Investments in maintenance and backup power solutions soar amidst uncertainty and conflict - Nordic Growth - Investment Banking Services

Investments in maintenance and backup power solutions soar amidst uncertainty and conflict

This market analysis delves into the markets of generator sets, and their maintenance across Europe, the Nordics, and Finland. It examines their respective market sizes, growth projections, and the evolving trends driving their expansion. The report reveals that the key growth drivers include geopolitical uncertainties and the crucial role of generators in various sectors like healthcare, telecom, and military.


This market overview examines the generator set market, and the maintenance of the generator sets. In this market overview, these two markets make up the total market for backup power solutions. The focus will be on the total market in Finland.

Total market sizes in 2022

Generator set market

The European generator set market was valued at $5.2B in 2022 or 4.7B€, accounting for 16,2 % share of the global market. The European market is expected to match the global market annual growth of 7.5 % during the next ten years[1]. Therefore, the European market for generator sets is expected to more than double to 9.7B€ in 2032.

The Nordic market for generator sets is estimated to constitute approximately ten per cent of the European market[2]. With the same expected growth as the global market Nordic generator set market would grow by almost five hundred million euros during the next ten years. The Finnish market for generator sets is expected to develop in line with the European market, reaching to over 150 M€ in size during the next ten years.

Maintenance of generator sets

The European market for maintenance of generators was estimated to have been worth 473M€ in 2022[3]. The market is projected to grow at quite much slower rate than the generator set market at CAGR of 3.1 % until 2028[4], reaching a value of 568M€ in 2028.

The Nordic and Finnish maintenance of generators markets are estimated to be valued at 100M€ and 30M€, respectively.

Growth drivers

The prevailing worldwide situation, marked by uncertain financial condition and an active conflict in Ukraine, have spurred a notable upswing in investments toward backup power solutions ensuring the security of supply. The apprehension surrounding power disruptions is anticipated to fuel substantial expansion within the industry in the forthcoming years. Additionally, Finland’s membership in NATO is expected to create enhanced opportunities for Finnish military contractors, enabling them to export their products to other NATO member nations’ armed forces.[5]

Generators play a vital role in providing backup power supply in regions, particularly rural and off-grid regions, where frequent power outages are a common occurrence[6]. Numerous industries rely on generators to ensure uninterrupted operations, including telecommunication, energy sectors such as wind turbines, healthcare, and military establishments. The importance of electricity availability has become even more pronounced, leading nations and businesses to prioritize self-sufficiency and preparedness measures, driving industry growth.

In Europe, the maintenance backlog of generator sets is progressively increasing, primarily due to the aging and wear of the equipment. Consequently, there is an urgent need to replace or renovate the old and worn-out units, a factor that is poised to drive substantial growth within the industry in the foreseeable future.[7]


Nico Henriksson


[1] Generator Sets Market: GMI (2023)

[2] The Nordic countries produce almost half as much energy as the EU combined, thanks to Norway: Nordic Statistics database

[3] Derived from Generator Services Market: Trouve 360 Reports (2022) and Generator Market: Fact.MR (2023)

[4] Generator Services Market: Trouve 360 Reports (2022)

[5] NG research

[6] Generator Market: Fact.MR (2023)

[7] NG research