Caribbean Generator Set Market Forecast 2030: Key Players & Emerging Trends
Caribbean Generator Set Market Size & Insights
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. The scattered location of Caribbean islands around the southeastern region of North America makes it difficult to set up an interconnected electric grid. Thus, there are several isolated and rural areas where a proper utility grid is not available. Even the areas with a proper grid infrastructure face various other challenges, including excessive electricity demand, electricity theft, outdated infrastructure, and significant technical and non-technical losses in the grid. Such a lack of an efficient utility grid and the unavailability of a continuous supply of electricity attract the demand for generators. Gensets ensure a continuous supply of electricity in case of power outages or irregularities in power supply from the utility grid.
What are the Key DROs in the Caribbean Generator Set Market??
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.
What are the Key Segments in the Caribbean Generator Set Market?
The Caribbean Generator Set Market is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:
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)
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
The commercial segment dominates the market with a market share of above 27%.
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How does geographical analysis highlight in the Caribbean Generator Set market?
By Country
Antigua and Barbuda
Bahamas
Barbados
Haiti
Jamaica
Dominican Republic
Rest of Caribbean
Who are the Key Players in Caribbean Generator Set Market?
Caterpillar Inc.
Cummins Inc.
Others
Generac
Discovery Energy, LLC (Rehlko)
AGG Power Group
INGCO
PowerLink
Mitsubishi Heavy Industries
Genesal Energy
Forest City Generators
Atlas Copco.
Others
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