The global genset market will reach USD 26.37 billion at a favorable 5.95% CAGR by 2027, states the latest Market Research Future (MRFR) report.
Key Players
Eminent industry players profiled in the global genset market report include Caterpillar, Cummins, Wartsila, Siemens, General Electric, ABB Ltd, PARAMAC, Generac Holdings Inc., Kohler Co., MTU Onsite Energy, Mitsubishi Heavy Industries, Kirloskar Electric Company, Yanmar Co.Ltd., and Himoinsa S.L., among others.
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Drivers
Demand for Reliable and Uninterrupted Power Supply to Boost Market Growth
The growing need for reliable and uninterrupted power supply will boost market growth over the forecast period. Frequent outages due to natural calamities which can interrupt operations in industries, homes, emergency services, and commercial establishments add market growth.
Opportunities
Growing Use of Gas and Diesel Generators to offer Robust Opportunities
The rising use of gas and diesel generators across different end uses like agriculture, commercial, and industrial will offer robust opportunities for the market over the forecast period.
Additional factors adding market growth include increased lab and field tests, enhanced research and innovation, and product standardization.
Restraints and Challenges
Strict Government Regulations and Maintenance Issues to act as Market Restraint
Strict government regulations and maintenance issues may act as market restraint over the forecast period. Stringent government regulations against harmful emissions especially from diesel generators may impact market growth. Besides, the rising preference for renewable power also impacts market growth. Also, maintenance issues associated with gensets will also impede market growth.
Market Segmentation
The global genset market is bifurcated based on end use, application, fuel type, and power rating.
By power rating, the genset market is segmented into up to 100, 100-350, 350-1000, above 1000.
By fuel type, the genset market is segmented into natural gas, diesel, and propane.
By application, the genset market is segmented into Standby Power, Peak Shaving, Prime/Continuous Power.
By end use, the genset market is segmented into industrial, commercial, and residential.
COVID-19 Analysis
The global COVID-19 outbreak has affected the worldwide economy, with maximum players facing losses on account of the lockdowns. Businesses associated with the supply and production of gensets too is experiencing significant challenges. There has been a sharp fall in the demand for power due to closing of manufacturing facilities across the world. Companies have adopted remote working trends for business continuity at the time of the crisis. Yet the manufacturing companies that did not adopt technology solutions like AI, IoT for manufacturing, robotics, and computer vision and others have suffered severe losses for closure of factories and other government imposed restrictions. Besides, the increasing fuel prices owing to lower crude oil exports are impeding market growth.
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Regional Analysis
APAC to Spearhead Genset Market
The APAC region will spearhead the market over the forecast period. High demand for power products in China, high economic growth rate in China, increased need for power generation equipment like gas and diesel generators, new policy reforms in India which support the growth of industries, growing need for reliable and steady power supply, growing development in data centers, massive availability of diesel, rising oil and gas activities, a relaxed approach, and lenient government regulations against gas emissions from the diesel generator are adding to the global genset market growth in the region.
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