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The global generator set market was estimated to be worth $19.9 billion in 2022. During the projection period (2023 - 2030), the Genset market is expected to increase from USD 20.88 Billion in 2023 to USD 31.51 Billion in 2030, with a CAGR of 6.30%. Key market drivers boosting market growth include rising power demand worldwide, rising frequency and intensity of natural disasters, growing construction and infrastructure sectors, increasing adoption of standby and prime power solutions in industries, and improvements in genset technology, such as increased efficiency and reduced emissions.
Diesel gensets are utilised in power generating and electrical distribution networks as backup sources of power when demand exceeds supply or there is an outage, hence the market size for these products is also expected to rise significantly. Off-grid activities like telecommunications, oil and gas production, mining, and construction all employ diesel gensets to power their operations. A diesel generator set (Genset) is a completely self-contained power plant that can be moved from one location to another with little effort. A petrol or diesel engine is coupled to an electric generator. These are frequently utilised in places where there is not enough electricity to power essential loads like lighting, computers, and other workplace necessities.
Diesel gensets are used to generate electricity in the event of a power failure. A diesel engine and generator are combined in this system. Diesel gensets are used for a wide variety of purposes, from providing backup power in the event of a power outage or grid failure to more nuanced tasks like peak shaving, grid support, and power export. During the projected period (2021-2030), the global market for diesel gensets is expected to expand at a CAGR of 6.50%. The expansion of the market is predicted to be driven by factors such as the rising demand for electricity among corporate organisations, supported by the uptick in urbanisation and industrialization, and the expanding requirement for reliable power supplies. The increased number of power outages is a major cause for concern and is projected to fuel the market's expansion in the next years. By the end of 2030, the market is expected to have surpassed $30,400,000,000 in sales, up from a valuation of close to $16,200,000,000 in 2020. The global diesel genset market is broken down into sections based on geography, including the Americas, Europe, Asia Pacific, Latin America, and the Middle East and Africa. One of the primary reasons expected to boost the demand for diesel gensets, and hence contribute to the growth of the market in the Asia Pacific, is the increase in the number of corporate organisations in the region. In 2020, the region's market brought in the most money at around USD 5800 million. By 2030, it's expected that number will have increased to USD 12560 million.
Rising power demand is fueling the growth of the genset industry. The rapid growth of cities and the accompanying increase in industry and people have all contributed to a dramatic rise in electricity usage. As countries work to improve their infrastructure, the demand for a stable electricity supply increases. In particular, emerging economies are experiencing a surge in power demand as a result of their expanding industrial sectors and improving living standards. Manufacturing facilities, retail establishments, and office and apartment complexes cannot expand without a stable and robust electricity grid. Current power networks in many locations, however, would struggle to keep up with these increasing demands, leading to frequent power outages or insufficient power supply. Gensets provide a viable option by providing backup or additional power capacity to support the grid during peak demand or in areas with limited access to electricity. There has been an uptick in the need for dependable energy sources due to the widespread use of digital technology and information systems. Data centres, communication networks, and IT infrastructure all require constant power to keep running and prevent data loss. Protecting these critical infrastructures from power outages and the associated financial losses is the primary function of generator sets (gensets). The increasing demand for electricity is being driven by multiple sectors, including the domestic sphere. More people using more energy-hungry devices like air conditioners and electric stoves means additional stress on the electrical grid. Backup power from gensets ensures that essential home appliances like refrigerators and heaters continue to work in the event of a power outage.
The electrification of transportation, most notably the adoption of electric vehicles (EVs), is also predicted to boost demand for electricity. A charging infrastructure will be required to support extensive EV use, which will increase demand on the power grid. Gensets are a useful charging infrastructure supplement that can be used in off-grid or remote areas.In order to meet the increasing demand for electricity, governments and corporations are investing more money in gensets as part of their energy strategies. Gensets allow organisations to ensure continuous operations and eliminate risks associated with power outages due to its adaptability, dependability, and scalability. In accordance with the global emphasis on sustainable energy solutions, gensets are becoming more eco-friendly as a consequence of technological advancements that improve fuel efficiency and reduce emissions. Consequently fueling the growth of the Genset industry.
