ID: MRFR/E&P/1177-HCR | February 2021 | Region: Global | 111 pages
Genset Market is projected to be worth USD 26.37 Billion by 2027, registering a CAGR of 5.95% during the forecast period (2021 - 2027), The market was valued at USD 18.64 billion in 2020.
Growing demand for uninterrupted and reliable power supply and growing demand for hybrid diesel gensets are some of the key factors driving the genset market. Also, increasing number of power outages and power failure, especially in developing countries is creating a huge demand for power backup devices, of which genset is a part. Moreover, the revolutionary changes within data center industry in developing regions including Asia-Pacific will also lead to increased number of installed gensets in the premises. The other countries within Asia-Pacific driving the market also include, Malaysia, Singapore, Philippines, Thailand, and Australia. Also, developing economies of Indonesia, the Philippines, and Vietnam will also contribute to be key markets for diesel generator sets in the region.
Generator Market has been segmented on the basis of power rating, fuel type, application, end-use, and region. Based on end-use, the market is classified into commercial, residential, and industrial. The industrial segment is expected to dominate the market. The power generation and oil & gas sectors are expected to be the largest end-users for gensets, contributing towards the growth of global market. Moreover, growing industrialization and rising demand for continuous power supply by these industries are expected to drive the genset market globally.
Genset market by region is segmented into Asia Pacific, North America, Europe, and the Middle East & Africa, and South America. Asia-Pacific is expected to hold the largest share during the forecast period owing to increasing number of power outages and the immediate need for continuous power by the growing industrial and commercial sectors. Need for proper grid infrastructure in the region is also expected to drive the demand for market.
The global genset market is expected to expand at ~5.95% CAGR during the forecast period.
The key players of global Genset Market are 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.
Global Genset Market is expected to witness a moderate growth during the forecast period. Utilities around the world have started to use genset to improve their operations and efficiency. The growing demand for genset is attributed to increasing industrialization, especially in developing countries such as China and India. Generators are becoming popular in commercial and industrial applications as they provide uninterrupted power supply which is an important aspect of any manufacturing facility for uninterrupted production activities. Moreover, factors such as extreme weather conditions, stringent environmental norms, and infrastructural developments are likely to drive the genset market. Asia-Pacific and North America are expected to witness a strong growth for gensets as there is abundant natural gas available in these regions.
Genset is a device that converts mechanical energy into electrical power for various electrical operations. Genset consists of a motor and an alternator which are coupled and inserted in a base with other elements. The other major components of genset include batteries, fuel tank, control panel, and automatic transfer switch. Genset is a cost-effective device with high efficiency and reliability in operation. Gensets are majorly used as backup device to deal with any power failure situation within the industry, grid, and construction site. There are various advantages of a genset which makes it a preferred choice in variety of applications. These advantages include automatic load management system, automatic operation can be initiated locally or remotely using SCADA system, utility paralleling switchgear allowing automatic or manual paralleling, and voltage support in utility mode.
|Market Size||2027: USD 26.37 Billion|
|CAGR||5.95% CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Power Rating, Fuel Type, Application and End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||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|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The market can achieve a CAGR of 5.95% during the appraisal timeframe.
The genset market is all set to expand USD 26.37 Billion by 2027 and gain high traction across the globe.
The most renowned companies in the global market are Wartsila, Himoinsa S.L., Mitsubishi Heavy Industries, General Electric, PARAMAC, Caterpillar, Cummins, Kirloskar Electric Company, Siemens, Yanmar Co.Ltd., ABB Ltd, Kohler Co., MTU Onsite Energy, Generac Holdings Inc., and others.
Rising industrialization, adverse weather conditions, strict environmental norms and infrastructural developments are leading to market growth in India and China.
The industrial end-user based segment can dominate the genset market in the near future.