PUBLISHER: Market Research Future | PRODUCT CODE: 1496179
PUBLISHER: Market Research Future | PRODUCT CODE: 1496179
Global Information on the Genset Market Research Report is categorized by portability (stationary and portable), fuel (diesel, gas, and others), end user (industrial, commercial, and residential), power rating (up to 100KVA, 100-350KVA, 350-1000KVA, and above 1000KVA), application (standby, peak shaving, and continuous), and region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America) with a forecast until 2030.
During the forecast period (2024- 2030), the Genset Market industry is expected to experience a compound annual growth rate (CAGR) of 5.5%, increasing from USD 24,567.9 Million in 2024 to USD 34,357.3 Million. A generator set, or "genset," is a portable piece of apparatus that is designed to generate energy. It is composed of an engine and an alternator/electric generator. Gensets are frequently employed in underdeveloped regions and other areas that are not connected to the power infrastructure, as well as in locations where power outages are frequent and/or where an outage can result in particularly severe or hazardous issues, such as deep within a mine. They can function as the primary source of energy or as a supplementary power source, potentially during peak usage hours.
The genset market will experience growth because of the increased efforts to mitigate power disruptions. In February 2021, an outage impacted over four million individuals in Texas as a result of the winter storm and cold wave. Because the power disruption persisted for more than a week, most of the population's residential and professional responsibilities were in peril. Consumers are increasingly aware of the necessity of a reliable secondary power source because of these circumstances. Power outages are frequently the consequence of natural weather occurrences, such as lightning, rain, snow, ice, wind, and dust. Although it is more difficult to safeguard consumer electrical systems from the effects of water and dust, it is relatively simple to safeguard them from significant power outages that are caused by natural disasters such as floods and severe storms. Short circuits and power disruptions may result from water. It is logical to ensure that consumers are adequately protected against water intrusion into electrical circuits, as the potential consequences can be extremely costly. Ensure that electrical switchboards, cables, and circuits are not submerged in water. Furthermore, substantial damage may result from excessive moisture and dampness. Additionally, sealed circuit boxes can protect my customer's costly electrical equipment and assist in preventing unforeseen power outages. This is increasing the demand for the market.
Market segment insights
The Genset Market segmentation is divided into stationary and portable categories based on portability. The market is segmented into diesel, gas, and other fuels. The Genset Market data has been primarily segmented by end user into industrial, commercial, and residential.
The market is categorized into four categories based on power rating: up to 100KVA, 100-350 KVA, 350-1000KVA, and above 1000KVA. The market is categorized into peak reduction, standby, and continuous based on the end user.
Regional Perspectives
In 2022, the Asia-Pacific Genset Market was valued at USD 9,848.1 million and is expected to exhibit a robust CAGR throughout the review period. Elements such as the increasing demand for electricity, the unreliable grid infrastructure, the need for emergency backup power solutions, and the prerequisite of a consistent power supply are driving the genset market in the Asia-Pacific. The market's growth is, however, restricted by the high costs of installation and maintenance, as well as the consumer preference for environmentally favorable alternatives (such as solar and fuel cells).
The market growth is bolstered by the North American region's growing demand for a consistent and dependable power supply, as well as the escalating frequency of power outages. In addition, the demand for gensets is exacerbated by the rapid construction of hotels, corporate buildings, and residential structures, which in turn increases the necessity for power backup solutions. The market has expanded as a result of the remarkable technological advancements in genset technologies.
It is anticipated that the European genset market will be influenced by factors such as the extended time required to construct the transmission and distribution infrastructure, the need for a consistent and dependable power supply, and reserve power during power outages. Nevertheless, it is expected that the market will be restricted by the higher cost of electricity generated by gensets in comparison to the utility infrastructure.
Atlas Copco Holdings Ltd., Yanmar Co. Ltd., Cummins Inc., John Deere, Caterpillar Inc., Wartsila, Kohler Co., Kirloskar Electric Company, Aggreko Ltd., Generac Holdings Inc., and Greaves Cotton Limited are among the key companies in the Genset Market.