Genset Market Analysis
Genset Market is projected to be worth USD 26.37 Billion by 2027, registering a CAGR of 5.30% during the forecast period (2021 - 2027).
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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Report Attribute
Details
Forecast Period
2022 - 2030
Market Growth value
5.30 % CAGR
Revenue forecast in 2022-2030
USD 26.37 billion
Base year for estimation
2021
Historical data
2019 – 2020
Unit
USD Billion, CAGR (2022 – 2030)
Segmentation
By Application, By End-Use, and By Region
Factors Studied For Market Forecast
Drivers:
- Growing demand for uninterrupted and reliable power supply
- Growing demand for hybrid diesel gensets
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.
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.,
- Himoinsa S.L
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.
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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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The global Diesel Genset Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market shareThe research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Diesel Genset Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/diesel-genset-market/download-sampleMarket DynamicsThe market is mainly driven by growing demand for diesel genset in the industrial sector, and aging power infrastructure are significant factors that are likely to drive the market during the forecast period.
The advantages of diesel genset such as better fuel efficiency and low cost are also encouraged to adopt diesel genset in many industries and boost the demand in the upcoming years.
The market is anticipated to witness substantial growth over the forecast period due to rising costs of power outages across several IT-enabled service firms and data centers and growing consumer awareness regarding the requirement of a reliable emergency power supply.
Also, the market is driven by the rising vulnerability of grid power stations to disasters caused by changing weather conditions across the globe.
