PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635106
PUBLISHER: Prescient & Strategic Intelligence | PRODUCT CODE: 1635106
The global genset market is poised for substantial growth, with its value projected to rise from $25,692.1 million in 2024 to $38,274.2 million by 2030, representing a compound annual growth rate (CAGR) of 6.80% during the forecast period of 2025-2030. This growth is driven by the increasing demand for reliable and uninterrupted power supply across various sectors, including commercial, industrial, and residential applications.
Rapid industrialization, urbanization, and the rising frequency of power outages due to natural disasters and aging grid infrastructure are further propelling the market. The construction of data centers globally is also a significant driver, as these facilities require high-capacity gensets to ensure uninterrupted operations.
Key Insights
Diesel gensets dominate the market due to their efficiency and widespread availability, while gas gensets are gaining traction as a cleaner alternative in regions with stringent environmental regulations. Gensets with power ratings of 5 kVA-75 kVA are widely used in residential and small commercial applications, whereas those rated 76 kVA-375 kVA find significant use in medium-sized commercial and industrial facilities. High-capacity gensets, with power ratings above 750 kVA, are essential for large industrial operations and data centers.
The commercial sector accounts for the largest share of the market, driven by the need for uninterrupted power in retail, hospitality, and healthcare. Industrial applications are witnessing significant growth due to expanding manufacturing activities, while the residential sector sees rising demand for gensets in areas with unreliable grid power.
Asia-Pacific leads the genset market, supported by rapid industrialization, urbanization, and infrastructural development in countries like China and India. The Middle East & Africa region is expected to grow the fastest, driven by infrastructure projects and the need for reliable power in remote areas.
The market is characterized by a high level of competition, with key players such as Caterpillar Inc., Cummins Inc., Kohler Co., Generac Holdings Inc., and Siemens AG focusing on product innovation, strategic acquisitions, and partnerships to enhance their market presence. The genset market is set to experience robust growth, fueled by the increasing need for reliable power solutions across various sectors and regions.