Five Forces Analysis

      1. 4.8.1 Bargaining Power of Suppliers

      2. 4.8.2 Bargaining Power of Consumers

      3. 4.8.3 Threat of New Entrants

      4. 4.8.4 Threat of Substitutes Products and Services

      5. 4.8.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Fuel

      1. 5.1.1 Diesel

      2. 5.1.2 Gas

      3. 5.1.3 Others

    2. 5.2 Ratings

      1. 5.2.1 Below 75 kVA

      2. 5.2.2 75 - 350 kVA

      3. 5.2.3 Above 350 kVA

    3. 5.3 End-User

      1. 5.3.1 Residential

      2. 5.3.2 Commercial

      3. 5.3.3 Industrial

    4. 5.4 Geography

      1. 5.4.1 Germany

      2. 5.4.2 Russia

      3. 5.4.3 United Kingdom

      4. 5.4.4 Rest of Europe

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Cummins Inc.

      2. 6.3.2 Kirloskar Oil Engines Limited

      3. 6.3.3 Aggreko plc

      4. 6.3.4 Kohler Co.

      5. 6.3.5 Yanmar Holdings co. Ltd.

      6. 6.3.6 Caterpillar Inc.

      7. 6.3.7 Mitsubishi Heavy Industries, Ltd.

      8. 6.3.8 Perkins Engines Company Limited

      9. 6.3.9 Honda Siel Power Products Limited

      10. 6.3.10 Atlas Copco AB

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 The Rising Popularity of Hybrid Generators and the Rising Reliability of the Hybrid System

**Subject to Availability
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Europe Generator Sets Industry Segmentation

An engine generator is a device that combines an electrical generator and an engine into a single piece of equipment. This combination is also known as an engine-generator set (gen-set). The machine is often taken for granted, and the combined device is called a generator. 

The Europe generator sets market is segmented by fuel, ratings, end user, and geography. By fuel, the market is segmented into diesel, gas, and others. By ratings, the market is segmented into below 75 kVA, 75-350 kVA, and above 350 kVA. By end-user, the market is segmented into residential, commercial, and industrial. The report also covers the market size and forecasts for the Europe generator sets market across major countries. For each segment, the market sizing and forecasts have been done based on revenue (USD billion).

Fuel
Diesel
Gas
Others
Ratings
Below 75 kVA
75 - 350 kVA
Above 350 kVA
End-User
Residential
Commercial
Industrial
Geography
Germany
Russia
United Kingdom
Rest of Europe
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Europe Generator Sets Market Research FAQs

The Europe Generator Sets Market is projected to register a CAGR of 1% during the forecast period (2024-2029)

Caterpillar Inc. , Mitsubishi Heavy Industries Ltd., Cummins Inc , Yanmar Holdings Co. Ltd. and Atlas Copco AB are the major companies operating in the Europe Generator Sets Market.

The report covers the Europe Generator Sets Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Europe Generator Sets Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Europe Generator Sets Industry Report

Statistics for the 2024 Europe Generator Sets market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Europe Generator Sets analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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