Report Coverage
Global Genset research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Genset report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Genset competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Genset market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Genset market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Genset market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Genset market based on the below-mentioned segments:
Global Genset Market, By Type
Natural Gas
Diesel
Propane
Global Genset market, By Application
Standby Power
Peak Shaving
Prime/Continuous Power
Global Genset Market, By End User
Industrial
Commercial
Residential
Global Genset market, Regional Analysis
Diesel gensets are utilised in power generating and electrical distribution networks as backup sources of power when demand exceeds supply or there is an outage, hence the market size for these products is also expected to rise significantly. Off-grid activities like telecommunications, oil and gas production, mining, and construction all employ diesel gensets to power their operations. A diesel generator set (Genset) is a completely self-contained power plant that can be moved from one location to another with little effort. A petrol or diesel engine is coupled to an electric generator. These are frequently utilised in places where there is not enough electricity to power essential loads like lighting, computers, and other workplace necessities.
Diesel gensets are used to generate electricity in the event of a power failure. A diesel engine and generator are combined in this system. Diesel gensets are used for a wide variety of purposes, from providing backup power in the event of a power outage or grid failure to more nuanced tasks like peak shaving, grid support, and power export. During the projected period (2021-2030), the global market for diesel gensets is expected to expand at a CAGR of 6.50%. The expansion of the market is predicted to be driven by factors such as the rising demand for electricity among corporate organisations, supported by the uptick in urbanisation and industrialization, and the expanding requirement for reliable power supplies. The increased number of power outages is a major cause for concern and is projected to fuel the market's expansion in the next years. By the end of 2030, the market is expected to have surpassed $30,400,000,000 in sales, up from a valuation of close to $16,200,000,000 in 2020. The global diesel genset market is broken down into sections based on geography, including the Americas, Europe, Asia Pacific, Latin America, and the Middle East and Africa. One of the primary reasons expected to boost the demand for diesel gensets, and hence contribute to the growth of the market in the Asia Pacific, is the increase in the number of corporate organisations in the region. In 2020, the region's market brought in the most money at around USD 5800 million. By 2030, it's expected that number will have increased to USD 12560 million.
Rising power demand is fueling the growth of the genset industry. The rapid growth of cities and the accompanying increase in industry and people have all contributed to a dramatic rise in electricity usage. As countries work to improve their infrastructure, the demand for a stable electricity supply increases. In particular, emerging economies are experiencing a surge in power demand as a result of their expanding industrial sectors and improving living standards. Manufacturing facilities, retail establishments, and office and apartment complexes cannot expand without a stable and robust electricity grid. Current power networks in many locations, however, would struggle to keep up with these increasing demands, leading to frequent power outages or insufficient power supply. Gensets provide a viable option by providing backup or additional power capacity to support the grid during peak demand or in areas with limited access to electricity. There has been an uptick in the need for dependable energy sources due to the widespread use of digital technology and information systems. Data centres, communication networks, and IT infrastructure all require constant power to keep running and prevent data loss. Protecting these critical infrastructures from power outages and the associated financial losses is the primary function of generator sets (gensets). The increasing demand for electricity is being driven by multiple sectors, including the domestic sphere. More people using more energy-hungry devices like air conditioners and electric stoves means additional stress on the electrical grid. Backup power from gensets ensures that essential home appliances like refrigerators and heaters continue to work in the event of a power outage.
The electrification of transportation, most notably the adoption of electric vehicles (EVs), is also predicted to boost demand for electricity. A charging infrastructure will be required to support extensive EV use, which will increase demand on the power grid. Gensets are a useful charging infrastructure supplement that can be used in off-grid or remote areas.In order to meet the increasing demand for electricity, governments and corporations are investing more money in gensets as part of their energy strategies. Gensets allow organisations to ensure continuous operations and eliminate risks associated with power outages due to its adaptability, dependability, and scalability. In accordance with the global emphasis on sustainable energy solutions, gensets are becoming more eco-friendly as a consequence of technological advancements that improve fuel efficiency and reduce emissions. Consequently fueling the growth of the Genset industry.
Report Coverage
Global Genset research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Genset report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Genset competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Genset market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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 |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Genset Market from 2021 to 2030.
- Market Forecast for Genset Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Genset competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Genset
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Genset market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Genset market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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
Primary Target Market
- Market Players of Genset
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Genset market based on the below-mentioned segments:
Global Genset Market, By Type
Natural Gas
Diesel
Propane
Global Genset market, By Application
Standby Power
Peak Shaving
Prime/Continuous Power
Global Genset Market, By End User
Industrial
Commercial
Residential
Global Genset market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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