The Caribbean Generator Set Market size was valued at around USD 132.62 million in 2024 and is projected to reach USD 201.14 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 6.88% during the forecast period, i.e., 2025-30. According to MarkNtel Advisors Study.
Caribbean Generator Set Market Driver:
Unreliable Electric Grid Necessitates the Adoption of Gensets – The Caribbean experiences frequent power cuts for both long and short periods, which has triggered the growth in the demand for generator sets. The region is situated in the Atlantic basin close to the active tectonic zones. Such a location attracts various hydro-calamities like hurricanes, floods, and more, disrupting the electricity supply. The UN declared the Caribbean the second most disaster-prone area in the world, with over 1,530 disasters from 2000 to 2023, including around 681 floods, 400 storms, 92 earthquakes, etc. These disasters disrupt the power supply system, making it less reliable. For instance, in 2024, a hurricane named Beryl hit the Caribbean States, with major impact on Grenada, the Grenadines, and Saint Vincent. The disaster was a fatal one, causing deaths of several, while disrupting the local infrastructure, including the electricity supply of the impacted areas. In such situations, generator sets are highly crucial as they provide the required power backup for powering the tools and equipment, as well as necessary devices for rescue tasks, illuminating areas during temporary blackout.
Moreover, the outages are also caused by the increasing demand for electricity with a rising population, while the presence of insufficient supply. There are also cases of electricity theft and a lack of an efficient power grid connecting the various islands of the region, which also disturbs the power supply. These factors are contributing to the propulsion of the generator set industry in Caribbean countries.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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Caribbean Generator Set Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Power Rating
- For 50 Hz
- Upto 20 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 21 KVA to 75 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 76 KVA to 375 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 376 KVA to 750 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 751 KVA to 2,000 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- Above 2,000 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- For 60 Hz
- Upto 20 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 21 KVA to 75 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 76 KVA to 375 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 376 KVA to 750 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- 751 KVA to 2,000 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- Above 2,000 KVA- Market Size & Forecast 2020-2030, (Thousand Units)
- For 50 Hz
- Fuel Type
- Diesel- Market Size & Forecast 2020-2030, (Thousand Units)
- Natural Gas- Market Size & Forecast 2020-2030, (Thousand Units)
- Gasoline- Market Size & Forecast 2020-2030, (Thousand Units)
- Hybrid- Market Size & Forecast 2020-2030, (Thousand Units)
- Others (propane, etc.)- Market Size & Forecast 2020-2030, (Thousand Units)
- By Application
- Stand By- Market Size & Forecast 2020-2030, (Thousand Units)
- Prime & Continuous Power- Market Size & Forecast 2020-2030, (Thousand Units)
- Peak Shaving- Market Size & Forecast 2020-2030, (Thousand Units)
- By End Users
- Residential- Market Size & Forecast 2020-2030, (Thousand Units)
- Commercial (Hospitality, Retail, Educational Institutions, Data Centers, etc.) – Market Size & Forecast 2020-2030, (Thousand Units)
- Healthcare- Market Size & Forecast 2020-2030, (Thousand Units)
- Government & Transport – Market Size & Forecast 2020-2030, (Thousand Units)
- Industrial (Manufacturing Facilities, Assembly Units, etc.) – Market Size & Forecast 2020-2030, (Thousand Units)
- Equipment Rental Companies – Market Size & Forecast 2020-2030, (Thousand Units)
- Construction- Market Size & Forecast 2020-2030, (Thousand Units)
- Mining- Market Size & Forecast 2020-2030, (Thousand Units)
- Oil & Gas- Market Size & Forecast 2020-2030, (Thousand Units)
- Others
- By Country
- Antigua and Barbuda
- Bahamas
- Barbados
- Haiti
- Jamaica
- Dominican Republic
- Rest of Caribbean
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Caterpillar Inc., Cummins Inc., Generac, Discovery Energy, LLC (Rehlko), AGG Power Group, INGCO, PowerLink, Mitsubishi Heavy Industries, Genesel Energy, Forest City Generators, Atlas Copco, and Others looking forward to strengthening their market positions.
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